Stocks Inch Up to Records as Oil Prices Rise

The US stock market's record-breaking rally slowed down on Monday after uncertainty rose over the weekend about what will happen next in the Iran war, while oil prices rose.

• The S&P 500 inched up 8.83 points, or 0.1%, to 7,173.91, its latest all-time high.
• The Dow Jones Industrial Average fell 62.92 points, or 0.1%, to 49,167.79.
• The Nasdaq composite rose 50.50 points, or 0.2%, to 24,887.10, setting its own record.

The moves were stronger in the oil market, where prices climbed more than 2.5% as tankers find the Strait of Hormuz still effectively closed, the AP reports. That's keeping crude stuck in the Middle East and away from customers worldwide, including oil produced by Iran that's being blockaded by the US Navy.

The price for a barrel of Brent crude to be delivered in June climbed 2.8% to settle at $108.23. Brent to be delivered in July, which is where more of the trading is happening in the oil market, rose 2.6% to $101.69 per barrel. Brent prices were at only about $70 per barrel before the war and have briefly shot to nearly $120 a couple of times when fears about the war have hit their heights. Even with more expensive fuel bills, most big US companies have nevertheless been reporting profit growth for the start of 2026 that's even stronger than analysts expected. That in turn has helped the S&P 500 jump 13% since hitting a low in late March.

• This upcoming week could be a blockbuster for the market, with several of Wall Street's most influential stocks scheduled to deliver their profit reports. Alphabet, Amazon, Meta Platforms, and Microsoft are all scheduled to report on Wednesday alone. Apple will report on Thursday.

Verizon Communications joined the list of companies topping analysts' expectations on Monday, and its stock rose 1.5% after the company said it added more postpaid phone customers than it lost during a first quarter for the first time since 2013. It also raised its forecast for profit growth this year, even though its revenue for the first quarter fell short of analysts' expectations. Domino's Pizza helped drag on the market and fell 8.8% after it reported weaker profit and revenue for the latest quarter than analysts expected.

The Federal Reserve will announce its latest move on short-term interest rates Wednesday, and the consensus expectation among traders is that it will hold the federal funds rate steady. Lower rates would give the economy a boost, but they would also threaten to worsen inflation when oil is more expensive and tariffs are threatening to raise prices for all kinds of other products. Wednesday will likely be the final meeting where Chair Jerome Powell will lead the Fed. His term as chair is scheduled to expire next month, and Trump has already named a nominee to replace him, Kevin Warsh.