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COOLING US-IRAN TENSIONS SPARK RALLY IN TECH, GROWTH STOCKS

U.S. stocks advanced on Monday, with the Nasdaq .IXIC gaining 2.1%, as weekend hostilities between the United States and Iran eased and as major technology-related shares rose following recent selling.

A source told Reuters that Iranian and U.S. technical teams working on the implementation of an interim peace deal are expected to meet in Doha in the coming days, with the weekend strikes threatening to derail the fragile agreement.

A majority of S&P 500 .SPX sectors rose on the day, led by communication services .SPLRCL, consumer discretionary .SPLRCD and tech .SPLRCT. Communication services advanced more than 3%. Materials .SPLRCM, off nearly 2%, was the weakest group.

Magnificent Seven MAGS.K stocks and chips .SOX jumped. The MAGS rose 3.1%, while the SOX surged 3.8%. With this, growth .IGX handily outperformed value .IVX on the day.

Meanwhile, the Dow .DJI registered its 18th record close of the year. Other indexes scoring a record close on Monday were the S&P 500 Healthcare sector .SPXHC, S&P 400 Midcaps .MID, the small-cap Russell 2000 .RUT, Nasdaq Biotech .NBI, the NYSE Composite .NYA and the S&P 500 Equal Weighted Index .SPXEW.

Here is a snapshot of where markets stood shortly after 4 p.m. ET.

(Terence Gabriel)

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