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Stocks rebounded on Monday as investors were optimistic that the conflict between Israel and Iran may remain contained. The spike in oil prices due to the escalating conflict also eased.

The Dow Jones Industrial Average rose 317.30 points, or 0.75%, closing at 42,515.09. The S&P 500 advanced 0.94% to end at 6,033.11, while the Nasdaq Composite surged 1.52% and settled at 19,701.21.

West Texas Intermediate crude oil futures fell more than 1% to $71.77 a barrel after trading above $77 in the overnight session.

Traders have been closely watching the Middle East after Israel’s strike on Iran Friday. Iran launched missiles in retaliation, increasing the severity of conflict in the region.

However, there was some optimism on Monday that the situation wouldn’t escalate after Iran reportedly asked several countries, including Saudi Arabia, to urge President Donald Trump to put pressure on Israel for an immediate ceasefire, NBC News reported, citing a Middle East diplomat with knowledge of the situation. The ceasefire would be in exchange for Iran’s flexibility on nuclear talks, the diplomat said.

“The market is taking comfort from the prospect that the conflict could stay in the limited war mode,” Krishna Guha, Evercore ISI’s vice chairman, said in a note Monday. “We assess this is possible but continue to anticipate the conflict will last for a few weeks in the base case and still see elevated risk of escalation that envelops energy and draws in the U.S.”

The attacks continued for a fourth day Monday, with the two countries targeting each others’ energy facilities, an escalation which could rattle the global economy and markets further in the new week. Iran said it is considering shutting down the Strait of Hormuz, a key route for the global oil market. Israel claimed on Monday to have achieved “aerial superiority” over Iran, according to a military spokesperson.

The conflict prompted a sell-off in stocks on Friday, with the Dow tumbling more than 700 points and all three of the major indexes dropping more than 1%. The Dow finished the week down 1.3%, while the S&P 500 and Nasdaq Composite lost 0.4% and 0.6%, respectively.

Oil prices initially surged following Israel’s attack, weighing on risk assets. Gold prices also rallied, as the metal is considered a safe asset that investors flock to in times of market volatility.

All “Magnificent Seven” stocks were higher Monday, as the pullback in oil prices caused investors to take on more risk again. Tesla was up more than 1%, and Meta Platforms climbed almost 3%, bolstered by news that ads are coming to WhatsApp. Meanwhile, Palantir, which is viewed as a beneficiary of increasing global conflict, moved nearly 3% higher.

Investors also digested weaker-than-expected manufacturing survey data Monday morning, which came ahead of the Federal Reserve’s interest rate decision on Wednesday.

Fed funds futures are pricing in a roughly 100% likelihood of the central bank keeping rates unchanged, per CME Group’s FedWatch tool, even as Trump has been pressuring Fed Chair Jerome Powell for a rate cut. Higher oil prices from the Middle East conflict likely further reduce the odds the Fed will ease monetary policy anytime soon.

Stocks close higher to start the week

The three leading U.S. indexes finished with gains on Monday.

The blue-chip Dow Jones Industrial Average climbed 317.30 points, or 0.75%, to end at 42,515.09. The broad market S&P 500 and the Nasdaq Composite traded higher by 0.94% and 1.52%, closing at 6,033.11 and 19,701.21, respectively.

— Sean Conlon

Oil falls more than 1% on signs Iran wants a ceasefire

The run-up in crude oil futures paused on Monday, with prices falling more than 1% on signs that Iran wants a ceasefire with Israel.

U.S. crude oil lost $1.21, or 1.66%, to close at $71.77 per barrel, while global benchmark Brent fell $1, or 1.35%, to settle at $73.23.

Iran has asked Qatar, Saudi Arabia, Oman, Turkey and a few European countries to urge President Donald Trump to put pressure on Israel for a ceasefire, a Middle East diplomat with knowledge of the matter told NBC News.

Tehran has promised flexibility on nuclear talks in exchange, the diplomat said.

Oil prices had rallied more than 7% Friday after Israel launched a wave of airstrikes against Iran’s nuclear and ballistic missile programs as well as its military leadership.

— Spencer Kimball

Trump tariffs seem to be ‘here to stay,’ U.S. Bank’s Robert Haworth says

President Donald Trump’s tariffs may not be going away anytime soon, according to Robert Haworth of U.S. Bank Asset Management.

“Tariffs appear to be here to stay,” the senior investment strategist said in an interview with CNBC.

Trump’s 90-day tariff pause is due to end on July 9, but Treasury Secretary Scott Bessent signaled just last week that the deadline could be extended for countries and trading blocs “negotiating in good faith.”

Still, tariffs remain on the table, as Commerce Secretary Howard Lutnick said last month that the 10% baseline tariff on other countries’ imports is likely to “be in place for the foreseeable future.“

Haworth also believes that price increases as a result of the tariffs will “happen slowly.”

“We’ll start to see them late this year show up in the data,” he added.

— Sean Conlon

Israel-Iran concerns come at ‘complicated’ time for stock market, says RBC’s Calvasina

The Israel-Iran conflict comes at an already precarious point for U.S. stocks, according to RBC Capital Markets.

The stock market tumbled on Friday as Israel’s attack on Iran raised geopolitical fears for investors. However, stocks rebounded on Monday as traders hoped the conflict would not spread.

“Developments in Israel/Iran since late last week have come at a complicated time for the [U.S.] equity market,” Lori Calvasina, head of U.S. equity strategy research, wrote to clients in a Sunday note.

“Two key risk factors for [U.S.] equities have come into focus for us: their view that the conflict could take some time to play out and the risk that it evolves into a broader, regional conflict,” she added. “The broader the conflict becomes and the longer it lasts, the more problematic we think it will be for [U.S.] equity markets.”

— Alex Harring

Uranium stocks are rallying

Uranium stocks jumped after asset manager Sprott announced it will purchase $200 million of physical uranium.

The miner Uranium Energy Corp. surged about 7%, while enricher Centrus Energy rose nearly 5%. The Global X Uranium Exchange Traded Fund was up more than 4%.

Canaccord Genuity Corp. is purchasing 11.6 million units of the Sprott Physical Uranium Trust at a value of about $200 million, according to a statement. The proceeds will be used purchase physical uranium.

— Spencer Kimball

Semi stocks outperform

Semi stocks saw outsized gains amid the broader market’s rally on Monday.

The VanEck Semiconductor ETF (SMH) and the iShares Semiconductor ETF (SOXX) climbed more than 2% and 3%, respectively, in afternoon trading, By comparison, the S&P 500 added just around 1%.

Advanced Micro Devices provided upward momentum, jumping more than 9%. On Semiconductor and Marvell Technology each gained more than 5%, while Nvidia rose more than 2%.

— Alex Harring

16 S&P 500 stocks hit new 52-week highs

Sixteen S&P 500 stocks reached new 52-week highs during Monday’s session, and 12 of them hit new all-time highs. Here are some of those names that reached that milestone:

However, a few names, including Campbell’s, reached new 52-week lows in the session. Shares of the food company were trading at lows not seen since June 2012.

— Christopher Hayes, Sean Conlon

Meta Platforms, MGM Resorts among the stocks making moves midday

Here are some stocks making moves midday on Monday:

Read here for the complete list.

— Darla Mercado

U.S. Steel shares rally after merger approval, on pace for highest close since March 2011

U.S. Steel shares jumped more than 5% in midday trading Monday after President Donald Trump approved its merger with Japan’s Nippon Steel.

Monday’s advance puts the stock on track for its highest close since March 30, 2011, when it closed at $56.31. It also brings the stock’s gains over the past six months to more than 67%.

The move higher comes just days after Trump issued an executive order allowing U.S. Steel and Nippon to finalize their merger as long as they signed a national security agreement with the U.S. government. Both companies have said they signed the agreement with the government.

— Sean Conlon, Spencer Kimball

China to push back on trade issues as others ‘accommodate U.S. demands,’ Capital Economics says

Last week’s trade talks in London showed that “while most countries will attempt to accommodate U.S. demands on trade, China will push back,” according to Neil Shearing, group chief economist at Capital Economics in a note out Monday.

China’s resistance “reflects a deepening superpower rivalry” that will “increasingly reshape the global trading system. In the short term, we could, paradoxically, see a rebound in the volume of trade between the two countries as businesses use the window provided by last week’s ‘deal’ to stockpile strategically important goods (rare earths in the case of the U.S.; high-tech goods in the case of China),” Shearing wrote.

But even if the tariff reductions that were agreed upon in earlier talks in Geneva are made permanent, barriers between the U.S. and Chinese economies “would still be significantly greater … than was the case at the start of the year. Over time, this will create a powerful incentive to decouple” the world’s two biggest economies, Capital Economics said.

That leaves investors exposed to any future “flare-ups — and to renewed volatility across the global economy and markets.”

— Scott Schnipper

Defense stocks fall

Prime defense stocks fell Monday, after a Wall Street Journal report said Iran is open to restarting negotiations so long as the U.S. does not join in the Israel-Iran conflict.

Shares of Lockheed Martin slid nearly 4%, while Northrop Grumman dropped more than 3%. Shares of L3Harris Technologies dipped 2.7%.

— Sarah Min, Scott Schnipper

Investors should view U.S.-China trade agreement ‘more as a détente than a comprehensive deal,’ Morgan Stanley says

The trade truce struck in London last week between the U.S. and China should be viewed more as a sign of easing of hostility between the two countries rather than as an extensive trade deal, according to Morgan Stanley.

“While media headlines may have suggested last week’s trade agreement between the U.S. and China was a breakthrough, we think investors need to see it more as a détente than a comprehensive deal,” strategist Michael Zezas wrote in a recent note. “The agreement represents a tactical pause in escalating tensions rather than a resolution of fundamental disagreements.”

President Donald Trump wrote in a Truth Social post on Wednesday that a deal is “done” but is still “subject to final approval” between himself and Chinese President Xi Jinping. Commerce Secretary Howard Lutnick also said Wednesday following the talks that U.S. tariffs on Chinese imports won’t change from their current levels.

— Sean Conlon

Iran says in diplomatic messages it wants to negotiate, Wall Street Journal says

Iran has sent urgent back channel diplomatic messages to Israel and the U.S. that it wants an end to hostilities and is willing to negotiate the status of its nuclear development program, contingent on the U.S. not joining the attacks, the Wall Street Journal reported in a story from Dubai in the United Arab Emirates.

The signals from Tehran have come through friendly Arab nations as intermediaries. Messages to Israel from Iran have stressed the mutual interest of both sides in containing the violence, the Journal said.

Persian Gulf states have urged the U.S. to pressure Israel to negotiate, but Israeli leaders “have little incentive to halt their assault before doing more to destroy Iran’s nuclear sites and further weaken the theocratic government’s hold on power,” the Journal story noted.

Iranian Supreme Leader Ayatollah Ali Khamenei is “increasingly isolated” after the deaths of key generals, “including much of the top echelon of Iran’s air force,” but damage to nuclear facilities “has been modest,” the Journal said. Talks that had been scheduled for the weekend between the U.S. and Iran in Oman over the status of the Islamic Republic’s nuclear development program were scuttled in the wake of the attacks.

— Scott Schnipper

Stocks open in the green

Stocks traded higher on Monday morning.

The Dow Jones Industrial Average climbed 231 points, or about 0.6%, shortly after 9:30 a.m. ET. The S&P 500 traded up 0.7%, while the Nasdaq Composite jumped about 1%.

— Sean Conlon

U.S. Steel, Roku, Advanced Micro Devices among the stocks making moves before the bell

There are some stocks making big moves in the premarket on Monday:

Check out the full list of names here.

— Pia Singh

New York region manufacturing survey falls more than expected

Factory activity in the New York region slipped further in June though company managers grew more optimistic about the future, according to a New York Federal Reserve survey released Monday.

The Empire State Manufacturing Survey posted a reading of -16, representing the percentage difference between companies reporting expansion against contraction. That was down 7 points from the prior month and worse than the Dow Jones consensus forecast for -6. It also was the fourth consecutive month in negative numbers.

New orders, shipments, unfilled orders and inventories all saw declines. The prices paid measure declined but was still elevated, while prices received increased. Employment also increased.

On the positive side, most indexes rose, with the general business conditions gauge at 21.2, up from -2 in May.

— Jeff Cox

JPMorgan cuts earnings outlook for Carmax

Carmax‘s slump is likely to continue as the used car market faces weak demand, according to JPMorgan.

Analyst Rajat Gupta reiterated an underweight rating on the stock and cut earnings estimates for the used car dealer.

“Industry sales decelerated at a faster pace than expected in May, with KMX likely seeing higher deceleration given acute supply shortages of 1-5 yr old vehicles, likely to continue through 2025 before improving,” Gupta said in a note to clients.

Gupta also mentioned loan loss performance as a concern for CarMax.

Shares of CarMax are already down 20.6% year to date. JPMorgan’s price target on the stock is $65 per share, and trading closed at $64.91 on Friday.

— Jesse Pound

Palantir shares rise as attacks between Israel and Iran continue

Defense technology player Palantir jumped more than 2% in premarket trading as armed escalations between Israel and Iran continued into a fourth day.

— Sean Conlon

Crude oil futures fall after surging overnight

Crude oil futures pulled back on Monday despite Israel’s recent attacks on natural gas facilities in Iran exacerbating concerns that the war will disrupt the region’s energy supplies.

U.S. crude oil declined $1.06, or about 1.5%, to $71.92 per barrel after reaching $77.48 a barrel overnight. Global benchmark Brent was last down 90 cents to $73.33 a barrel.

— Spencer Kimball

Asia-Pacific markets rise as investors parse China data, assess Israel-Iran tensions

Asia-Pacific markets rose Monday, as investors assessed escalating Israel-Iran tensions and parsed a slew of data from China.

Data points released by the Asian superpower included its retail sales and industrial output figures for May. Retails sales jumped 6.4% from the previous year, while industrial output growth slowed to 5.8% year on year.

Mainland China’s CSI 300 index ended the day 0.25% higher at 3,873.80, while Hong Kong’s Hang Seng Index added 0.7% to close at 24,060.99.

Japan’s benchmark Nikkei 225 climbed 1.26% to end the day at 38,311.33, while the broader Topix index advanced 0.75% to 2,777.13.

In South Korea, the Kospi index surged 1.8% to close at 2,946.66, while the small-cap Kosdaq increased by 1.09% to 777.26.

Over in Australia, the S&P/ASX 200 ended the day flat at 8,548.40.

Meanwhile, India’s Nifty 50 rose 0.92%, while the BSE Sensex index was up 0.84% as at 1.48 p.m. Indian Standard Time.

— Amala Balakrishner

Oil prices jump after Israel attacks energy facilities in Iran

Crude oil futures jumped more than 3% Sunday evening after Israel hit several energy facilities in Iran over the weekend.

U.S. crude oil was up $2.37, or 3.25%, to $75.35 per barrel by 6:12 p.m. ET. Global benchmark Brent rose $2.42, or 3.26%, to $76.65 per barrel.

Israel hit two natural gas facilities and an oil depot in Iran, raising fears that the war between the two countries will expand to include energy infrastructure in the region.

Oil prices gained more than 7% on Friday after Israel launched a wave of airstrikes against Iran’s nuclear and ballistic missile programs as well as its senior leadership. It was the biggest single-day move for oil prices since March 2022 after Russia invaded Ukraine.

— Spencer Kimball

Stocks ended last week in the red

Stocks are coming off a losing week.

The Dow finished last week down 1.3%, hurt by a slide of more than 700 points on Friday. The S&P 500 and Nasdaq Composite ended the week lower by 0.4% and 0.6%, respectively.

— Alex Harring

Stock futures are down

Stock futures dropped Sunday night as investors continued monitoring escalating conflict between Israel and Iran, which also weighed on the market last week.

Dow futures fell more than 170 points shortly after 6 p.m. ET. S&P 500 and Nasdaq 100 futures each slid 0.4%.

— Alex Harring

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