US stocks struggled to extend their record gains as tensions between the US and Iran escalated, causing oil prices to rise for a third consecutive day. Brent crude increased by 2%, nearing $98 per barrel, while the S&P 500 futures remained relatively unchanged following a nine-day rally fueled by technology stocks, especially in artificial intelligence. Analysts noted that the tech sector's growth is driven by strong revenue and margin expansion, but concerns about actual demand persist. Meanwhile, investors are eagerly anticipating SpaceX's initial public offering, which could become the largest in history, aiming to sell over 550 million shares at $135 each, valuing the company at $75 billion. In trade news, President Trump proposed new tariffs of at least 10% on imports from 60 trading partners as part of an investigation into forced labor practices. European stocks faced pressure, with the Stoxx 600 index falling by 0.3%, reflecting the broader concerns over rising energy prices and trade tensions.