S&P 500 Hits Fresh Record as Chip Stocks Surge

CNBC reported Monday that the S&P 500 climbed to a fresh all-time high, powered by a broad rally in semiconductor stocks even as geopolitical tensions pushed crude oil sharply higher.

The S&P 500 record was set intraday before the index settled with a gain of around 0.3%. The Nasdaq Composite added roughly 0.2% and also notched a fresh intraday peak. The Dow Jones Industrial Average ended the session near the flatline.

Chip Stocks Drive the Day’s Gains

Micron Technology was the session’s standout performer, with shares climbing approximately 5% as a broader memory-chip rally continued. AI hardware leader Nvidia advanced around 3%, adding further fuel to the tech-led advance. The moves underscored investor conviction that semiconductor demand tied to artificial intelligence remains robust regardless of broader macro headwinds.

Oil Jumps After Trump Rejects Iran Proposal

Gains in equities came despite a meaningful spike in energy prices. Iran submitted a new ceasefire proposal to American negotiators, calling for an end to hostilities on all fronts alongside the removal of sanctions on Tehran. President Donald Trump dismissed the offer publicly, describing it as “TOTALLY UNACCEPTABLE” on Truth Social. U.S. West Texas Intermediate crude futures subsequently rose roughly 2%, topping $97 per barrel, while international benchmark Brent crude surpassed $103 a barrel after a similar gain.

A Sixth Straight Winning Week in the Books

The Monday session extended momentum built over the prior week. Both the S&P 500 and Nasdaq posted gains exceeding 2% and 4% respectively last week, marking a sixth consecutive winning week for each index. That run is the longest for both benchmarks since 2024. The Dow added about 0.2% over the same period, its fifth gain in the past six weeks. All three major indexes ended last Friday at record closing levels.

Analysts Watch Geopolitics, Consumer Stocks

Jay Hatfield, founder and CEO at Infrastructure Capital Advisors, told CNBC the technology boom is simply too powerful for elevated energy costs to derail markets right now. He cautioned, however, that equities could trade sideways for the next few months if the Iran conflict overhang persists. Separately, analysts at Roth flagged that consumer discretionary stocks have fallen to their weakest relative performance versus the broader S&P 500 since late 2022, warning that further underperformance could trigger a new leg lower for the sector. Meanwhile, JPMorgan downgraded Wendy’s to underweight, citing a nearly 7% drop in U.S. same-store sales last quarter and an ongoing leadership vacuum at the fast-food chain.

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