NEW YORK (AP) — The U.S. stock market is holding tentatively around its record heights Monday, while oil prices climb with uncertainty about when oil tankers can resume crossing the Strait of Hormuz and restore the world’s flow of crude. Dueling claims about a possible Iranian strike on a U.S. Navy vessel in the strait heightened the tensions.
The S&P 500 rose 0.1%, coming off its latest all-time high. The Dow Jones Industrial Average was down 76 points, or 0.2%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.1% higher.
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Options trader Anthony Spina, foreground, works on the floor of the New York Stock Exchange, Thursday, April 30, 2026. (AP Photo/Richard Drew)
A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.(AP Photo/Fatima Shbair)
Options trader, left to right, Scott Frinzi, Dave Rushand and Marty Handler, work on the floor of the New York Stock Exchange, Friday, May 1, 2026. (AP Photo/Richard Drew)
Trader Derek Orth works on the floor of the New York Stock Exchange, Thursday, April 30, 2026. (AP Photo/Richard Drew)
A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Monday, May 4, 2026. (AP Photo/Lee Jin-man)
The screen showing the foreign exchange rate between U.S. dollar and South Korean won is seen at a dealing room of Hana Bank in Seoul, South Korea, Monday, May 4, 2026. (AP Photo/Lee Jin-man)
Dealers watch computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Monday, May 4, 2026. (AP Photo/Lee Jin-man)
A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Monday, May 4, 2026. (AP Photo/Lee Jin-man)
The action was stronger in the oil market, where the price for a barrel of Brent crude climbed 1.7% to $110.01 and briefly topped $114 during the morning. Iran’s closure of the Strait of Hormuz due to its war with the United States has kept oil tankers pent up in the Persian Gulf and away from customers worldwide. That in turn has sent the price of Brent soaring from roughly $70 per barrel before the war.
President Donald Trump said Sunday that the United States would guide ships through the strait, which could get oil flowing again and bring down its price. But prices instead climbed after Iranian news agencies claimed Monday that Iran had struck a U.S. Navy vessel southeast of the Strait of Hormuz, accusing it of “violating maritime security and navigation norms.”
The U.S. military rejected the claim and later said that two American-flagged merchant ships had successfully transited through the Strait of Hormuz.
Even with all the uncertainty about how long the war with Iran will last, the U.S. stock market has managed to power to record after record. Hope is still high on Wall Street that the global economy can avoid a worst-case scenario because of the war. And in the meantime, companies continue to deliver big growth in profits. That's key because stock prices tend to follow the path of corporate profits over the long term.
Tyson Foods joined the list Monday of those topping analysts’ expectations for both profit and revenue during the latest quarter.
It sold less beef than it did a year ago, but it did so at prices that were 11.5% higher, so its total beef revenue edged up. It also sold more chicken and pork than a year earlier, at slightly higher prices. Its stock rose 1.7% after swinging between gains and losses earlier in the morning.
Norwegian Cruise Line Holdings likewise delivered a better profit for the latest quarter than analysts expected. But it’s feeling the effects of the war, which has not only raised pressure on fuel prices but also pushed some customers to think twice about travel plans, particularly to Europe.
The cruise operator said some “execution missteps” also have bookings below where it would like, and its stock fell 8.5%.
On the winning side of Wall Street was eBay, which climbed 4.7% after GameStop said it wanted to buy its much bigger rival for $125 per share in cash and stock. Coming into the day, eBay had a total market value that was nearly quadruple GameStop’s.
GameStop said it has already built a 5% stake in eBay and sees opportunities to cut $2 billion in annual costs quickly. GameStop, whose stock briefly soared to market-shaking heights during the meme stock craze of 2021, fell 5.2%.
Berkshire Hathaway climbed 1.2% following the conglomerate's first annual meeting with CEO Greg Abel at the helm instead of famed investor Warren Buffett.
Several big tech stocks were also strong, continuing a big run for companies involved in artificial-intelligence technology. Micron Technology gained 7.3% for the biggest gain in the S&P 500. Oracle rallied 5.7%, Sandisk climbed 4.4% and Super Micro Computer added 4.5%.
In stock markets abroad, gains for tech stocks helped indexes jump 5.1% in South Korea and 1.2% in Hong Kong, while markets were closed in mainland China and Japan for holidays.
European indexes fared worse, and France’s CAC 40 fell 1.1%.
In the bond market, Treasury yield edged up as oil prices climbed. The yield on the 10-year Treasury rose to 4.41% from 4.39% late Friday.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
Options trader Anthony Spina, foreground, works on the floor of the New York Stock Exchange, Thursday, April 30, 2026. (AP Photo/Richard Drew)
A tanker, left, and a car carrier are anchored at sea in the Gulf of Oman near the Strait of Hormuz, as seen from the coast near Khor Fakkan, United Arab Emirates, Friday, May 1, 2026.(AP Photo/Fatima Shbair)
Options trader, left to right, Scott Frinzi, Dave Rushand and Marty Handler, work on the floor of the New York Stock Exchange, Friday, May 1, 2026. (AP Photo/Richard Drew)
Trader Derek Orth works on the floor of the New York Stock Exchange, Thursday, April 30, 2026. (AP Photo/Richard Drew)
A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Monday, May 4, 2026. (AP Photo/Lee Jin-man)
The screen showing the foreign exchange rate between U.S. dollar and South Korean won is seen at a dealing room of Hana Bank in Seoul, South Korea, Monday, May 4, 2026. (AP Photo/Lee Jin-man)
Dealers watch computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Monday, May 4, 2026. (AP Photo/Lee Jin-man)
A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Monday, May 4, 2026. (AP Photo/Lee Jin-man)
Shai Gilgeous-Alexander. Victor Wembanyama. LeBron James. Anthony Edwards. Cade Cunningham. Jalen Brunson. Donovan Mitchell. Joel Embiid.
Welcome to Round 2 of the NBA playoffs — which isn't lacking for star power.
Perennial All-Stars, Olympic gold medalists, past, present and likely future MVPs, they're all in the conference semifinal round that starts Monday with two games: Philadelphia at New York and Minnesota at San Antonio.
The other pair of Game 1s will be played on Tuesday: Cleveland at Detroit, and the Los Angeles Lakers at Oklahoma City.
— Game 1, Philadelphia at New York, 8 p.m. EDT (NBC/Peacock)
Odds: New York by 7.5 points.
It's the fifth time (including the Syracuse era for the 76ers) that the teams have met in a conference semifinal series. Philadelphia won each of the previous four, going a combined 14-2 in those games.
— Game 1, Minnesota at San Antonio, 9:30 p.m. EDT (Peacock/NBCSN)
Odds: San Antonio by 12.5.
The Spurs beat the Timberwolves 3-1 in the first round of the 1999 and 2001 playoffs. The teams haven't had a playoff series since, until now.
— Game 1, Cleveland at Detroit, 7 p.m. EDT (Peacock/NBCSN)
Odds: Detroit by 3.5.
Both teams are coming off seven-game grinds in Round 1, and will have to refocus quickly. At least it won't be a long trip for the Cavaliers; by air, their flight to Detroit is just 96 miles.
— Game 1, LA Lakers at Oklahoma City, 8:30 p.m. EDT (NBC/Peacock)
Odds: Oklahoma City by 15.5.
A team with LeBron James, as a 15.5-point underdog, in a playoff game? The only thing that has come close to that in the last 15 years is when James and Cleveland were 12.5-point underdogs to Golden State in an NBA Finals game in 2018.
— Pistons 116, Magic 94 to win series 4-3. Orlando fired Jamahl Mosley.
— Cavaliers 114, Raptors 102 to win series 4-3. A tough end for Toronto,
A breakdown of this season's NBA awards:
— Twyman-Stokes Teammate of the Year: DeAndre Jordan, New Orleans.
— Hustle Award: Moussa Diabaté, Charlotte.
— Defensive Player of the Year: Victor Wembanyama, San Antonio.
— Clutch Player of the Year: Shai Gilgeous-Alexander, Oklahoma City.
— Sixth Man of the Year: Keldon Johnson, San Antonio.
— Sportsmanship Award: Derrick White, Boston.
— Most Improved Player: Nickeil Alexander-Walker, Atlanta.
— Rookie of the Year: Cooper Flagg, Dallas.
— Executive of the Year: Brad Stevens, Boston.
Among the announcements still to come:
— Most Valuable Player: Gilgeous-Alexander, Wembanyama or Denver's Nikola Jokic.
— Coach of the Year: Detroit's J.B. Bickerstaff, San Antonio's Mitch Johnson or Boston's Joe Mazzulla.
Defending champion Oklahoma City (-140) is favored to win the NBA title, according to oddsmakers.
The Thunder were followed by San Antonio (+350), New York (+900), Detroit (+1700), Cleveland (+2000) and the Los Angeles Lakers (+2500). Philadelphia (+3500) is next, followed by Minnesota (+10000).
Expect plenty of fans of visiting teams in the stands around the NBA during Round 2, especially in the Eastern Conference.
By car, it's only 100 miles between the arenas in Philadelphia and New York and only 168 miles between the arenas in Detroit and Cleveland. That means it'll be relatively easy for fans who want to hit the road to do some cheering.
The West series, they're not exactly drive-able. It's 1,248 miles between arenas in San Antonio and Minneapolis, and 1,330 miles between the ones in Los Angeles and Oklahoma City — but Lakers fans are everywhere, so it surely won't be all Thunder fans in OKC.
— Monday and Tuesday: Conference semifinals begin.
— May 10: NBA draft lottery.
— May 10-17: NBA draft combine.
— May 17 or 19: Eastern Conference finals begin on ESPN and ABC.
— May 18 or 20: Western Conference finals begin on NBC and Peacock.
— June 3: Game 1, NBA Finals on ABC. (Other finals dates: June 5, June 8, June 10, June 13, June 16 and June 19).
— June 23: Round 1, NBA draft
— June 24: Round 2, NBA draft
“It's frustrating, being in the same spot three years in a row and getting the same result.” — Orlando's Paolo Banchero, after the Magic were ousted in Round 1 for the third consecutive season.
— It took 48 games to complete Round 1 of the playoffs, third-most in league history. The first round in 2014 lasted for 50 games and the opening round in 2003 lasted for 49 games.
— The league has had seven different champions in the last seven seasons, and of those franchises, only two are in Round 2 this year — the Lakers and Thunder, who will meet in a West semifinal.
AP NBA: https://apnews.com/nba
Toronto Raptors' RJ Barrett (9) celebrates with fans after a win over the Cleveland Cavaliers in Game 6 in the first round of an NBA basketball playoffs series in Toronto, Friday, May 1, 2026. (Nathan Denette/The Canadian Press via AP)
Toronto Raptors' RJ Barrett (9) celebrates after defeating the Cleveland Cavaliers in overtime of Game 6 in the first round of an NBA basketball playoffs series in Toronto on Friday, May 1, 2026. (Frank Gunn/The Canadian Press via AP)
Los Angeles Lakers center Jaxson Hayes (11) celebrates during the second half of Game 6 of a first-round NBA playoffs basketball series against the Houston Rockets in Houston, Friday, May 1, 2026. (AP Photo/Ashley Landis)
Philadelphia 76ers' Joel Embiid celebrates following his team's victory over the Boston Celtics after the Game 7 in a first-round NBA basketball playoffs series, Saturday, May 2, 2026 in Boston. (AP Photo/Jim Davis)
Philadelphia 76ers' Joel Embiid celebrates following his team's victory over the Boston Celtics after the Game 7 in a first-round NBA basketball playoffs series, Saturday, May 2, 2026 in Boston. (AP Photo/Jim Davis)
New York Knicks guard Josh Hart (3) shoots during Game 6 in a first-round NBA basketball playoffs series Thursday, April 30, 2026, in Atlanta. (AP Photo/Brynn Anderson)
Minnesota Timberwolves guard Jaylen Clark (22) celebrates a basket against the Denver Nuggets during the second half of Game 6 of a first-round NBA basketball playoffs series, Thursday, April 30, 2026, in Minneapolis. (AP Photo/Matt Krohn)
Denver Nuggets center Nikola Jokic, left, and Minnesota Timberwolves guard Jaylen Clark (22) get into an altercation during the second half of Game 6 of a first-round NBA basketball playoffs series, Thursday, April 30, 2026, in Minneapolis. (AP Photo/Matt Krohn)
Minnesota Timberwolves guard Terrence Shannon Jr. (1) celebrates his three-point basket against the Denver Nuggets during the second half of Game 6 of a first-round NBA basketball playoffs series, Thursday, April 30, 2026, in Minneapolis. (AP Photo/Matt Krohn)
Boston Celtics' Jayson Tatum goes up for a dunk during the second half of Game 6 in a first-round NBA basketball playoff series against the Philadelphia 76ers Thursday, April 30, 2026, in Philadelphia. (AP Photo/Matt Slocum)
Oklahoma City Thunder guard Shai Gilgeous-Alexander celebrates a scores against the Phoenix Suns during the second half of Game 4 in a first-round NBA playoffs basketball series, Monday, April 27, 2026, in Phoenix. (AP Photo/Ross D. Franklin)
Oklahoma City Thunder guard Shai Gilgeous-Alexander celebrates with fans after Game 4 in a first-round NBA playoffs basketball series against the Phoenix Suns, Monday, April 27, 2026, in Phoenix. (AP Photo/Ross D. Franklin)
Houston Rockets forward Jabari Smith Jr., left, celebrates as Los Angeles Lakers guard Austin Reaves walks off after the Rockets defeated the Lakers in Game 5 of a first-round NBA playoffs basketball series Wednesday, April 29, 2026, in Los Angeles. (AP Photo/Mark J. Terrill)
San Antonio Spurs forward/guard Keldon Johnson (3) celebrates with teammates after Game 5 of a first-round NBA playoffs basketball series against the Portland Trail Blazers in San Antonio, Tuesday, April 28, 2026. (AP Photo/Eric Gay)
Detroit Pistons forward Tobias Harris (12) celebrates after scoring against the Orlando Magic during the fourth quarter in Game 5 of a first-round NBA basketball playoffs series Wednesday, April 29, 2026, in Detroit. (AP Photo/Duane Burleson)
Fans watch Portland Trail Blazers player introductions before Game 4 of a first-round NBA basketball playoffs series against the San Antonio Spurs, in Portland, Ore., Sunday, April 26, 2026. (AP Photo/Jenny Kane)
Boston Celtics' Jayson Tatum, right, tries to get past Philadelphia 76ers' Kelly Oubre Jr. during the second half of Game 4 in a first-round NBA basketball playoffs series Sunday, April 26, 2026, in Philadelphia. (AP Photo/Matt Slocum)
Philadelphia 76ers' Paul George (8) and Boston Celtics' Jaylen Brown (7) reach for a loose ball during the first half of Game 4 in a first-round NBA basketball playoffs series Sunday, April 26, 2026, in Philadelphia. (AP Photo/Matt Slocum)
Orlando Magic center Wendell Carter Jr. dives for a loose ball during the first half in Game 4 of a first-round NBA basketball playoff series against the Detroit Pistons, Monday, April 27, 2026, in Orlando, Fla. (AP Photo/John Raoux)
Orlando Magic guard Desmond Bane (3) goes after a loose ball against Detroit Pistons guard Ausar Thompson during the second half in Game 4 of a first-round NBA basketball playoff series, Monday, April 27, 2026, in Orlando, Fla. (AP Photo/John Raoux)
Oklahoma City Thunder forward Jaylin Williams (6) scores against Phoenix Suns forward Royce O'Neale during the second half of Game 3 of a first-round NBA playoffs basketball series, Saturday, April 25, 2026, in Phoenix. (AP Photo/Ross D. Franklin)
San Antonio Spurs center Victor Wembanyama reacts after a shot during the first half in Game 4 of a first-round NBA basketball playoffs series against the Portland Trail Blazers, in Portland, Ore., Sunday, April 26, 2026. (AP Photo/Jenny Kane)
Minnesota Timberwolves guard Anthony Edwards kneels on the court after sustaining an injury during the first half of Game 4 of a first-round NBA basketball playoff series against the Denver Nuggets, Saturday, April 25, 2026, in Minneapolis. (AP Photo/Abbie Parr)
New York Knicks center Karl-Anthony Towns (32) shoots against Atlanta Hawks forward Onyeka Okongwu (17) during the first half of Game 4 in a first-round NBA playoffs basketball series Saturday, April 25, 2026, in Atlanta. (AP Photo/Brynn Anderson)
New York Knicks center Karl-Anthony Towns (32) shoots against Atlanta Hawks forward Onyeka Okongwu (17) during the first half of Game 4 in a first-round NBA playoffs basketball series Saturday, April 25, 2026, in Atlanta. (AP Photo/Brynn Anderson)
Minnesota Timberwolves forward Julius Randle dunks during the second half of Game 4 of a first-round NBA basketball playoff series against the Denver Nuggets, Saturday, April 25, 2026, in Minneapolis. (AP Photo/Abbie Parr)
Minnesota Timberwolves guard Donte DiVincenzo (0) sits on the court after sustaining an injury during the first half of Game 4 of a first-round NBA basketball playoff series against the Denver Nuggets, Saturday, April 25, 2026, in Minneapolis. (AP Photo/Abbie Parr)
Boston Celtics' Jayson Tatum, left, goes up for a shot past Philadelphia 76ers' Adem Bona during the second half of Game 3 in a first-round NBA playoffs basketball series Friday, April 24, 2026, in Philadelphia. (AP Photo/Matt Slocum)
San Antonio Spurs forward Victor Wembanyama, center, wears street cloths on the bench as he sits out Game 3 of a first-round NBA playoffs basketball series against the Portland Trail Blazers in Portland, Ore, Friday, April 24, 2026. (AP Photo/Jenny Kane)
Los Angeles Lakers forward LeBron James, left, talks to guard Bronny James during the first half in Game 1 of a first-round NBA playoffs basketball series against the Houston Rockets, Saturday, April 18, 2026, in Los Angeles. (AP Photo/Mark J. Terrill)
Detroit Lions quarterback Jared Goff cheers on the Detroit Piston during the second half in Game 2 of a first-round NBA basketball playoffs series against the Orlando Magic Wednesday, April 22, 2026, in Detroit. (AP Photo/Duane Burleson)
Oklahoma City Thunder guard Shai Gilgeous-Alexander (2) passes over Phoenix Suns forward Oso Ighodaro (11) during the second half in Game 2 of a first-round NBA playoffs basketball series Wednesday, April 22, 2026, in Oklahoma City. (AP Photo/Kyle Phillips)
San Antonio Spurs guard De'aaron Fox (4) drives to the basket past Portland Trail Blazers forward Jerami Grant, left, during the second half in Game 1 of a first-round NBA playoffs basketball series in San Antonio, Sunday, April 19, 2026. (AP Photo/Eric Gay)
Toronto Raptors forward Scottie Barnes (4) blocks a shot by Cleveland Cavaliers center Jarrett Allen (31) in the second half in Game 2 of a first-round NBA basketball playoffs series in Cleveland, Monday, April 20, 2026. (AP Photo/Sue Ogrocki)
San Antonio Spurs forward Victor Wembanyama (1) sits on the court after a hard fall during the first half in Game 2 of a first-round NBA playoffs basketball series against the Portland Trail Blazers in San Antonio, Tuesday, April 21, 2026. (AP Photo/Eric Gay)
Cleveland Cavaliers guard Donovan Mitchell (45) gestures to the crowd in the first half in Game 2 of a first-round NBA basketball playoffs series against the Toronto Raptors in Cleveland, Monday, April 20, 2026. (AP Photo/Sue Ogrocki)
Toronto Raptors guard Ja'kobe Walter (14) and Cleveland Cavaliers guard Donovan Mitchell (45) reach for the ball in the second half in Game 2 of a first-round NBA basketball playoffs series in Cleveland, Monday, April 20, 2026. (AP Photo/Sue Ogrocki)
San Antonio Spurs forward Victor Wembanyama (1) drives past Portland Trail Blazers forward Toumani Camara (33) during the second half in Game 1 of a first-round NBA playoffs basketball series in San Antonio, Sunday, April 19, 2026. (AP Photo/Eric Gay)
Los Angeles Lakers forward LeBron James, left, talks to his son guard Bronny James during the first half in Game 1 of a first-round NBA playoffs basketball series against the Houston Rockets, Saturday, April 18, 2026, in Los Angeles. (AP Photo/Mark J. Terrill)
Orlando Magic forward Franz Wagner (22) and forward Tristan da Silva (23) celebrate after a win over the Detroit Pistons in Game 1 of a first-round NBA basketball playoffs series, Sunday, April 19, 2026, in Detroit. (AP Photo/Duane Burleson)
Golden State Warriors guard Stephen Curry celebrates after scoring during the second half of an NBA play-in tournament basketball game against the against the Los Angeles Clippers, Wednesday, April 15, 2026, in Inglewood, Calif. (AP Photo/Mark J. Terrill)
Miami Heat center Bam Adebayo (13) lies on the court during the first half of an NBA play-in tournament basketball game against the Charlotte Hornets in Charlotte, N.C., Tuesday, April 14, 2026. (AP Photo/Nell Redmond)
Los Angeles Clippers owner Steve Ballmer watches in the closing minutes of an NBA play-in tournament basketball game between the Clippers and the Golden State Warriors Wednesday, April 15, 2026, in Inglewood, Calif. (AP Photo/Mark J. Terrill)
Los Angeles Lakers forward LeBron James looks to make a pass during the first half of an NBA basketball game against the Utah Jazz, Sunday, April 12, 2026, in Los Angeles. (AP Photo/Jayne Kamin-Oncea)
Golden State Warriors guard Stephen Curry (30) shoots against the Los Angeles Clippers during the second half of an NBA basketball game, Sunday, April 12, 2026, in Inglewood, Calif. (AP Photo/Ethan Swope)
