Stock Market Gains Despite Iran War as Tech Stocks Lift Indexes
US stock markets posted modest gains on Monday as strong tech stocks offset broader market weakness. Oil prices rose after Trump's rejection of Iran's peace proposal, but semiconductor and AI-related stocks helped the market achieve fresh all-time intraday highs.
Market Performance
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 0.1%, while the Nasdaq Composite hovered around the flatline. Both indexes had scored fresh all-time intraday highs during the session.
Notable Gainers
Monday.com — The software company surged 26% after it reported an earnings and revenue beat in its first quarter financial report. In a press release, the company said its launch of its AI platform helped its revenue grow 24% year-over-year to $351.3 million. Lumentum — The stock rose nearly 5% on news it will join the Nasdaq 100 index. The company will replace CoStar on May 18.
Asia-Pacific Markets
South Korea's Kospi opened at a fresh record Monday, leading gains in Asia-Pacific markets amid rising oil prices and escalating tensions between the U.S. and Iran. South Korea's Kospi gained 4.70% after opening to a fresh record, while the small-cap Kosdaq was 0.30% lower.