Stock market today: Nasdaq turns positive, Dow, S&P 500 slip as oil prices ease after spiking above $100

Group 1: Market Overview - US stocks experienced a reduction in heavy losses, with the Nasdaq Composite rising by 0.1% after earlier declines, while the Dow Jones Industrial Average reduced losses to 0.7% and the S&P 500 fell by 0.3% [1] - Oil prices initially surged around 25% to exceed $119 per barrel, the highest levels since 2022, due to conflicts in Iran leading to production cuts from crude-producing countries [2] Group 2: Oil Market Dynamics - The spike in oil prices was influenced by the near closure of the Strait of Hormuz shipping corridor, with Kuwait confirming unspecified production cuts and Iraqi output reportedly plunging by about 70% [2] - In response to the supply crunch, G7 ministers indicated they would consider utilizing the International Energy Agency's strategic petroleum reserves, which helped to stabilize market concerns [3] - Current trading prices for West Texas Intermediate crude futures are around $94 per barrel, while global benchmark Brent futures are at $100 [3] Group 3: Economic Indicators and Corporate Earnings - Investors are closely monitoring upcoming economic reports, including Wednesday's Consumer Price Index and Friday's Personal Consumption Expenditures index, although these will not yet reflect the impact of the recent surge in oil prices [4] - The corporate earnings season is ongoing, with Oracle and Adobe highlighted as key companies reporting this week [4]