Nasdaq, S&P 500 Reach New Peaks; Oil Rises
The Nasdaq Composite and the S&P 500 notched fresh record closing highs on Monday even as oil prices moved higher amid stalled peace talks between the US and Iran.The Nasdaq edged up 0.2% to 24,887.1, while the S&P 500 gained 0.1% to 7,173.9, recording their highest finish ever for a second consecutive session. The Dow Jones Industrial Average fell 0.1% to 49,167.8. Most sectors were in the red, led by consumer staples, while communication services paced the gainers.Brent crude was last up 2.5% at $107.95 per barrel, while West Texas Intermediate crude rose 1.8% to $96.08.Iran's Foreign Minister Seyed Abbas Araghchi visited Pakistan twice over the weekend, while President Donald Trump called off US officials' previously announced trip to Islamabad.Iran has submitted a new proposal to reopen the Strait of Hormuz that includes delaying nuclear negotiations, Axios reported, citing a US official and two other sources."The lack of progress (in peace talks) means the market is tightening every day, requiring oil prices to reprice at higher levels," ING Bank said in a note on Monday.Trump was scheduled to meet with top national security officials on Monday to discuss the new Iranian proposal, CNN reported."US stocks enter April's final week with cautiously optimistic momentum, driven by (artificial intelligence) earnings beats and resilient macro prints," Ivan Feinseth, chief market strategist of Tigress Financial Intelligence, said in a report e-mailed to. "However, heightened volatility looms ahead of the conclusion of the (Federal Open Market Committee) meeting on Wednesday, with expectations that the Fed will keep rates unchanged at (3.50% to 3.75%)."With the FOMC decision unlikely to surprise, the market is expected to focus on the policy statement and post-meeting remarks of Chair Jerome Powell, said David Doyle, head of economics at Macquarie Group."Given that elevated oil prices have persisted for nearly two months now, future guidance may shift somewhat," he said in a report e-mailed to. "This would be in contrast to March where there were limited changes made. Our view remains that the next policy move is likely to be a hike with the most likely timing in (the first half of 2027)."US Treasury yields were higher, with the 10-year rate up 3.1 basis points at 4.34% and the two-year rate rising 1.5 basis points to 3.81%.S&P 500 companies' quarterly earnings growth decelerated compared with figures from a week ago, but remained well ahead of expectations, Oppenheimer Asset Management's data showed Monday."The quarter appears to be off to a strong start," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said, noting that earnings growth reported by 79% of the firms that have released their quarterly results exceeded analyst estimates.Technology giants Alphabet (GOOG, GOOGL), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Meta Platforms (META) are slated to release their latest financial results later this week.In company-specific news, Verizon Communications (VZ) lifted its full-year earnings outlook on Monday and reported a first-quarter bottom line above market estimates, while the telecommunications giant unexpectedly added postpaid phone subscribers in the three-month period. The company's shares rose 1.6%, the second-biggest gain on the Dow.Shares of Domino's Pizza (DPZ) tumbled 8.8%, the steepest decline on the S&P 500. The company reported weaker-than-expected first-quarter results on Monday, with the company's chief executive saying consumer uncertainty and inflation weighed on demand late in the quarter.Organon (OGN) shares surged nearly 17% after the healthcare company agreed to be acquired by Indian pharmaceutical firm Sun Pharmaceutical Industries in an all-cash deal with an enterprise value of about $11.75 billion.Gold was last down 1% at $4,694.80 per troy ounce, while silver shed 1.2% to $75.47 per ounce.
