S&P 500 Hits New Record With First Close Above 7,400

By Liliana Orozco | May 11, 2026, 4:26 PM

Stocks edged higher Monday despite rising oil prices after President Trump rejected Iran's latest peace proposal. The S&P 500 closed above the psychologically significant 7,400 level for the first time ever, while the Nasdaq also notched a record close and the Dow finished firmly higher. Semiconductors remained a bright spot, led by Micron Technology (MU), which surged 6.5%.

Continue reading for more on today's market, including:

This outperforming biotech name hasn't cooled off yet.
DG stock pulled back to a historically bullish trendline.
Plus, behind LITE's rally; what's next for NXT; and a closer look at MU.

5 Things to Know Today

The latest updates between Iran and the U.S. after the rejected peace proposal (Reuters)
April home sales missed expectations as higher mortgage rates pressured homebuyers. (CNBC)
Nasdaq-100 inclusion pushed Lumentum stock to record highs.
Analysts lean bullish toward NXT stock ahead of earnings.
Has Micron stock climbed too far, too fast?

Oil Prices Continue to Climb

Oil prices surged Monday after President Trump rejected Iran's counterproposal to end the conflict, calling it "totally unacceptable," warning it could further destabilize the already fragile ceasefire agreement. June-dated West Texas Intermediate (WTI) settled 2.8% higher at $98.07 per barrel.

Gold prices were muted today as investors digested U.S.-Iran updates. June-dated gold futures fell 0.04% to $4,718.70 per ounce. Meanwhile, silver futures surged to a two-month high.

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+6.50%

Micron Technology Inc

Latest News

1 hour	Micron Stock Extends Hot Streak. AI Supercycle Sends Chip Stocks Soaring MU +6.50% GuruFocus.com
2 hours	S&P 500 Hits New Record With First Close Above 7,400 MU +6.50% Schaeffer's Research
2 hours	S&P 500 Hits Record Despite Iran Cease-Fire Concerns. Oil and Tech Stocks Rally. MU +6.50% Barrons.com
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7 hours	Elon Musk, Apple's Cook and Boeing CEO going to China with Trump, official says MU +6.50% Reuters
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9 hours	Retail Is Flooding Into the Chipmaker Rally as Moves Get Extreme MU +6.50% Bloomberg

S&P 500 Hits New Record With First Close Above 7,400

5 Things to Know Today

Oil Prices Continue to Climb

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