US equity indexes were mixed on Monday, while crude oil futures rose with government bond yields, as investors awaited President Donald Trump's response to Iran's new peace proposal offering safe passage through the Strait of Hormuz.
The Nasdaq Composite rose 0.2% to 24,887.10, and the S&P 500 edged up 0.1% to 7,173.91, each hitting an intraday record high ahead of big-tech quarterly results due mid-week. The Dow Jones Industrial Average fell 0.1% to 49,167.79.
Iran has made a new offer to stop its attacks on ships in Hormuz in exchange for a full end to the war, including the US's lifting of its naval blockade of Iranian ports and the postponement of nuclear negotiations, The Wall Street Journal reported, citing officials familiar with the matter.
Iranian Foreign Minister Abbas Araghchi presented the offer during his tour of the region and Pakistan over the weekend. Trump discussed the proposal with his national security team on Monday, White House press secretary Karoline Leavitt said. The president earlier said negotiations with Iran could happen over the phone instead of in person.
"We doubt that the US will go for this, since the US's economic blockade of Iran remains its key 'pressure tactic' in making Iran concede to the US's fundamental demands pertaining to Iran's power," Thierry Wizman, global foreign-exchange and rates strategist at Macquarie, said in a note.
West Texas Intermediate crude oil futures rose 2.2% to $96.48, and Brent crude futures advanced 2.6% to $108.09.
In precious metals, gold futures fell 1% to $4,695.1, and silver futures declined 1.4% to $75.36.
Most US Treasury yields rose, with the 10-year up three basis points to 4.34%, and the two-year climbed 2.3 basis points to 3.8%.
In company news, Shell (SHEL) agreed to acquire Canadian energy company ARC Resources in a cash-and-stock deal with an enterprise value of US$16.4 billion, as the oil and gas giant looks to increase its exposure to low-cost shale gas and liquids production in Canada's Montney basin.
Domino's Pizza (DPZ) reported weaker-than-expected Q1 results, with the company's chief executive officer saying consumer uncertainty and inflation weighed on demand late in the quarter. Shares slumped 8.8%, the worst performer on the S&P 500.
Sandisk (SNDK) is expected to post another "strong" quarter and full-year outlook, benefiting from pricing momentum for NAND memory systems, Morgan Stanley said in a note Monday. Shares of Sandisk were up 8.1%, the top gainer on the Nasdaq.
In economic news, the Dallas Fed's monthly manufacturing index fell to minus 2.3 in April from minus 0.2 in March, compared with expectations for a 0.8 print. The index indicates faster contraction, in contrast with other regional manufacturing readings already released.