The S&P 500 was relatively unchanged on Monday, while oil prices advanced, even as Nvidia led technology higher following the launch of a new chip for PCs.

The broad market index traded around the flatline, as did the Nasdaq Composite. The Dow Jones Industrial Average lost 231 points, or 0.5%.

Oil prices rose to start the trading week. West Texas Intermediate crude futures rose 7% on Monday to around $94 a barrel, while Brent crude climbed 6% to around $97. In May, the U.S. benchmark posted its steepest monthly decline since April 2025, tumbling nearly 17%.

Those moves follow Iranian state media reporting that the country’s negotiators are stopping communication with the U.S. and that Tehran will completely shut the Strait of Hormuz because of Israeli attacks on Lebanon.

Over the weekend, Israeli Prime Minister Benjamin Netanyahu praised the country’s forces in capturing Beaufort castle in southern Lebanon as troops moved further into Lebanon.

Meanwhile, the U.S. and Iran exchanged strikes, with U.S. Central Command saying Monday that U.S. forces intercepted two Iranian ballistic missiles overnight that were targeting American forces in Kuwait.

U.S. and Iranian negotiators last week reached reached a 60-day memorandum of understanding to extend the fragile ceasefire, which sent stocks to fresh highs. But President Donald Trump ended a meeting in the White House Situation Room without announcing his final decision on the deal.

“It’s sort of two steps forward, one step back, it seems with the U.S. and Iran, but clearly the market is not expecting a re-acceleration of hostilities to where we were” in the first two to three weeks of the conflict, Orion’s Tim Holland told CNBC. “We’re still closer to the off-ramp, I think, than the on-ramp.”

The chief investment officer expects that energy prices will remain below where they were roughly four to six weeks ago. For energy prices to go above that threshold, Holland believes the conflict would have to escalate beyond the hostilities seen at its peak.

Nvidia shares offered some support to the broader market, climbing 4% after the company unveiled a new processor for personal computers. Dell Technologies and HP Inc followed Nvidia higher, rising more than 5% and about 3%, respectively. Intel, which for years dominated the PC chip market, fell more than 4%.