US close: Meagre gains push S&P 500 to new highs, but markets cautious

(Sharecast News) - US stocks finished mixed on Monday with market sentiment dominated by developments in the Middle East, while investors sat on their hands ahead of a busy few days for financial markets, though tepid gains on the S&P 500 and Nasdaq still pushed both indices to new all-time highs.

The S&P 500 inched 0.1% higher to a new high of 7,173.91, while the Nasdaq gained 0.2% to 24,887.10, with both topping records set on Friday.

The Dow, however, fell for the third straight day, slipping 0.1% to 49,167.79 after hitting a two-month high last week.

Earnings from Microsoft, Alphabet, Meta and Amazon are all due in the coming days, along with central bank meetings in the US, Canada, UK and Eurozone.

Meanwhile, investors continued to mull the latest developments in the US-Iran war following a report that Tehran has put forward a peace proposal, which includes reopening the Strait `of Hormuz, after a second round of talks over the weekend failed to materialise.

According to Axios, which cited a US official and two sources with knowledge of the matter, the new proposal was given to the US via Pakistani mediators. It was understood that the proposal focuses on solving the crisis over the strait and the US blockade first.

As part of that, the ceasefire would be extended for a long period or the parties would agree on a permanent end to the war. Nuclear negotiations would only start at a later stage, after the strait was open and the blockade lifted.

WTI crude gained 2.1% to $96.37 a barrel, while Brent rose 2.8% to $108.23 a barrel.

"The price of oil is front and centre once again as we step into a crucial week for US markets, with tech and oil giants both set to update on Wall Street," said AJ Bell's head of financial analysis Danni Hewson. "Nerves have been evident after peace talks between the US and Iran stalled over the weekend. Any misstep will create a big splash in an already agitated pond."

In economic news, the Texas Manufacturing Outlook Survey from the Dallas Federal Reserve painted mixed results for April. The survey showed a jump in the production index to 19.0 from 6.8 the month before, but a fall in the general business activity index of 2 points to -2.3. Employment continued to be flat, while the finished goods prices index rose to its highest since July 2022.

Verizon, Qualcomm gain

Verizon outperformed on Monday after unexpectedly adding wireless subscribers in the first quarter and upgrading its full-year profit guidance, though revenue growth was limited by a widespread network outage in mid-January. "Our first-quarter 2026 results show that our turnaround is not only progressing, it is gaining momentum," said Verizon chief Dan Schulman.

Qualcomm's stock rose after reports that the computing and semiconductor giant is working with ChatGPT maker OpenAI on a new AI-powered consumer device. According to Reuters, OpenAI is developing smartphone processors with Qualcomm and MediaTek on a potential AI-driven smartphone, which could enter mass production in 2028.

United Airlines and American Airlines both finished lower after United's boss Scott Kirby confirmed that talks about a potential merger have now ended after its rival declined to engage. Earlier this month, Bloomberg reported that Kirby had floated the idea of a tie-up with American Airlines in a February meeting with US President Donald Trump.

Shares in Domino's Pizza tanked after the pizza chain missed analysts' estimates with revenues and profits in the first quarter, with same-store sales barely growing year-on-year. Company revenues were up 3.5% at $1.15bn, slightly below the $1.16bn market estimate, while earnings per share of $4.13 missed the $4.27 expected.

Dow Jones - Risers

Verizon Communications Inc. (VZ) $47.10 1.55%

American Express Co. (AXP) $318.84 1.54%

Microsoft Corp. (MSFT) $424.82 1.19%

Goldman Sachs Group Inc. (GS) $937.81 1.18%

Salesforce.Com Inc. (CRM) $180.18 1.13%

JP Morgan Chase & Co. (JPM) $311.63 1.09%

Nike Inc. (NKE) $45.14 1.03%

Cisco Systems Inc. (CSCO) $88.26 0.72%

Intel Corp. (INTC) $84.99 0.44%

Travelers Company Inc. (TRV) $303.74 0.33%

Dow Jones - Fallers

McDonald's Corp. (MCD) $290.21 -3.06%

International Business Machines Corporation (CDI) (IBM) $228.05 -1.69%

Coca-Cola Co. (KO) $75.44 -1.55%

Merck & Co. Inc. (MRK) $110.23 -1.45%

Dow Chemical Co. (DOW) $38.10 -1.37%

Amgen Inc. (AMGN) $340.18 -1.22%

Apple Inc. (AAPL) $267.61 -1.11%

Home Depot Inc. (HD) $332.30 -1.07%

Johnson & Johnson (JNJ) $225.34 -0.95%

Boeing Co. (BA) $231.33 -0.48%

S&P 500 - Risers

Fluor Corp. (FLR) $51.68 7.15%

Nvidia Corp. (NVDA) $216.61 6.65%

Albemarle Corp. (ALB) $199.53 5.95%

Flowserve Corp. (FLS) $87.92 5.67%

Western Union Co. (WU) $9.37 5.34%

Micron Technology Inc. (MU) $524.56 4.95%

FMC Corp. (FMC) $15.56 4.57%

Stanley Black & Decker Inc. (SWK) $79.86 4.20%

Alphabet Inc. Class A (GOOGL) $350.34 4.10%

Centene Corp. (CNC) $43.50 4.02%

S&P 500 - Fallers

Charter Communications Inc. (CHTR) $174.61 -23.10%

Comcast Corp. (CMCSA) $27.51 -9.48%

Ipg Photonics Corp. (IPGP) $116.67 -8.64%

Bath & Body Works, Inc. (BBWI) $18.99 -5.48%

Tractor Supply Company (TSCO) $35.67 -5.41%

Lam Research Corp. (LRCX) $259.47 -4.94%

Nektar Therapeutics (NKTR) $86.74 -4.69%

Corning Inc. (GLW) $168.01 -4.48%

Microchip Technology Inc. (MCHP) $86.84 -4.04%

Alexandria Real Estate Equities Inc. (ARE) $45.56 -3.88%

Nasdaq 100 - Risers

Nvidia Corp. (NVDA) $216.61 6.65%

Micron Technology Inc. (MU) $524.56 4.95%

Baidu Inc. (BIDU) $128.01 4.32%

Alphabet Inc. Class A (GOOGL) $350.34 4.10%

Synopsys Inc. (SNPS) $498.54 4.02%

Alphabet Inc. Class C (GOOG) $348.52 3.87%

Cadence Design Systems Inc. (CDNS) $336.54 3.64%

Illumina Inc. (ILMN) $128.52 3.59%

Meta Platforms Inc. (META) $678.62 3.53%

Idexx Laboratories Inc. (IDXX) $574.95 3.53%

Nasdaq 100 - Fallers

Charter Communications Inc. (CHTR) $174.61 -23.10%

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Comcast Corp. (CMCSA) $27.51 -9.48%

Lam Research Corp. (LRCX) $259.47 -4.94%

T-Mobile Us, Inc. (TMUS) $182.75 -4.78%

Sirius XM Holdings Inc (SIRI) $26.55 -4.70%

Microchip Technology Inc. (MCHP) $86.84 -4.04%

Texas Instruments Inc (TXN) $269.50 -3.75%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $539.66 -3.46%

Dollar Tree Inc (DLTR) $98.00 -3.35%