On Monday, large-cap technology stocks experienced broad gains. Meta Platforms (META.US) rose more than 3%, NVIDIA (NVDA.US) climbed over 2%, and Tesla (TSLA.US) advanced more than 2.8%. Amazon.com (AMZN.US) increased by 0.8%, Apple (AAPL.US) gained over 1%, and Alphabet (GOOG.US) rose more than 1.2%. Microsoft (MSFT.US) edged up 0.29%, while Broadcom (AVGO.US) saw a slight increase of 0.14%.

The market movement followed reassuring comments from the U.S. Treasury Secretary aimed at calming oil markets. WTI crude oil fell as much as 4% intraday, alleviating concerns about runaway inflation and providing a boost to risk assets. In a recent interview, the Treasury Secretary noted that while the Strait of Hormuz faces supply challenges, its current "naturally open" status is temporarily easing extreme pressure. The U.S. government has tacitly allowed Iranian oil tankers passage to maintain global energy supply balance and prevent uncontrolled price surges. He also suggested that oil prices could fall "well below" $80 within a few months.