US stocks were mostly higher on Monday as markets continued to gauge the uncertain impact of the war in Iran. The S&P 500 and the Dow inched higher while the Nasdaq 100 gained 0.7% on a session of tech outperformance. Reports emerged that US allies pressed for a last-minute deal with Iran amid a potential longer ceasefire agreement, but retaliatory rhetoric from Tehran ahead of President Trump’s threat of aggressive attacks starting tomorrow maintained risks of escalation in the region.
The war maintained supply shocks in crude and product commodities, with spot crude prices in Europe having reached 2008-highs last week. The pro-inflationary outlook for the Fed’s economic policy was magnified by a strong jobs report released Friday, adding leeway for higher interest rates and denting a sharper rebound in risk taking. Netflix gained nearly 2% on an upgrade from Goldman Sachs, and AMD gained nearly 3% to rebound from losses on the compute sector last week.
