S&P 500 – The S&P 500 stayed near the flatline as oil prices jumped at the start of the week, with West Texas Intermediate rising 7% to around $93 and Brent climbing 6% to about $96. Nvidia led technology higher after unveiling a new PC processor, helping cushion the br
By the time traders settled back into their routines on Monday, the S&P 500 wasn’t giving them much to grab onto—only a faint pull against the flatline. The Nasdaq Composite tracked it. The Dow Jones Industrial Average didn’t: it slipped 66 points, down 0.1%.
Oil was the louder story right away. West Texas Intermediate crude futures jumped 7% on Monday to around $93 a barrel, while Brent crude rose 6% to around $96. The surge landed on top of a tough recent stretch for U.S. benchmarks: in May, the benchmark posted its steepest monthly decline since April 2025, tumbling nearly 17%.
The market moves came as tensions tied to the Strait of Hormuz and military exchanges continued to sharpen. Iranian state media reported that the country’s negotiators are stopping communication with the U.S. and that Tehran will completely shut the Strait of Hormuz because of Israeli attacks on Lebanon.
Israel’s campaign in southern Lebanon also took center stage over the weekend. Israeli Prime Minister Benjamin Netanyahu praised the country’s forces for capturing Beaufort castle in southern Lebanon, as troops moved further into Lebanon.
In parallel, the U.S. and Iran exchanged strikes. U.S. Central Command said Monday that U.S. forces intercepted two Iranian ballistic missiles overnight that were targeting American forces in Kuwait.
Even with oil rising, technology shares offered a counterweight. Nvidia shares climbed more than 3% after the company unveiled a new processor for personal computers. Dell Technologies followed higher, rising more than 5%. HP Inc also moved up—about 3%. Intel, which has dominated the PC chip market for years, fell more than 4%.
The day’s muted mood sits against a stronger recent backdrop. Stocks wrapped up May with gains across the board: the Nasdaq Composite led the month, up more than 8%. The S&P 500 gained about 5%, while the Dow Jones Industrial Average added nearly 3%.
The major averages closed at fresh highs Friday after the U.S. and Iran reached a 60-day memorandum of understanding to extend the ceasefire. President Donald Trump said he would meet in the Situation Room “to make a final determination” and reiterated that Iran “must agree that they will never have a Nuclear Weapon.” He also called for the Strait of Hormuz to be “immediately open.”.
In the middle of that push and pull. Adam Crisafulli. founder of Vital Knowledge. wrote in a note: “Trump clearly doesn’t want to escalate and is looking for an off-ramp. Some type of a pact is very likely. and markets largely assume a sustained cessation of hostilities.” He added. “An actual announcement will probably trigger a ‘sell the news’ reaction for the overall S&P 500.”.
For Monday, the takeaway was simple enough: the broad market held its ground, but oil kept moving higher—pulling attention back to the same flashpoint—while Nvidia’s PC chip announcement provided a pocket of relief inside a session shaped by geopolitics.
S&P 500 oil prices West Texas Intermediate Brent crude Nvidia PC processor Dell Technologies HP Inc Intel Strait of Hormuz Iran U.S. Central Command ballistic missiles Netanyahu Beaufort castle May market gains