Traders work at the New York Stock Exchange on May 7, 2026.
NYSE
The S&P 500 was relatively unchanged on Monday, following a winning week on Wall Street, as oil prices rose after President Donald Trump rejected Iran’s latest proposal to end the war.
The broad market index hovered around the flatline, as did the Nasdaq Composite. Both indexes had scored fresh all-time intraday highs during the session. The Dow Jones Industrial Average fell 84 points, or 0.2%.
Iran sent a new proposal to U.S. negotiators, centered on ending the monthslong conflict. The counteroffer stressed the need to end the war on all fronts and to lift sanctions on Tehran, Iran’s semi-official Tasnim news agency said, citing an informed source.
In response, Trump said in a Truth Social post that he did not like Iran’s response, adding that it was “TOTALLY UNACCEPTABLE!”
Oil futures climbed following Trump’s rejection. U.S. West Texas Intermediate futures rose 1% to above $96 per barrel, while international benchmark Brent crude futures gained 2% to above $103 a barrel.
Nonetheless, some market watchers expect U.S. markets to remain resilient despite the uncertainty.
“The economy may slow somewhat from its prior path, due to the Iran war and subsequent oil price shock,” said Rick Rieder, chief investment officer of global fixed income at BlackRock. But, “there are many much larger structural components that should keep the aggregate economy in much better shape than many people expect.”
The moves come after the S&P 500 and Nasdaq rallied more than 2% and 4%, respectively, last week. Both indexes recorded their sixth-straight winning weeks — a first for each since 2024. The Dow rose 0.2% for the week, notching its fifth week of gains out of the last six.
Stocks advanced to end the week on Friday after the U.S. nonfarm payrolls report showed an increase of 115,000 jobs in April, surpassing expectations of 55,000 from economists polled by Dow Jones. The S&P 500 and Nasdaq both ended Friday’s session at all-time highs.
