Global Markets Weaken as Oil Prices Surge Amid Middle East Tensions

Global equity markets dipped on Monday with the S&P 500 and Nasdaq decreasing while the Dow edged up. Oil prices surged due to Middle Eastern tensions and Libya's closure of oil fields. New U.S. durable goods orders rose significantly, and investors await Nvidia earnings. U.S. and European interest rate adjustments were also in focus.

Global equity markets saw a downturn on Monday, as the S&P 500 and Nasdaq yielded early gains while the Dow Jones Industrial Average inched up. This shift comes amid increased tensions in the Middle East, driving oil prices higher. Libyan authorities announced the closure of all oil fields, halting production and exports, buoying crude prices further.

U.S. durable goods orders surged by 9.9% in the previous month, surpassing analyst expectations. The Federal Reserve and European Central Bank addressed future policy adjustments during their Jackson Hole speeches, with Fed Chair Jerome Powell indicating upcoming rate cuts and ECB's Philip Lane taking a more cautious stance on inflation control.

Investor attention is also fixated on Nvidia's highly anticipated earnings report, expected to provide significant insights into market sentiment. Meanwhile, U.S. personal consumption and core inflation data set to release on Friday are expected to influence September rate cut decisions.

(With inputs from agencies.)