U.S. Stocks Close Monday Up
The S&P 500 edged up 0.12%, adding 8.83 points to close at an all-time high of 7,173.91, while the tech-driven Nasdaq Composite advanced 0.20%, or 50.50 points, to set its own record at 24,887.10. The Dow Jones Industrial Average bucked the trend, however, slipping 62.92 points, or 0.13%, to finish at 49,167.79.
Market anxiety eased slightly, with the Volatility Index (VIX) — widely known as the market's "fear index" — retreating 3.69% to 18.02.
Diplomacy Stalls, Oil Climbs
Geopolitical headwinds intensified after US President Donald Trump abruptly canceled plans Saturday to dispatch special envoy Steve Witkoff and Jared Kushner to Pakistan for Iran-related ceasefire talks, opting instead for potential phone diplomacy. In a Truth Social post, Trump said traveling for talks would waste time and effort, adding that Tehran could call Washington if it wanted to negotiate.
Iranian Foreign Ministry spokesperson Esmaeil Baqaei flatly stated that no meeting between Iran and the US was currently scheduled, underscoring the depth of the diplomatic impasse.
Separate reports indicated Iran had submitted a new proposal to Washington — offering to reopen the Strait of Hormuz and end hostilities while deferring nuclear negotiations to a later stage. The offer has yet to yield any visible breakthrough.
With tensions unresolved, oil markets surged. US benchmark West Texas Intermediate (WTI) crude futures climbed 2% to above $96 per barrel, while international benchmark Brent crude futures matched that gain, rising 2% to top $108 per barrel.
Earnings Season and Fed in Focus
Beyond geopolitics, investors are closely tracking an accelerating earnings season, with high-stakes results due this week from technology titans Amazon, Meta, Alphabet, Microsoft, and Apple — reports that could set the tone for markets in the weeks ahead.
All eyes are also fixed on Wednesday's Federal Open Market Committee (FOMC) meeting, where policymakers are widely expected to hold the benchmark interest rate steady. The gathering carries added significance as it is expected to be Jerome Powell's final meeting as Federal Reserve chair before his term officially expires on May 15 — making his post-meeting remarks a focal point for traders and analysts alike.
European Markets Retreat
Across the Atlantic, European equities struggled for direction, closing the session mostly in the red. The pan-European Stoxx 600 index fell 0.30% to 608.84 points, weighed down by losses across major bourses.
France's CAC 40 shed 0.19% to close at 8,141.92, Britain's FTSE 100 dropped 0.56% to 10,321.09, and Germany's DAX 40 declined 0.19% to 24,083.53. Bucking the regional trend, Italy's FTSE MIB 30 eked out a marginal gain of 0.04% to finish at 47,673.91, while Spain's IBEX 35 added a slim 0.01% to close at 17,692.9.
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