Stocks eke out new record close even though US-Iran ceasefire is “on life support”
Investors piled into AI infrastructure and data center build-out plays on Monday.
The S&P 500, Nasdaq 100, and Russell 2000 made modest advances, closing at new record highs. Today, President Trump said that the ceasefire with Iran is “on life support” after announcing his rejection of Iran’s counterproposal on Truth Social yesterday.
Energy was the best-performing sector as oil rose, while communications was the worst performer, dragged down by a dip in Alphabet.
Bitcoin climbed as traders looked ahead to this week’s CLARITY Act markup as a potential catalyst.
Stocks that moved higher:
Oklo, Applied Digital, Bloom Energy, Nebius, POET Technologies, Plug Power, Seagate Technology Holdings, Western Digital, Micron, Corning, Credo Technology Group, Coherent, Applied Optoelectronics, and Navitas Semiconductor surged as investors piled into AI infrastructure and data center build-out plays, looking “for more ways to play offense.”
Intel rose on reports it’s nearing a packaging deal with memory chip giant SK Hynix.
Tesla gained after Bloomberg reported Elon Musk will be among the executives joining Trump for a trip to China.
Circle, the stablecoin giant, soared after reporting its first-quarter earnings this morning and announcing the massive proceeds from its ARC token presale.
Lumentum rose today after Nasdaq announced on Friday that it would add the optics company to its benchmark index alongside some of the world’s biggest tech companies.
Fox rose after its third-quarter revenue topped estimates.
Sony climbed after announcing a multibillion-dollar deal to acquire a 45,000-song music catalog including works by Beyoncé and Justin Bieber.
SharpLink Gaming and Galaxy Digital gained after announcing an agreement to roll out a $125 million liquidity fund deploying capital into on-chain yield strategies.
Stocks that moved lower:
Netflix dipped after Texas sued the streamer, accusing it of spying on children and collecting user data without consent.
IREN fell after announcing a $2 billion convertible notes offering.
GM dipped after reports it will cut up to 600 corporate IT workers.
Disney ticked lower after an FCC commissioner wrote a letter to its CEO saying the agency is on a campaign to censor the company.
