Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed higher on Monday as investors looked past rising U.S.-Iran tensions ahead of President Trump’s trip to China.
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News That Moved the Stock Market Today
- Iran submitted a counterproposal to end the war with the U.S., which Trump described as “totally unacceptable.” Iran called for a gradual reopening of the Strait of Hormuz and offered to dilute some of its enriched uranium while transferring the rest to a third country. Iran also pushed for a guarantee that the uranium would be returned in the event of a breakdown in talks.
- Trump warned that the U.S.-Iran ceasefire is on “massive life support” and is considering using military action to pressure Iran into accepting U.S. terms, officials told Axios.
- Trump is set to depart for China on Tuesday to meet with Chinese President Xi Jinping. Over a dozen executives from top companies will join, including Tesla (TSLA) CEO Elon Musk, Apple (AAPL) CEO Tim Cook, and BlackRock (BLK) CEO Larry Fink.
- HSBC hiked its 2026 year-end S&P 500 (SPX) price target to 7,650 from 7,500, while Yardeni Research raised its target to 8,250 from 7,700. Both firms cited higher analyst earnings revisions as key factors supporting the optimism.
- Semiconductor and memory stocks continued to rally, led by Micron (MU), Qualcomm (QCOM), and Western Digital (WDC).
- Michael Burry warned of a bubble in the stock market and singled out Nvidia (NVDA), Alphabet (GOOGL), and Tesla as risky stocks.
- Netflix (NFLX) faced pressure after Texas sued the streaming giant for allegedly spying on users and collecting data without consent.