US Stocks, Nvidia Close at Record Highs Ahead of Tech Earnings

US stocks eked out small gains on Monday to renew their record levels with Nvidia Corp. hitting a fresh high, as investors prepare for a swath of corporate earnings this week while monitoring developments in the Strait of Hormuz. A gauge of chip stocks finished lower after a historic run.

The S&P 500 Index closed 0.1% higher in New York extending its advance after a four-week rally, as Nvidia shares rose 4%. The market leadership was narrow with only three out of 11 sectors in the green. The tech-heavy Nasdaq 100 Index finished nearly unchanged. Brent crude rose 3% to around $108 per barrel while the Cboe Volatility Index hovered at 18.