US Markets Rise to Record Levels as Tech Gains Offset Iran-Related Oil Jitters

(MENAFN) US equities ended higher on Monday, with technology stocks leading the advance as investors largely brushed off concerns tied to rising oil prices and renewed geopolitical uncertainty linked to the Iran conflict, according to reports.

Major indexes closed at fresh milestones. The S&P 500 gained 0.19%, adding 13.91 points to finish at 7,412.84, marking its first close above the 7,400 level. The Dow Jones Industrial Average also rose 0.19%, up 95.31 points to 49,704.47. The Nasdaq Composite edged higher by 0.1%, adding 27.05 points to close at a record 26,274.12.

Market volatility increased slightly, with the VIX—often viewed as a gauge of investor fear—rising 6.92% to 18.38.

The session’s gains came despite pressure from energy markets, as oil prices climbed following geopolitical developments and comments from US leadership rejecting Iran’s latest proposal to end the ongoing conflict. The US president described the proposal as “TOTALLY UNACCEPTABLE!” in remarks shared on social media, while also characterizing the existing ceasefire situation as unstable and weak.

He further indicated plans to temporarily suspend the federal gasoline tax in response to rising fuel prices, with a phased reinstatement expected once conditions stabilize.

Oil markets reacted to the tensions, with US crude benchmark West Texas Intermediate rising about 2% to above $98 per barrel, while Brent crude also increased by roughly 2% to above $104.

Despite energy-driven inflation concerns, technology shares helped sustain market momentum. Semiconductor-related stocks performed strongly, with Micron Technology gaining around 7%, while Nvidia added approximately 2%.

The broader rally follows a strong week for equities, during which the S&P 500 and Nasdaq posted significant weekly gains and extended multi-week winning streaks, while the Dow also recorded its fifth weekly advance in six weeks.

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