FX.co ★ US Stocks Hold Near Records

US equities were broadly unchanged on Monday, consolidating near record highs as investors weighed risks to Middle East oil exports and a pivotal week for major tech earnings. The S&P 500, Dow, and Nasdaq 100 each edged slightly lower.

Market sentiment was supported by reports that Iran is prepared to permit vessels to transit the Strait of Hormuz if the US lifts its blockade, a development that could reopen the flow of tanker exports from the region.

Shares of the large-cap tech “hyperscalers” were mixed ahead of earnings due Wednesday and Thursday from Microsoft, Alphabet, Amazon, and Apple. Investors expect fresh announcements on AI-related investment and updated guidance, set against ongoing skepticism over unchecked growth in capital expenditures across the sector.

Elsewhere, Qualcomm jumped 7% following reports it is partnering with OpenAI and MediaTek to develop new smartphone processors. Banks and asset managers were little changed as markets looked ahead to the likely confirmation of Kevin Warsh as the next Fed Chair.