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Stocks closed higher Monday as investors hoped that the conflict between the U.S. and Iran would be contained. The Dow Jones Industrial Average climbed 374.96 points, or 0.89%, while the S&P 500 added 0.96% and the Nasdaq Composite rose 0.94%. “Geopolitical risks are undoubtedly elevated in the Middle East right now, but our view remains that the extreme asymmetry of the conflict (with Iran’s military capabilities, and those of its proxy partners, significantly degraded), coupled with Tehran’s relative isolation (with few, if any, allies willing to come to its assistance) and ample global oil supplies, will help keep the fallout contained,” Adam Crisafulli of Vital Knowledge wrote in a Monday note. Follow live market updates.

Iran launched a missile strike against the largest American military installation in the Middle East, near Doha, Qatar, in retaliation for U.S. strikes on Iran’s most important nuclear sites over the weekend. No injuries or deaths were reported. President Donald Trump thanked Iran for giving advance notice of the strike and called it a “very weak response.” Later Monday, Trump laid out plans for a ceasefire between Israel and Iran, but questions remained about how viable it was, the countries’ participation, as well as the status of nuclear talks between Iran and the United States. Within hours, Israel had accused Iran of violating the ceasefire by launching further missile strikes, but Tehran denied that, according to Iranian media.

U.S. crude oil fell 7% Monday as traders hoped that Iran’s response would be limited and that there would be a path to de-escalation in the Middle East. Prices of U.S. crude oil and global benchmark Brent, which also fell 7%, are at the lowest level since Israel launched strikes against Iran on June 13. The oil market appears to have avoided bigger concerns that a broader conflict could force tankers to avoid vital shipping lanes like the Strait of Hormuz. Oil prices continued to drop Tuesday with the potential ceasefire.

Tesla stock popped Monday, rising 8%, after the automaker debuted its long-awaited Model Y robotaxi over the weekend to a limited group of testers. The electric vehicle maker invited longtime fans, shareholders and promoters to try the vehicles, which had a human valet, in Austin, Texas. CEO Elon Musk has long promised autonomous vehicles, but the rollout has been delayed. Musk called the launch “successful” in a post on his social media network X, but regulators said they would look into a few incidents.

Novo Nordisk is ending its partnership with telehealth company Hims & Hers. The pharmaceutical company had said in April that it would offer its popular weight loss drug Wegovy through telehealth providers, including Hims & Hers. But it ended the collaboration on Monday and said it was concerned about Hims & Hers selling and promoting cheaper knock-offs of Wegovy despite the drug no longer being in short supply. Shares of Hims & Hers fell nearly 35% in trading Monday.

— CNBC’s Brian Evans, Lisa Kailai Han, Dan Mangan, Kevin Breuninger, Erin Doherty, Christina Wilkie, Laya Neelakandan, Leslie Josephs, Spencer Kimball, Ruxandra Iordache, Samantha Subin, Lora Kolodny and Annika Kim Constantino contributed to this report.