Nasdaq, S&P 500 Set New All-Time Highs to Begin Holiday-Shortened Week as Micron Soars

The S&P 500 and Nasdaq Composite hit new intraday records Tuesday, as Micron Technology led chip shares higher. Meanwhile, oil futures were mixed, with global benchmark Brent crude briefly surpassing $100 a barrel after the U.S. attacked Iranian ships in what Washington claimed was a defensive maneuver.

The tech-heavy Nasdaq and benchmark S&P 500 were up 0.9% and 0.5%, respectively, to top all-time highs set May 14. Chip stocks led gains, with Micron soaring 18%. The blue-chip Dow Jones Industrial Average was down 0.4%.

Stock indexes finished last week on a high note, with the Dow closing at a record high, and the S&P 500 posting an eighth straight week of gains as Dell Technologies  soared 17%. Dell rose a further 3% Tuesday.

Nvidia  stock, which fell nearly 2% to lead Dow decliners Friday, erased earlier gains and was down more than 1% in recent trading. Shares of its Magnificent Seven brethren were mixed.

Oil prices were mixed on conflicting signals from the U.S. and Iran about a peace deal. West Texas Intermediate futures, the U.S. crude oil benchmark, were down nearly 3% to $93.85 a barrel after President Trump wrote on Truth Social yesterday that peace talks were "proceeding nicely." However, the U.S. subsequently struck two Iranian ships it said were attempting to lay mines in the Strait of Hormuz, and most actively traded contracts of Brent crude, the global benchmark, recently were up 3.7% to $99.65.

The 10-year Treasury yield, which influences interest rates on mortgages and other consumer loans, fell below 4.51% from Friday's close above 4.56%. Bond markets, like stock markets, were closed Monday for Memorial Day.

Gold futures were 0.5% lower to near $4,500 an ounce. Bitcoin was at $75,900, down from overnight highs around $77,400. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, was little changed at 99.21.