Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 17, 2026.
Brendan McDermid | Reuters
The S&P 500 and the Nasdaq Composite rose to new record highs on Monday, but gains were limited as stalled Iran peace talks and a fresh escalation in the Strait of Hormuz pushed oil prices higher.
The broad market index added 0.12% and closed at a record level of 7,173.91. The Nasdaq Composite gained 0.20% and notched a closing record of 24,887.10. Both indexes also reached new all-time highs in the session. The Dow Jones Industrial Average fell 62.92 points, or 0.13%, to settle at 49,167.79.
President Donald Trump on Saturday scrapped plans to send U.S. special envoy Steve Witkoff and Jared Kushner to Pakistan for ceasefire talks related to Iran, noting the negotiations could happen by phone.
“Too much time wasted on traveling, too much work!” the president wrote in a post on Truth Social. “Nobody knows who is in charge, including them. Also, we have all the cards; they have none! If they want to talk, all they have to do is call!!!”
Iran’s Foreign Ministry spokesperson Esmaeil Baqaei said no meeting between Tehran and Washington is currently planned.
Oil prices were higher on Monday as the U.S. and Iran remained in a stalemate. West Texas Intermediate futures rose 2.09% to settle at $96.37 per barrel, while international benchmark Brent oil futures advanced 2.75% to close at $108.23 a barrel.
To be sure, Iran has reportedly offered a new proposal to the U.S. for reopening the Strait of Hormuz and ending the war while suggesting that nuclear talks be deferred. White House press secretary Karoline Leavitt confirmed Monday that Trump and his national security team discussed Iran’s proposal.
“While this is a modest negative, we continue to think the conflict remains on a path of de-escalation,” said Adam Crisafulli of Vital Knowledge in a note.
Though investors have started to look past the war, with the market coming off a week filled with multiple all-time highs, it still very much remains “in play,” according to Gabriel Shahin of Falcon Wealth. That’s even as earnings season further unfolds following an upbeat start.
“Oil prices will still continue to be very important, as … that is a key driver,” the CEO and founder said, noting that there should only be stability “once the strait is more under control.” Shahin continued, “That’s why I still think Iran is [the] number one priority.”
However, it is possible “we could have some calmness just for the next seven days” depending on how the week’s quarterly results shake out, he added. This week is the busiest one of the reporting season, and five “Magnificent Seven” companies in particular are scheduled to release.
