Stocks began June hitting a new record as tech companies continue to climb led by Nvidia, which jumped during the session after launching a new chip for PCs.
The S&P 500 climbed 0.26% to top 7,600 points for the first time, while the tech-heavy Nasdaq Composite did so by 0.42%, surpassing 27,000 points.
CNBC noted that Nvidia broadly supported the market, gaining 5% after its announcement. Dell Technologies and HP also saw gains, while Intel, which has dominated the PC chip market for years fell.
AI company Anthropic also dominated the conversation on Monday after filing for an initial public stock offering, a move that has come earlier than expected and could turn it into the next one to be valued at $1 trillion.
The filing remains confidential as it undergoes revision by the Securities and Exchange Commission reviews. It comes earlier than expected, with NBC News noting that it was expected to being trading in the fall.
"This gives us the option to go public after the SEC completes its review," the company said in a statement. "The number of shares to be offered and the price have not yet been set." The outlet noted that beating OpenAI to the market is key for the company because both companies will be seeking billions in new capital close to each other.
Elsewhere, oil soared as tensions in the Middle East rose. Iranian media said on Monday that authorities halted talks with the U.S. over Israel's escalation in Lebanon and would activate its proxies to block the Strait of Hormuz and activate other fronts.
Tasnim news agency said Tehran and the "Resistance Front," including its allies in Yemen, Lebanon and Iraq will also seek to block the Bab El Mandeb Strait to "punish" Israel and its allies.
Trump said later that Iran did not inform the U.S. it was suspending talks but claimed the development was "fine" with him.
However, he later said that clashes between Israel and Hezbollah will stop. "I had a very productive call with Prime Minister Bibi Netanyahu, of Israel, and there will be no Troops going to Beirut, and any Troops that are on their way, have already been turned back. Likewise, through highly placed Representatives, I had a very good call with Hezbollah, and they agreed that all shooting will stop — That Israel will not attack them, and they will not attack Israel," Trump said in a social media publication.
Israeli outlet Kan News detailed that the country called off a major strike on Beirut's suburbs, largely considered to be Hezbollah's stronghold, after Trump's intervention in the phone call.
Iranian news agency IRNA, in turn, reported that Hezbollah committed to adhere to a ceasefire if Israel does so as well and withdraws from areas where troops have been moving to over the past weeks.
Still, prices remain sharply higher. Brent crude, the international benchmark, rose by 4.6% to $95.31 at 4:55 p.m. ET, while West Texas Intermediate, the U.S. benchmark, soared almost 6% and clocked in above $92.50 at the same time.
