The S&P 500 edged higher Monday, lifted by major tech shares even as oil climbed after President Donald Trump dismissed Iran’s latest peace proposal.
The broad market index rose 0.19% to close at 7,412.84, while the Nasdaq Composite advanced 0.1% to close at 26,274.13. Both indices hit all-time intraday highs during the session and closed at record levels.
The Dow Jones Industrial Average climbed 95.31 points, or 0.19%, to reach 49,704.47. Iran sent a new proposal to U.S. negotiators, aimed at ending a months-long dispute.
Iran’s semi-official Tasnim News Agency, citing a knowledgeable source, stated that the counter-offer emphasized the need to end hostilities on all fronts and lift sanctions imposed on Tehran.
In a Truth Social post on Sunday, Trump stated that he did not like Iran’s response, calling it “completely unacceptable!”
According to Trump, the month-old ceasefire between the U.S. and Iran is now “on life support,” and he further told reporters on Monday that it is “very fragile.”
Following these developments, oil futures surged. U.S. West Texas Intermediate futures rose 2.78% to settle at $98.07 per barrel, while the international benchmark, Brent crude futures, climbed 2.88% to settle at $104.20.
Jay Hatfield, Founder and CEO of Infrastructure Capital Advisors, remarked, “The tech boom is so robust that higher energy prices will not impact the U.S. economy or the U.S. stock market.” He added, “Everyone is shifting their focus away from the Middle East.”
Hatfield believes that the market could remain “even flatter” over the next few months, as long as the impact of the Iran conflict persists—an impact that could be counterbalanced by an “unprecedented” tech boom. Shares of Micron Technology bolstered the market on Monday, surging 6.5% as the rally in memory chips continued. Nvidia, a favorite in the artificial intelligence sector, saw a jump of nearly 2%.
“Thanks to the tech boom, this market simply doesn’t want to go down,” he noted. This move follows gains of over 2% and 4% in the S&P 500 and Nasdaq, respectively, last week. Both indices posted gains for the sixth consecutive week—a first for each since the start of 2024—and Friday’s session closed at an all-time high. The Dow advanced 0.2% this week, marking its fifth weekly gain in the last six weeks.
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