S&P 500 reaches new high at 7,173.91 on AI strength, while Nasdaq rises 0.20% and Dow slips on geopolitical tensions

The S&P 500 inched up 0.12% to 7,173.91, reaching a new high. The Nasdaq Composite rose 0.20% to 24,887.10 on AI strength, while the Dow Jones Industrial Average slipped 0.13% to 49,167.79. Nvidia and Micron Technology advanced on positive analyst commentary.

Microsoft ended the day in the green despite wobbling after announcing with OpenAI that it would end its exclusive access to the technology. Poet Technologies cratered almost 50% after losing key orders from Marvell Technology.

Oil prices rose, with WTI crude briefly topping $97 a barrel as blockades continue to stop tankers from passing through the Strait of Hormuz. Investors are watching earnings reports this week from several of the Magnificent Seven companies.