US equity indexes traded mixed, as technology topped sector charts after President Donald Trump's efforts to keep the Iran ceasefire intact produced results, while negotiations to reach a peace deal with Tehran remain stalled.
The Nasdaq Composite jumped 1.1% to 25,991.2, with the S&P 500 up 0.5% to 7,417.3, but the Dow Jones Industrial Average slipped 0.1% to 50,817.6 in Monday's midday trading. Utilities, communication services, and materials led the decliners.
Israel and Iran must immediately stop "shooting," Trump said in a Truth Social post.
Israel accepted the US request to halt strikes on Iran but will continue attacks on southern Lebanon, sources told CNN. Iran has suspended its operations on Israel, but warned it would resume if strikes in southern Lebanon continue, the news report said Monday.
The Israel Defense Forces said that the Israeli Air Force hit military targets in western and central Iran, according to a post on X. Meanwhile, Iran's military reportedly said it targeted two Israeli air bases in retaliation.
"If a US-Iran deal is not reached - presumably via concessions made by both sides - then the prospect that a new round of large-scale kinetic warfare will resume," Thierry Wizmna, a global foreign-exchange and rates strategist at Macquarie, said in a note. "According to most estimates, operational depletion [for inventories] could be reached in H2 2026."
West Texas Intermediate crude oil futures rose 0.9% to $91.36, and Brent crude futures climbed 1.6% to $94.54. Earlier in the session, crude oil futures were up more than 4% each amid reports of an overnight escalation between Iran and Israel.
Most US Treasury yields rose, with the 10-year up two basis points to 4.56% while the two-year was unchanged at 4.16%.
In precious metals, gold futures were steady at $4,367.2, while silver futures slipped 0.4% to $68.81.
In company news, Alphabet's (GOOG, GOOGL) Google and Nvidia (NVDA) have turned to Intel (INTC) as a backup manufacturer for their most advanced processors as Taiwan Semiconductor Manufacturing (TSM) struggles to meet overwhelming demand, The Information reported Monday, citing four people with direct knowledge of the discussions. Shares of Intel jumped 13%, making it one of the top gainers in the S&P 500.
Cantor Fitzgerald adjusted its price target on Micron Technology's (MU) shares to $1,500 from $700 while maintaining its overweight rating. Wells Fargo adjusted its price objective for Micron to $1,220 from $550, while keeping its overweight rating on the stock. Shares of Micron were up 13%, making it one of the biggest outperformers in the S&P 500 and the Nasdaq.
In economic news, consumer expectations for one-year US inflation growth was 3.5% in May, down from 3.6% in April, according to a survey released by the New York Federal Reserve Bank on Monday. The median inflation growth expectations remained unchanged at 3.1% three years ahead and 3.0% five years forward.
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