The United States said it struck Iranian military sites during the weekend, and Iran's Revolutionary Guards said on Monday it had targeted a US base in response. Iranian news agency Tasnim said Iran is halting indirect negotiations with the United States after Israel ordered troops to push deeper into Lebanon to battle Iranian-backed Hezbollah. On Wall Street, stocks eked out gains to finish near record highs after trading flat early in the session as energy and technology stocks took the front seat, while utilities and consumer discretionary led losers.
FILE PHOTO: The Wall street sign hangs outside the New York Stock Exchange building on Tuesday following Monday?s broad sell off in New York City, U.S., March 11, 2025.
REUTERS/Shannon Stapleton/File Photo Add CNA as a trusted source to help Google better understand and surface our content in search results. The United States said it struck Iranian military sites during the weekend, and Iran's Revolutionary Guards said on Monday it had targeted a US base in response. Iranian news agency Tasnim said Iran is halting indirect negotiations with the United States after Israel ordered troops to push deeper into Lebanon to battle Iranian-backed Hezbollah.
On Wall Street, stocks eked out gains to finish near record highs after trading flat early in the session as energy and technology stocks took the front seat, while utilities and consumer discretionary led losers. The Dow Jones Industrial Average rose 0.09 per cent, the S&P 500 added 0.26 per cent, and the Nasdaq Composite gained 0.42 per cent.
"The Iran story continues to swirl around in the background, and I think it's pretty interesting and impressive that the market has been able to, not completely ignore it, but dismiss a lot of the noise," said Amanda Agati, chief investment officer at PNC Asset Management Group in Philadelphia. "Earnings growth and Q1 earnings season, and even the revisions for Q2, are looking really strong.
And so I think it's just sort of this interesting dynamic where usually the headlines are driving the market narrative, but this market is trying to price a path to peace, whatever that ultimately looks like," Agati said. Nvidia unveiled a new chip on Monday that puts AI capabilities directly into laptops and desktop computers, raising the stakes in the battle for dominance among other semiconductor makers and technology companies.
The MSCI All-World index rose 0.10 per cent after hitting a fresh record high on the day.
"We are in an unusual period for the market where the fundamentals and technicals converge to drive markets higher, with strong earnings revisions and relentless buying," said Mark Hackett, chief market strategist at Nationwide in Philadelphia. "Equity markets have been largely immune to Iran news over the past several weeks because investors are afraid of being caught on the wrong side if a significant development occurs.
" Investors are eyeing commentary from a host of Federal Reserve speakers this week as well as major US data including the May payrolls report on Friday. US manufacturing activity increased more than expected in May, hitting the highest level in four years, likely driven by businesses front-loading orders amid rising prices and shortages because of the Iran war, Institute for Supply Management data showed on Monday.
"Inflation is still a major story: you see it in the long-term bond yields and continue to see it in crude oil," said Bill Strazzullo, chief market strategist at Bellcurve Trading in Boston. "The situation in Iran is still a mess. But all that said, the short-term momentum still pushes higher.
"The euro was down 0.25 per cent against the dollar at US$1.163. The Japanese yen weakened 0.26 per cent against the greenback to 159.69 per dollar, remaining near the 160 level that prompted authorities to intervene to support the currency. Against the Swiss franc, the dollar strengthened 0.72 per cent to 0.787. The dollar index, which measures the greenback against a basket of currencies including the yen and euro, rose 0.19 per cent to 99.20.
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