Traders work at the New York Stock Exchange on May 7, 2026.
NYSE
The S&P 500 rose on Monday, bolstered by key tech stocks, even as oil prices rose after President Donald Trump rejected Iran’s latest proposal to end the war.
The broad market index gained 0.3%, while the Nasdaq Composite added 0.2%. Both indexes had scored fresh all-time intraday highs during the session. The Dow Jones Industrial Average hovered around the flatline.
Iran sent a new proposal to U.S. negotiators, centered on ending the monthslong conflict. The counteroffer stressed the need to end the war on all fronts and to lift sanctions on Tehran, Iran’s semi-official Tasnim news agency said, citing an informed source.
In response, Trump said in a Truth Social post that he did not like Iran’s response, adding that it was “TOTALLY UNACCEPTABLE!”
Oil futures climbed following Trump’s rejection. U.S. West Texas Intermediate futures rose 2% to above $97 per barrel, while international benchmark Brent crude futures gained 2% to above $103 a barrel.
“The tech boom is just too powerful to let the fact that energy prices are high affect the U.S. economy or the U.S. stock market,” said Jay Hatfield, founder and CEO at Infrastructure Capital Advisors. “Everybody’s tuning out the Middle East.”
Hatfield believes that the market might be “more flattish” for the next couple months as long as the overhang from the Iran war persists, with such overhang being offset by the “unprecedented” tech boom. Micron Technology shares supported the market Monday, rising 5%, as the memory chip rally continued. Artificial intelligence darling Nvidia jumped 3%.
“This market does not want to go down because of the tech boom,” he added.
The moves come after the S&P 500 and Nasdaq rallied more than 2% and 4%, respectively, last week. Both indexes recorded their sixth-straight winning weeks — a first for each since 2024 — and ended Friday’s session at all-time highs. The Dow rose 0.2% for the week, notching its fifth week of gains out of the last six.