Topline
The S&P 500 and Nasdaq were both up Monday afternoon, straying from concerns of a hard tumble over the Iran war even as President Donald Trump suggested fighting in the Middle East would intensify.
The Nasdaq led major indexes Monday.
Photo by CHARLY TRIBALLEAU / AFP via Getty Images
Key Facts
The S&P 500 was up more than 0.2% as of around 2:20 p.m. EST, recovering from a poor start Monday morning, when it was down around 0.8% after the market opened.
The Nasdaq led major indexes in gains Monday, popping up more than 0.5% as the Dow Jones Industrial Average was up less than 0.1%.
Nvidia, the index’s leading stock, surged as high as 3% to $182.60 on Monday afternoon after tumbling in the last two days of trading.
What Are Monday’s Big Winners And Losers?
Other tech juggernauts jumped in trading including Apple (+0.58%), Microsoft (+1.77%) and Meta (+1.3%). Unsurprisingly, aerospace and defense giants like RTX, formerly known as Raytheon Technologies, and Lockheed Martin popped Monday, trading up 4.5% and 2.6%, respectively. Northrop Grumman shares increased 4.4% on Monday and are now up over 10% in the last month of trading. However, Alphabet shares slid 1.5% alongside a 0.2% dip in Amazon shares, which are down 14.2% in the last month. Warren Buffett’s Berkshire Hathaway was one of the S&P 500’s biggest losers Monday, falling 5.2% in the early afternoon.
Gas Prices Rise As Oil Soars
Gas prices, which fell sharply in November and December, continued their climb Monday, nearing the $3 mark as U.S. travel company stocks slid Monday. The price of Brent crude was up more around 6.5% to more than $77.50 as of shortly before 2 p.m. EST as the closure of the Strait of Hormuz has prompted concerns of a longer-term surge pushing prices toward the $100 mark.
Gold Rises, Silver Slides
Gold futures popped up 1.3% on Monday afternoon while silver tanked 5.4%. The precious metals usually rise simultaneously during geopolitical conflicts, though silver’s strong ties to industrial demand has likely contributed to its slide, according to Trading Economics, which noted market concerns around the Strait of Hormuz closure and its threat to slow industrial manufacturing.
Tangent
The Nasdaq is looking to open up options contracts that would allow yes-or-no bets on the Nasdaq 100 Index and the Nasdaq 100 Micro Index, according to a Securities and Exchange Commission filing published Monday. The contracts, which mirror proposition bets found on prediction markets like Kalshi and Polymarket, would be priced between 1 cent and $1.
Key Background
Trump told CNN on Monday “the big one is coming soon,” suggesting strikes in the Middle East will escalate in the coming days as he has refused to rule out boots on the ground following the deaths of four U.S. service members over the weekend. Trump also told attendees at a Medal of Honor ceremony at the White House that military operations in Iran could last another four to five weeks, “but we have capability to go far longer than that.” U.S. and Israeli strikes against Iran have killed more than 550 people, according to the Iranian Red Crescent, including Iran’s leader, Ayatollah Ali Khamenei. Meanwhile, Iran missile strikes have killed at least 11 in Israel. The conflict’s death toll has spread to the United Arab Emirates, Lebanon, Bahrain, Oman and Kuwait.
Further Reading
Iran War: Trump Warns ‘The Big One’ Against Iran Coming Soon (Forbes)
These Countries Besides U.S.—Israel, Dubai, Oman—Report Deaths From Iran’s Retaliation Strikes (Forbes)
Iran War Jolts Travel Industry: Travel Stocks Fall While Gas Price Surges (Forbes)
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