The S&P 500 was relatively unchanged on Monday as growing artificial intelligence optimism among investors was measured against tensions in the Middle East.
The Dow Jones Industrials retreated 166.40 points Monday to 53,566.01.
The much-broader index dipped 9.21 points to 7,726.55.
The NASDAQ Composite peeked up 2.1 points to 26,731.31.
Micron Technology was a winner in the session, rising more than 4%. Last week, Commerce Secretary Howard Lutnick told The Wall Street Journal that the Trump administration is not in support of Apple buying memory chips from China.
Bloomberg News also reported that Anthropic’s second-quarter revenue was more than $11.5 billion — a massive jump from a year earlier. Other chip stocks such as Broadcom and Nvidia were higher as well.
However, oil prices ticked higher after a senior Iranian official told Reuters that the country would shift to an offensive posture if diplomacy with the U.S. fails. U.S. West Texas Intermediate futures last traded above $82 per barrel, while international benchmark Brent crude futures were last above $88 a barrel.
Prices for the 10-year Treasury wavered, boosting yields to 4.70% from Friday’s 4.69%. Treasury prices and yields move in opposite directions.
Oil prices added two cents to $82.42 U.S. a barrel.
Gold prices climbed $45.60 to $4,482.90 U.S. an ounce.
