On May 11, the Dow Jones Industrial Average finished up 0.19%, or 95.31 points, at 49,704.47. The S&P 500 index, which is heavily weighted toward large-cap stocks, rose 0.19%, or 13.91 points, to close at 7,412.84, marking its first-ever close above 7,400. The tech-heavy Nasdaq Composite Index increased by 0.10%, or 27.05 points, to finish at 26,274.13.
Earlier, President Trump responded to questions about the ceasefire with Iran, stating, "It’s unbelievably weak, in the weakest state. It’s heavily reliant on life support, and the doctor says there’s about a 1% chance of survival."
As tensions in the Middle East escalated, international oil prices also rose. Brent crude futures closed at $104.21 per barrel, up 2.9% from the previous trading day, while West Texas Intermediate (WTI) crude futures rose 2.8% to $98.07 per barrel.
Despite geopolitical uncertainties, semiconductor and technology stocks showed strength. Qualcomm surged by 8.42%, while Micron Technology (6.5%), Western Digital (7.46%), and Seagate (6.56%) continued their upward momentum from the previous week. The Philadelphia Semiconductor Index increased by 2.6%.
The performance of the seven major tech stocks, known as the "Magnificent 7 (M7)," was mixed. Nvidia (1.97%) and Tesla (3.89%) saw gains, while the other five—Alphabet, Amazon, Apple, Meta, and Microsoft—experienced declines.
Jay Hatfield, founder and CEO of Infrastructure Capital Advisors, told CNBC, "The tech boom is so strong that rising energy prices are not allowed to affect the U.S. economy or the U.S. stock market. Everyone is tuning out the Middle East issues."
* This article has been translated by AI.
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