S&P 500 Hits Fresh Record as Chip Stocks Rally and Oil Climbs

CNBC reported Monday that the S&P 500 reached a fresh all-time high during the session, lifted by a surging semiconductor sector even as geopolitical unease pushed crude oil sharply higher.

Chipmakers Drive the S&P 500 Record High

The broad index closed up roughly 0.1%, with both the S&P 500 and Nasdaq Composite touching fresh intraday records before the close. The Dow Jones Industrial Average finished near the flatline. Micron Technology shares led the charge, jumping 7% as a broader memory chip rally gathered steam. AI bellwether Nvidia added 2%, reinforcing the sector’s role as the market’s primary engine.

Jay Hatfield, founder and CEO at Infrastructure Capital Advisors, told CNBC the technology expansion is simply too forceful to be derailed by elevated energy costs. He suggested the market could trade sideways over the next few months while Iran-related uncertainty lingers, but argued that the tech surge largely offsets that drag.

Iran Tensions Send Oil Above $98

Oil prices climbed sharply after President Donald Trump rejected Iran’s latest ceasefire proposal. Tehran’s counteroffer, which reportedly called for lifting sanctions and ending hostilities across all fronts, drew a blunt rebuke from Trump on Truth Social. He described the proposal as “totally unacceptable” and said the month-old ceasefire was in critical condition.

U.S. West Texas Intermediate futures rose 2% to above $98 per barrel. International benchmark Brent crude gained a similar margin, topping $104. Despite those moves, equity markets largely absorbed the pressure.

Six Straight Winning Weeks for Major Indexes

The Monday session capped a strong recent run for Wall Street. Both the S&P 500 and Nasdaq had rallied more than 2% and 4%, respectively, across the prior week. That marked a sixth consecutive winning week for both indexes, a streak neither had achieved since 2024. The Dow posted its fifth gain in the last six weeks.

Citigroup strategist Scott Chronert argued in a Monday note that the Nasdaq 100 remains a preferred vehicle for AI-driven exposure. He pointed to price-to-earnings-growth ratios near two-decade lows as evidence that valuations, while elevated, are not extreme relative to expected earnings. He cautioned, however, that sustained gains will require companies to keep delivering upside surprises.

Retail Stocks Post Worst Session in Over a Year

Not every corner of the market shared in the optimism. The SPDR S&P Retail ETF fell more than 3% on Monday. That would mark its sharpest single-day drop since early April 2025. Footwear retailer Caleres and department store chain Kohl’s each fell more than 9%, leading sector declines.

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