WTI crude tumbled 8.1% to $82.04 a barrel and the 2-year Treasury yield fell 9 basis points to 4.322% after attacks in the U.S.-Iran war were suspended, lifting risk appetite unevenly across markets.
The Dow rose 0.5% to 52,209 and the S&P 500 edged up 0.02%, but the Nasdaq slipped 0.2% as chip stocks sold off on doubts over when surging hyperscaler AI spending will produce returns.
Nvidia sank 5% and the SOXX semiconductor ETF lost 2.1% as investors scrutinized reported OpenAI-linked financing talks worth up to $250 billion and $350 billion, plus Nvidia's newly announced $500 billion SK Hynix deal.
Apple gained 1.2% and reclaimed the top market-cap spot from Nvidia, with investors now focused on earnings from Meta and Microsoft on Wednesday and Apple and Amazon on Thursday.
Fed expectations remain a second market driver this week: futures imply a 64% chance of no rate change on Wednesday, while CME FedWatch shows September hike odds at 55.5%.