Crude oil settled near $98 a barrel Monday after the U.S. and Iran failed to reach terms ending their conflict, with traffic through the Strait of Hormuz at a near-standstill. The move drove Treasury yields higher, with the 10-year up five basis points to 4.41%, as inflation concerns pushed traders to further price out Fed rate cuts this year. Goldman Sachs and Bank of America joined a growing list of Wall Street firms now expecting the Fed to stay on hold through year-end.
The S&P 500 still managed a fresh closing high, up 0.2%, on the back of a 2.6% rally in the Philadelphia Semiconductor Index. Most index constituents finished lower. The Nasdaq 100 rose 0.3%, and the Dow added 0.2%. Tuesday’s CPI print, with consensus calling for a 0.6% monthly increase, is the next major catalyst.
President Trump called the proposed ceasefire framework on “massive life support” and met with his national security team to weigh options, including a potential return to military action. The Iran file will also be on the agenda when Trump meets Xi Jinping later this week.
PRISM Stock Indexes
The crude move and AI infrastructure bid showed up clearly across the PRISM index suite. Energy and AI-linked indexes led the tape while consumer and beauty names lagged.
The PRISM Emerging Semiconductors Index gained 10.9% on the session to 219.30, now up 119.3% since its January 2026 inception. The move was driven by outsized gains in Everspin Technologies (MRAM, +47.7%), GSI Technology (GSIT, +38.7%), and Applied Optoelectronics (AAOI, +24.1%). Capital is rotating into smaller-cap names tied to test, burn-in, and advanced packaging as AI chip demand pushes the broader semi market toward its 1 trillion milestone.
The PRISM Emerging Space Index led all PRISM indexes on the day at +7.4%, with an inception-to-date return of 444.3%. The PRISM Emerging AI Datacenter and Infrastructure Index rose 2.4% to 440.50, with POET Technologies (POET, +26.9%) and Rezolve AI (RZLV, +13.3%) leading the cohort. ITD return now stands at 340.5%.
The PRISM Emerging New Energy Index also rose 2.4% on the crude move and renewed focus on alternative power for AI infrastructure. Babcock & Wilcox (BW, +30.1%), FuelCell Energy (FCEL, +16.4%), and Plug Power (PLUG, +12.8%) led. The PRISM Emerging Precious Metals Index gained 2.8% as gold held above 4,700 an ounce, with Hecla Mining (HL, +11.1%) and Endeavour Silver (EXK, +12.9%) outperforming.
On the downside, the PRISM Emerging Consumer Products Index fell 3.4%, weighed down by Sleep Number (SNBR, -14%), Petco (WOOF, -9.8%), and Vince Holding (VNCE, -10.1%). The PRISM Emerging Cybersecurity Index declined 3.2%, and the PRISM Emerging Psychedelics Index gave back 2.5%. PRISM Emerging Pet Care slipped 2%, and PRISM Emerging Beauty and Wellness fell 1.6%, extending its ITD decline to 25.6%.
Corporate Highlights
Cerebras Systems (CBRS, pending) increased its IPO size, now targeting up to 4.8 billion as demand for the AI chipmaker and data center operator builds. The company is expected to begin trading on Nasdaq later this week. Barrick Mining (B) authorized a 3 billion buyback ahead of the planned spinoff of its North American assets. KKR (KKR) injected 300 million into a private credit fund it co-manages with Future Standard as performance metrics deteriorated. Circle Internet Group (CRCL) rose on optimism around its ARC blockchain project and a pending digital asset bill in Congress. Mosaic (MOS) struggled to stay profitable despite the fertilizer price spike tied to the Hormuz disruption.
The post PRISM Markets Wrap: Crude Spike Reignites Rate-Cut Doubts as Chipmakers Power S&P to New High appeared first on PRISM MarketView.
