Sellers took the upper hand on Monday, dragging the S&P 500 index futures lower as a combination of tech weakness and fresh US-Iran headlines weighed on the action.

Overnight, the index futures notched a high of 7615.25 fairly early before bears took over and pushed the action down toward Friday’s low. Bulls countered before that level gave way, and by the time the regular session neared, they were holding near the psychological 7600.

The opening bell kicked off a bout of chop, with neither bulls nor bears pulling too far from 7600, though the bulls at least neared the high set overnight. A post from Trump about the Strait of Hormuz being open and the Iranian blockade having been reinstated helped inject some volatility into the morning. A quick dip was bought up, and while the chop calmed, it never fully stopped. By the lunch hour, bears were pressing to new intraday lows. The chop subsided, but the decline gradually continued into the afternoon. In the final minutes, buy-the-dippers pared only a few of the losses, and after the close another small selloff carved out a new low of 7547.25, forming a rough double-bottom with Friday’s low. The session concluded at 7563, losing 57.25 handles.

Tomorrow, market participants can look forward to June’s CPI report at 8:30 AM ET, along with several big bank earnings reports in the morning and a few other reports in the afternoon.

Among the top components of the index, Microsoft Corp (NASDAQ: MSFT) emerged as the biggest gainer. The tech giant advanced by $5.89 or 1.53% to close at $390.99 for the day.

That performance was over 2% better than the cash index’s decline of 0.77%.

Conversely, the biggest loser ended up being Broadcom Inc (NASDAQ: AVGO). For the day, the chip designer declined by $15.92 or 3.98% to close at $384.05.