The S&P 500 rose on Monday, boosted by key technology stocks, even as oil prices rose after President Donald Trump rejected Iran’s latest proposal to end the war.
The broad market index rose 0.3%, as did the Nasdaq Composite. Both indices reached new intraday all-time highs during trading. The Dow Jones Industrial Average added 127 points, or 0.3%.
Iran sent US negotiators a new proposal aimed at ending the months-long conflict. The counter-offer emphasized the need to end the war on all fronts and lift sanctions on Tehran, Iran’s semi-official Tasnim news agency reported, citing an informed source.
In a post on Truth Social on Sunday, Trump said he didn’t like Iran’s response, adding that it was “TOTALLY UNACCEPTABLE!”
The month-long U.S.-Iran truce is now “on life support,” according to Trump, who also told reporters on Monday that it is “incredibly tenuous.”
Future oil prices rose after those events, SEEbiz reports. U.S. West Texas Intermediate crude futures rose 3% to more than $98 a barrel, while international benchmark Brent crude oil futures rose 3% to more than $104 a barrel.
“The technology boom is simply too strong for the fact that high energy prices will affect the US economy or the US stock market,” said Jay Hatfield, founder and CEO of Infrastructure Capital Advisors. “Everybody’s Not Paying Attention to the Middle East.”
Hatfield believes the market could be “more even” in the next few months as long as the surplus from the Iran war persists, and that surplus will be offset by an “unprecedented” tech boom. Shares of Micron Technology supported the market on Monday, rising 7% as memory chip gains continued. Artificial intelligence darling Nvidia jumped 2%.
“This market doesn’t want to go down because of the technology boom,” he added.
The moves come after the S&P 500 and Nasdaq rose more than 2% and 4%, respectively, last week. Both indices posted their sixth straight week of gains – the first for each since 2024 – and ended Friday at record highs. The Dow Jones gained 0.2% on the week, posting its fifth week of gains in the past six.
