Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) reversed losses to close in the green on Monday as investors digested the implications of elevated oil prices from a near-closure of the Strait of Hormuz and production curbs from several Middle Eastern countries. For the S&P 500, it was the first time that the index recovered from a 1.5% intraday loss since April 2025.
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News That Moved the Stock Market Today
- Crude oil futures (CL) surged past $100 per barrel for the first time since July 2022.
- However, prices fell back below $100 following reports that the Group of Seven (G7) was considering releasing between 300 and 400 million barrels of oil from strategic reserves.
- The G7 decided to hold back on the measure following a virtual meeting between finance ministers.
- An Iranian military spokesperson warned that oil could rise above $200 if the U.S. and Israel continue to attack key energy infrastructure sites.
- President Trump is considering a range of options to lower oil prices, including restricting U.S. exports, easing Russian sanctions, influencing futures markets, and waiving certain federal taxes, according to Reuters.
- Several analysts lowered their Oracle (ORCL) price targets ahead of the company’s earnings report tomorrow.
- Microsoft (MSFT) launched Copilot Cowork in collaboration with Anthropic. The Magnificent 7 company also released a 365 E7 workplace software bundle starting at $99.
- Aletheia Capital more than doubled its price target on Micron (MU) to $650 from $315.
- Lockheed Martin (LMT) is preparing to begin production of an upgraded version of its S-92 helicopter. LMT has been a major beneficiary of elevated geopolitical tensions and is up by 33% year-to-date.
Today’s Best-Performing Sector
Information technology was the best-performing sector on Monday, driven by strength from semiconductor and memory names. Surging memory prices have boosted stocks like Micron and SanDisk (SNDK), while demand for AI infrastructure has fueled strong gains across the broader semiconductor sector.
Several stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, financials were the worst-performing sector as inflation fears lowered the odds of rate cuts in 2026. Inflation can lead to higher interest rates, which can in turn slow borrowing, credit demand, and economic activity. Investors are also considering the risk of stagflation, which is characterized by high inflation, high unemployment, and stagnant economic growth. Stagflation directly impacts financial stocks by lowering loan demand and raising default risks.
Notable financial stocks trading lower include: