The S&P 500 and Nasdaq Composite scored fresh closing records on Monday.

The broad-based index rose 0.19% to 7,412.84, while the tech-heavy Nasdaq climbed 0.1% to 26,274.13.

The Dow Jones Industrial Average moved higher by 95.31 points, or 0.19%, to 49,704.47.

— Sean Conlon

Copper climbed more than 2% on Monday to a record close of $6.4605.

The metal rose as high as $6.509 in the session, marking its highest intraday level since January.

Copper is now up more than 13% in 2026.

— Alex Harring and Gina Francolla

Citigroup strategist Scott Chronert said the Nasdaq 100 remains one of Wall Street's favored ways to play the artificial intelligence boom, even as lofty growth expectations leave little room for disappointment.

Chronert said the tech-heavy index stands out relative to more traditional large-cap growth benchmarks because of its direct exposure to companies benefiting from the AI buildout. While valuations remain elevated by historical standards, he argued they are not excessively stretched when viewed against expected earnings growth.

"Traditional valuations are high vs history, yet not excessively so," Chronert wrote in a note Monday. He added that the Nasdaq 100's price-to-earnings-growth, or PEG, ratio is hovering near two-decade lows, suggesting investors are still getting relatively attractive growth for the price paid.

Still, Chronert cautioned that implied growth expectations embedded in the index remain demanding, meaning companies will likely need to continue delivering upside surprises to sustain the rally.

— Yun Li

Retail stocks are having their worst day in more than a year.

The State Street PDR S&P Retail ETF (XRT) dropped more than 3% in afternoon trading on Monday. If that holds, it would mark the fund's biggest one-day decline since early April 2025.

Among those leading the group into the red, Famous Footwear and Sam Edelman parent Caleres tumbled more than 9%. Kohl's also declined more than 9%.

Electric vehicle charging pevider EVgo rose around 3%, helping the index curb losses. Casey's General Stores and Sonic Automotive also bucked the downtrend, with each stock adding roughly 1%.

— Alex Harring

A deal between the U.S. and Iran remains elusive but President Donald Trump appears reluctant to resume the war, Wolfe Research analyst Tobin Marcus wrote.

Trump said Monday that the ceasefire is on life support. But the president's decision to not treat the fighting last week as a violation of the ceasefire was telling, Marcus wrote. U.S. ships and Iran exchanged fire and Tehran fired missiles and drones at the UAE. 

"Despite the frustration and the low-level exchanges of fire, we don't expect a return to hot war," Marcus wrote. 

The U.S. and Iran remain at an impasse with neither side showing much movement in their positions, the analyst said. 

The big sticking point is Iran's enriched uranium, Marcus said. Tehran has indicated a willingness to turn the uranium over to a third country on the condition it will be returned if the U.S. exits a deal, he said. 

But Trump wants the U.S. to take physical possession of the uranium, the analyst said. Iran, however, views this as a red line, he said.

— Spencer Kimball

There is no beneficial revenue for MRNA after stories related to the hantavirus first spread, according to Evercore ISI Analyst Cory Kasimov.

The reporting on hantavirus initiated headlines and social media posts on how Moderna and Korea University are collaborating to make a hantavirus vaccine since 2023.  Still, the headlines are not equating a revenue spike for MRNA. The analyst acknowledged though, that MRNA trades on outbreak headlines.

Kasimov added that share moves on MRNA are mostly "sentiment-driven" rather than fundamental. 

— Ananya Chetia

On Monday, 34 stocks in the S&P 500 traded at new 52-week highs.

Names that hit this milestone included:

• Starbucks trading at levels not seen since March 2025
• CVS Health trading at levels not seen since January 2023
• Vertiv Holdings trading at all-time highs back to its listing on the NYSE via SPAC merger with GS Acquisition Holdings in February 2020
• Applied Materials trading at all-time high levels back to its IPO in October 1972
• Advanced Micro Devices trading at all-time high levels back to its IPO in September 1972
• Fortinet trading at all-time highs back to its IPO in November 2009
• Corning trading all-time highs back to its IPO in December 1981
• Hewlett Packard Enterprise trading at all-time high levels back to its split from HPQ in October 2015
• Intel Corporation trading at all-time highs back to its IPO October 1971
• Micron trading at all-time highs back to IPO in June 1984
• NVIDIA trading at all-time high levels back to its IPO in January 1999
• Texas Instruments trading at all-time highs back to when it first began trading in 1953

On the other hand, 35 tickers in the index were trading at new 52-week lows, including:

• Domino's Pizza trading at lows not seen since June 2023
• Lululemon trading at lows not seen since March 2020
• McDonald's trading at lows not seen since August 2024
• Norwegian Cruise Line Holdings trading lows not seen since May 2025
• General Mills trading at lows not seen since August 2010
• Abbott Labs trading at lows not seen since April 2020
• Boston Scientific trading at lows not seen since November 2023
• Cognizant Technology trading at lows not seen since May 2020
• EPAM Systems trading at lows not seen since November 2017

— Lisa Kailai Han and Christopher Hayes

HSBC sees more room for the S&P 500 to run.

Nicole Inui, head of equity strategy for the Americas, lifted her year-end price target for the broad index by 150 points to 7,650. That implies 3.4% upside from the S&P 500's record close on Friday.

What's more, Inui said the benchmark could pass 8,000. For that outcome, she said sentiment within technology and artificial intelligence would need to rebound and that there'd need to be an easing of concerns tied to geopolitics, trade and rates.

"While earnings remain supportive, sentiment is on shakier ground," Inui wrote to clients in a Monday note.

— Alex Harring

Netflix shares fell more than 2% on Monday after the Texas Attorney General sued the streaming firm for allegedly collecting and selling data from its customers without their consent.

"Netflix is a logging company that records and monetizes billions of behavioral events—and occasionally streams movies," Texas Attorney General Ken Paxton said Monday in a statement. "Netflix uses intentional engineering to track and log users' viewing habits, preferences, devices, household networks, application usage, and other sensitive behavioral data. Every interaction on the platform became a data point revealing information about the user."

The company "secretly" disclosed data on its subscribers to commercial data brokers and advertising technology companies, bringing in billions of dollars per year, Paxton alleged in the statement.

The legal complaint adds to Netflix's legal troubles in recent years. Last month, an Italian court ruled that the company violated consumer protection laws by hiking its subscription prices without adequate reasoning over a period of a few years. In 2024, the streaming platform was hit with a class-action lawsuit over technical issues its subscribers faced during the Mike Tyson-Jake Paul boxing match.

— Liz Napolitano

The Trump administration is preparing to temporarily lower tariffs on imports of beef, according to a Wall Street Journal report.

A White House official told the Journal that the move is to alleviate domestic supply issues.

Shares of food manufacturer Tyson Foods initially fell after the report, at one point down more than 4% on the trading session, but recovered some of those losses. More beef imports could increase competition and thus hurt the domestic company.

— Davis Giangiulio

Stocks are at record highs, and Ed Yardeni thinks there's much more upside to be had.

The president of Yardeni Research and longtime market strategist hiked his year-end S&P 500 target to 8,250 from 7,700. That's 11.5% above Friday's close of 7,398.93.

The driver for this sharp outlook boils down to one word: earnings.

"I've been bullish, but not bullish enough," Yardeni told CNBC's "Squawk Box" in an interview Monday. "The earnings estimates of analysts have been phenomenal. I've never seen anything like it."

CNBC Pro subscribers can read more here.

— Fred Imbert

President Donald Trump on Monday said that what remains of the U.S. ceasefire with Iran is "on life support" after Tehran sent an "unacceptable" counter to Washington's proposal to end the war.

The state of the month-old truce is "unbelievably weak," Trump told reporters in the Oval Office.

Read more here.

— Kevin Breuninger

An outbreak of the hantavirus caused a brief spike in the stocks of companies working to develop a vaccine, but the stocks weren't able to sustain their early gains.

The World Health Organization flagged an outbreak of hantavirus, a fatal and viral respiratory disease spread by rodents, on May 2, after some passengers caught it on a Dutch-flagged expedition cruise ship, the MV Hondius, which was sailing the Atlantic.

The public health risk for the virus is low, according to the WHO and other health authorities that have noted human transmission is rare. Read more.

— Sawdah Bhaimiya

Consumer discretionary stocks are turning into a drag on portfolios, according to Roth. Therefore, investors may want to cut relative losers quickly, JC O'Hara, the firm's chief market technician, said in a note Sunday

"Consumer Discretionary stocks have fallen to their worst relative level versus the S&P 500 since late 2022," he wrote. "While the absolute price pattern is sideways at best, the relative bleed may force a new down leg in many names."

— Michelle Fox

A lack of permanent leadership is set to weigh on shares of Wendy's, according to JPMorgan.

The bank downgraded the fast-food chain to underweight from neutral in a Monday note. It also cut its price target to $6, which indicates a nearly 18% loss from Friday's close. Analyst Rahul Krotthapalli pointed out that Wendy's same-store sales in the U.S. fell nearly 7% in the first quarter. Combined with the lack of a vision from a permanent leader, he thinks the outlook for the company is unclear.

"The franchise unit economics could continue to decline in F26 despite store closures as beef prices remain high and the brands' value proposition continues to be challenged," Krotthapalli wrote. "We plan to revisit our view when headline trends inflect, sustain with consistency, and importantly the company takes and communicates a clear strategic direction."

Ken Cook has been the interim CEO of Wendy's since July. While the company's board is searching for a new chief, there is no clear timeline for when a permanent announcement might be made. Shares are off nearly 40% in the past year. 

— Davis Giangiulio

The S&P 500 began Monday's session little changed.

The broad market index dipped 0.1% shortly after 9:30 a.m. ET, while the Nasdaq Composite shed 0.2%. The Dow Jones Industrial Average fell 44 points, or 0.1%.

— Sean Conlon

Check out the companies making the biggest moves premarket:

• Moderna — The biotechnology company was up almost 9% after a U.S. citizen tested positive for the hantavirus. Another American had symptoms for the virus, but had yet to test positive, the Associated Press reported. Moderna last week announced that it was in the early-stage development of a vaccine for hantavirus.
• Lumentum — The stock rose nearly 5% on news it will join the Nasdaq 100 index. The company will replace CoStar on May 18.
• Monday.com — The software company surged 26% after it reported an earnings and revenue beat in its first quarter financial report. In a press release, the company said its launch of its AI platform helped its revenue grow 24% year-over-year to $351.3 million. Analysts polled by FactSet expected revenue to come in at $339.1 million.

Read the full list here.

— Davis Giangiulio

After the S&P 500 saw its second-best April performance since 1945 — a move that signals a possible continuation of gains in May — the market's momentum may need to see a bit of a pause, according to Sam Stovall of CFRA Research.

"Before a continuation of the current bull market run, the S&P 500 may need to take some time to catch its breath," the chief investment strategist wrote in a Monday note.

Stovall noted that the S&P 500 relative strength index closed in overbought territory, as of May 6, occurring alongside overbought readings for the communication services and information technology sectors as well as the Nasdaq 100.

"CFRA thinks a digestion of these recent gains would offer this bull the opportunity to 'buy the dip' and resume its run," he added.

— Sean Conlon

Circle Internet Group reported mixed results for the first quarter as rising operating expenses offset growth of USDC reserve income. Shares were last higher by 1% in premarket trading.

Earnings per share came in at 21 cents for the first quarter, beating Street expectations by 3 cents, based on a survey of analysts by LSEG. However, revenue of $694 million missed expectations of $722 million.

Although USDC in circulation climbed 28% from the same period a year ago, post-IPO compensation expenses increased sharply. The company also a 32% increase in operating expenses from a year earlier on investments in AI-agent infrastructure and developer tools.

Circle raised $222 million from BlackRock, Apollo, Intercontinental Exchange and several other financial heavy hitters in a token presale valuing its new Arc blockchain at $3 billion. That initiative is meant to help Circle repositioning as an infrastructure provider for an AI-native economy.

For more on the fund raise, read our exclusive story here.

— Tanaya Macheel

Oil prices were higher Monday after Israeli Prime Minister Benjamin Netanyahu warned that the conflict with Iran was "not over," raising fears that tensions in the Middle East could escalate again and further threaten energy supplies. 

U.S. President Donald Trump, meanwhile, rejected Iran's counteroffer to end the war with the U.S. and Israel. "I have just read the response from Iran's so-called 'Representatives.' I don't like it — TOTALLY UNACCEPTABLE!"

U.S. West Texas Intermediate futures with June delivery advanced more than 2% to $97.88 per barrel by 7:39 a.m. ET. International benchmark Brent crude futures with July delivery rose more than 2% to $103.93. Read more.

— Sam Meredith and Lee Ying Shan

South Korea's Kospi ended today's trading session 4.32% higher at 7,822.24 after opening to a fresh record, while the small-cap Kosdaq was flat at 1,207.34. Index heavyweight SK Hynix rallied and rose over 11%, tracking U.S. chip-related equities which surged Friday.

Japan's Nikkei 225 was in choppy trade and was 0.47% lower at 62,417.88 , while the Topix rose 0.3% at 3,840.93 . Nintendo shares fell over 8%, as investors digested news that the game developer will hike Switch 2 prices while expecting a decline in console sales.

Australia's S&P/ASX 200 was 0.49% lower at 8,701.80.

China's CSI 300 added 1.64% at 4,951.84, while Hong Kong's Hang Seng index was flat in its last hour of trade. Investors were also assessing data showing that China's consumer and producer inflation rose more than expected in April, driven by higher commodity costs linked to the Middle East conflict.

India's Nifty 50 was 0.94% lower.

The West Texas Intermediate futures for June was 3.67% higher at $99.09 per barrel as of 2:50 a.m. ET. Brent crude futures for July rose 3.42% to $104.71 per barrel.

— Justina Lee

European stock markets began the new trading week in mixed territory as talks between the U.S. and Iran over a potential resolution to the Middle East conflict appear to have stalled.

Regional bourses in London, Frankfurt and Milan were positive, while in Paris the CAC 40 edged lower. Among European sectors, telecoms led gains in morning trade, advancing 1.2%, with bank stocks and miners also moving higher.

As the U.S.-Iran negotiations remain in focus, the conflict in Ukraine also returned to the spotlight.

Ukraine's military reported Russian drone strikes over the weekend, in an apparent violation of a two-day ceasefire agreed earlier between the two sides. Speaking at the annual Victory Day parade in Moscow, Russia's president Vladimir Putin had suggested that an end to the four-year war could be in sight.

Leonardo, the Italian defense mainstay, fell 4.6%, while tank parts maker Renk lost 4.2%. German defense giant Rheinmetall dropped 3.1% lower, as U.K. aerospace staple Babcock International slipped 3.2%.

— Hugh Leask

South Korea's Kospi opened at a fresh record Monday, leading gains in Asia-Pacific markets amid rising oil prices and escalating tensions between the U.S. and Iran.

South Korea's Kospi gained 4.70% after opening to a fresh record, while the small-cap Kosdaq was 0.30% lower. Index heavyweight SK Hynix rose 10.74%, tracking U.S. chip-related equities which surged Friday.

Japan's Nikkei 225 traded choppy and was marginally lower, while the Topix gained 0.19%. Nintendo shares fell 5.54%, as investors digested news that the game developer will hike Switch 2 prices while expecting a decline in console sales.

Australia's S&P/ASX 200 was 0.83% lower.

China's CSI 300 added 0.58%, while Hong Kong's Hang Seng index declined 0.48%. Investors were also assessing data showing that China's consumer and producer inflation rose more than expected in April, driven by higher commodity costs linked to the Middle East conflict.

The West Texas Intermediate futures for June was 3.94% higher at $99.18 per barrel as of 9:32 p.m. ET. Brent crude futures for July rose 3.49% to $104.83 per barrel.

— Justina Lee

U.S. President Donald Trump said Sunday that he rejected Iran's counterproposal focused on the war between the two countries.

"I have just read the response from Iran's so-called 'Representatives.' I don't like it — TOTALLY UNACCEPTABLE!" Trump wrote on Truth Social.

— Alex Harring

Stock futures ticked lower shortly after 6 p.m. ET Sunday night.

Futures tied to the Dow lost 0.3%. S&P 500 and Nasdaq 100 futures each slipped 0.2%.

— Alex Harring