Precise Investors Editorial Team
The Dow Jones Industrial Average advanced 46.42 points, or 0.09%, to 51,078.88, the S&P 500 rose 19.90 points, or 0.26%, to 7,599.96 and the Nasdaq Composite added 114.19 points, or 0.42%, to 27,086.81
U.S. stocks posted modest gains on Monday as investors watched developments in Iran-U.S. peace negotiations and cheered the unveiling of a new computer chip that promises to bring artificial intelligence to personal computing.
The Dow Jones Industrial Average advanced 46.42 points, or 0.09%, to 51,078.88, the S&P 500 rose 19.90 points, or 0.26%, to 7,599.96 and the Nasdaq Composite added 114.19 points, or 0.42%, to 27,086.81.
Tech shares gained 2.5%, boosting the Nasdaq and the S&P 500 to the latest in a series of record closing highs, while the blue-chip Dow closed nominally higher, its gains limited by weakness in all but two of the 11 major S&P 500 sectors.
The intensification of Middle East hostilities sent crude prices jumping, along with worries over the extent to which a protracted war could accelerate inflation.
We don’t really know where things stand, said Thomas Martin, senior portfolio manager at GLOBALT in Atlanta. The market seems to think that something’s going to get done at some point, but we don’t have very good information to go on, like what the Iranians really want and what Trump is willing to settle for.
Nvidia added 6.3% after the company unveiled a new chip that puts AI capabilities directly into personal computers.
The chip is the result of a three-year partnership with Microsoft to “reinvent the PC” for the AI era, Nvidia CEO Jensen Huang said. Microsoft shares advanced 2.3%.
The reaction among semiconductor stocks was mixed. Qualcomm dropped 8.8%, while Intel declined 4.7%. But Micron shares crossed the $1,000 mark for the first time, adding 6.6%.
The Philadelphia SE Semiconductor Index rose 1.1%.
In economic news, U.S. factory activity expanded in May for the fifth straight month as goods-makers navigate tariff and geopolitical crosswinds.
Investors will turn to Friday’s jobs report ahead of Kevin Warsh’s debut policy meeting as chairman of the U.S. central bank this month, amid fears of rising inflation linked to the Iran war that could upend the stock market rally.
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