05:05 PM EDT, 06/23/2025 (MT Newswires) -- US equities rose Monday, apparently shrugging off concerns about an escalating turmoil in the Middle East, while oil prices slumped.

The S&P 500 ended about 1% higher at 6,025.2, while the Nasdaq Composite and the Dow Jones Industrial Average climbed 0.9% each at 19,631 and 42,581.8, respectively. Barring energy, all sectors were in the green, led by consumer discretionary.

Iran fired missiles toward US military bases in Qatar and Iraq in response to recent American airstrikes that targeted Tehran's nuclear facilities, CNN reported, citing Iranian state media Tasnim. The US airstrikes were conducted on Saturday amid the ongoing conflict between Iran and Israel.

Qatar intercepted Iranian missiles aimed at the Al Udeid air base, Reuters reported, citing Qatar's defense minister's statement to Al Jazeera.

West Texas Intermediate crude oil plunged 8.5% to $67.59 a barrel.

"Iran's retaliatory response is now being perceived as a possible de-escalation move, with oil prices falling as energy markets react to a fluid situation," Rystad Energy Chief Economist Claudio Galimberti said.

US President Donald Trump said in a social media post on Monday that Iran gave advance notice of the missile attacks. "Perhaps Iran can now proceed to peace and harmony in the region, and I will enthusiastically encourage Israel to do the same," he wrote.

US Treasury yields were lower, with the two-year rate falling 5.5 basis points to 3.86% and the 10-year rate losing four basis points to 4.34%.

Federal Reserve Vice Chair for Supervision Michelle Bowman said she would support lowering interest rates as soon as next month provided that inflationary pressures remain "contained."

"Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market," Bowman said Monday in remarks prepared for a speech in Prague. "Downside risks to our employment mandate could soon become more salient, given recent softness in spending and signs of fragility in the labor market."

Fed Chair Jerome Powell is scheduled to testify before the US House Financial Services Committee Tuesday and the Senate Committee on Banking, Housing, and Urban Affairs Wednesday as a part of his semi-annual testimony to Congress.

Last week, the Fed kept its policy rate unchanged for a fourth straight meeting, while sticking to its federal funds rate outlook for 2025 amid higher inflation expectations.

In other economic news, US private-sector output growth decelerated in June amid falling exports, according to S&P Global's ( SPGI ) flash purchasing managers' index.

US existing home sales unexpectedly rebounded in May even as prices reached a record high for the month, according to data National Association of Realtors data.

"The relatively subdued sales are largely due to persistently high mortgage rates," NAR Chief Economist Lawrence Yun said. "Lower interest rates will attract more buyers and sellers to the housing market."

In company news, Tesla (TSLA) shares jumped 8.2%, the top gainer on the S&P 500. The electric vehicle maker started offering rides in its Robotaxis Sunday in Texas, with Wedbush Securities analyst Daniel Ives saying the trips exceeded his expectations.

Super Micro Computer ( SMCI ) shares tumbled 9.8%, the steepest decline on the S&P 500, after the artificial intelligence server maker said it intends to offer $2 billion of convertible senior notes.

Gold was up 0.1% at $3,389.9 per troy ounce, while silver rose 0.4% to $36.16 per ounce.