US equities were mostly steady on Monday, holding their record highs as markets assessed the outlook on Middle East oil exports and major tech earnings. The S&P 500, Dow, and Nasdaq 100 inched marginally down. Reports indicated that Iran is open to allow vessels to cross the Strait of Hormuz should the US lift its blockade, potentially paving the way for the return of tanker exports from the region. Shares of tech hyperscalers were mixed ahead of their earnings due Wednesday and Thursday, including Microsoft, Alphabet, Amazon, and Apple. The sector is expected to announce more AI spending in the near future and update their guidance in a backdrop of lingering skepticism against blind expenditure growth in the sector’s capital expenditure. Meanwhile, Qualcomm surged 7% on reports it is working with OpenAI and Meditek to develop smartphone processors. Also, banks and asset managers were flat ahead of Kevin Warsh’s likely confirmation as Fed Chair.

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