Stocks Rally as Tech Rebound Continues and Hopes of a U.S.-Iran Deal Climb

Stocks rallied on Monday and oil prices plunged as the tech-led rebound continued and hopes of a U.S.-Iran deal climbed.

The Dow Jones Industrial Average gained 2.15%, while the S&P 500 did so 2.34%. The tech-heavy Nasdaq Composite overperformed, jumping 2.74% and further recovering after falling into correction territory last week.

The only outlier was Nvidia, which fell more than 4% as the company reels from CEO Jensen Huang's admitting to an extramarital affair and the chipmaker's board opening an independent investigation into reports that he had been targeted by a Chinese intelligence operation.

Shares had already fallen 13% through Friday since the first reports about Huang's relationship surfaced.

In a statement released Sunday, Nvidia's board of directors said a committee of independent directors, assisted by outside legal counsel, would investigate the reports. The board said it had no reason to believe U.S. national security or company secrets had been compromised, while expressing confidence in Huang's leadership.

Huang, who co-founded Nvidia in 1993 and has led its rise as a dominant supplier of artificial intelligence chips, acknowledged the affair in a message to employees Sunday.

"I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry," Huang wrote.

He accepted responsibility for his actions, apologized to his family and colleagues, and pledged to cooperate with the investigation. The message did not identify the woman involved.

Elsewhere, oil prices plummeted after President Donald Trump said renewed attacks against Iran are "highly unlikely.'

Brent crude, the international benchmark, fell 5.56% and stood at $92.85 per barrel at 4 p.m. ET, while West Texas Intermediate, the U.S. benchmark, dropped 4.27% and fell below $87 a barrel at the same time.

Trump made the comments in an interview with CNN, claiming that he favors refraining from returning to a full-fledged conflict while talks to curb Tehran's nuclear program continue. "It depends on whether or not they sign a very strong agreement," the president told the outlet.

Hopes of a deal climbed further after Axios reporter Barak Ravid said that meetings between Trump and Qatari Prime Minister Mohammed bin Abdulrahman Al Thani were "positive" and discussed ways to make progress in negotiations. Trump later told Reuters that Qatar and Saudi Arabia would rather see a peaceful resolution to the conflict, but Washington is ready to resume hostilities if necessary.