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OIL STOCKS RISE AND CHIPMAKERS FALL AS INFLATION WORRIES WEIGH

Wall Street ended the session lower, with Nvidia dipping and the Nasdaq losing ground as worries about high oil prices and inflation spooked investors.

The S&P 500 energy index .SPNY added 1.8%, while the technology sector index .SPLRCT fell 1% following a global market selloff in longer-dated bonds driven by war-related inflation concerns. The recently soaring PHLX chip index .SOX tumbled 2.5%.

Hurting sentiment, crude oil prices hit a two-week high, while U.S. President Donald Trump warned on Truth Social that Iran "better get moving" on the U.S.'s latest peace proposal.

Stocks trimmed their losses, with the S&P 500 ending down marginally, after Trump said he paused a planned attack against Iran to allow for negotiations to take place.

Monday's turbulence follows a recent U.S. stock rally fueled by a strong first-quarter earnings season, optimism about AI and confidence that the Whitehouse and Tehran would resolve their conflict. The S&P 500 hit a record high last Thursday, and it has surged about 16% from its recent low in March.

Nvidia NVDA.O fell 1.3% ahead of the AI heavyweight's quarterly report late on Wednesday, which promises to be Wall Street's event of the week.

Here is Monday's final snapshot:

(Noel Randewich)

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