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Story summary
- U.S. markets fell Monday after oil rose over 3% when Iran closed the Strait of Hormuz.
- Semiconductor stocks led losses, with Micron Technology down 7.2%, Sandisk down 9.5%, the Philadelphia Semiconductor index down 3.6%, and SK Hynix falling 7% after its Nasdaq debut.
- Markets price in a 25-bp Fed rate hike by year-end while S&P 500 earnings are forecast to rise 23.7% YoY.
