Wall Street ended mixed Monday as investors awaited guidance from major technology companies in a busy week for earnings, while also weighing whether stubbornly high oil prices could still force the Federal Reserve toward a rate hike — even as crude tumbled after President Trump abruptly suspended a two-week campaign of airstrikes against Iran.

The Numbers

The S&P 500 gained a slim 1.45 points, or 0.02%, to end at 7,413.43. The Nasdaq Composite lost 41.21 points, or 0.16%, to close at 24,934.61. The Dow Jones Industrial Average rose 255.58 points, or 0.49%, to 52,202.83.

Oil Tumbles on Trump's Latest Reversal

Brent crude prices slid 8% to about $89 a barrel after Washington abruptly suspended its two-week campaign of airstrikes against Iran over the weekend — Trump's latest strategic U-turn in the five-month-old conflict. Oil majors Occidental Petroleum and Exxon Mobil both dipped on the news, giving back some of the sharp gains energy stocks had posted amid the escalation of recent weeks.

Big Tech Earnings Take Center Stage

Investor attention is shifting decisively toward this week's mega-cap tech earnings, with Microsoft, Amazon, Meta, and Apple all set to report quarterly results. The stakes are especially high given how the AI-driven rally has powered much of 2026's market gains: investors are increasingly questioning whether that multi-year rally may be losing steam, a concern amplified last week when quarterly results from Tesla and Alphabet showed unexpectedly heavy AI-related spending that spooked some investors.

A Market in "Rotational" Mode

Bill Merz, head of capital markets research and portfolio construction at U.S. Bank Asset Management Group, described Monday's session as part of a broader pattern: "Today represents a continuation of the rotational market that we've seen," he said, adding, "Part of the market reaction may be related to that creeping suspicion that perhaps a rate hike is coming." That rotation has repeatedly shown up in recent sessions as capital moves between AI-linked winners and previously overlooked sectors, rather than moving uniformly in one direction.

The Rate Hike Overhang

Even with Monday's oil price relief, concerns about elevated energy costs feeding into inflation — and potentially forcing the Fed's hand on rates — haven't fully dissipated. With the Fed's coming policy decision, key inflation data, and this week's mega-cap earnings all landing in close succession, investors are treating the coming days as a pivotal stretch for determining market direction through the rest of the summer.

What's Next

With Microsoft, Meta, Apple, and Amazon all reporting this week, and the Federal Reserve's policy decision and fresh inflation data also on the calendar, investors face an unusually dense stretch of potential catalysts. Whether Big Tech's results reassure markets that AI-related capital expenditure remains justified — or add to the skepticism already stirred by last week's Tesla and Alphabet reports — is likely to be the single biggest driver of market direction in the days ahead.