GLOBAL MARKETS-Tech lifts US stocks, WTI crude falls on Iran peace deal hopes

* Chip prices surge, putting Nasdaq out front

* Brent crude rises, WTI falls ​as U.S. strikes ⁠on Iran dampen peace hopes

* ECB's Isabel Schnabel signals need for rate hike ​in June regardless of peace progress

* U.S. Treasury yields rise as inflation worries ebb

NEW YORK, May 26 (Reuters) - The S&P 500 and the Nasdaq advanced on Tuesday, parting ways with their European counterparts, and falling WTI crude ​prices ‌diverged from spiking Brent crude prices as investors weighed optimism over an imminent U.S.-Iran peace deal against dangers that the tenuous ceasefire could collapse.

Tech shares, lifted by surging chip stocks, put the Nasdaq out front, while ⁠the S&P 500's gains were more modest. The blue-chip Dow was in negative territory.

"WTI is down ⁠but Brent is up, gold is down but silver is slightly higher, ​the Dow is down but the S&P and Nasdaq are up," said Sam Stovall, chief investment strategist of CFRA Research in New York. "So it's almost like the asset classes are diversifying by being a little long in one and short in the other, which indicates to me that the market's not really sure what should happen."

"If we do get a true agreement between ​the U.S. and Iran, then ‌I think the market is ready to take off," Stovall added. The fragile truce between the United States and Iran was imperilled after the U.S. conducted what it called defensive strikes, which Iran called a "gross violation" of the seven-week ceasefire. Even so, both sides indicated progress toward an agreement that would stop the war and resume shipping through the blockaded Strait of Hormuz. Economic data on Tuesday showed the mood of the American consumer, whose spending accounts for about 70% of the U.S. economy, darkened slightly in May amid mounting inflation concerns.

The Dow Jones ​Industrial Average fell 173.90 points, or 0.34%, to 50,405.80, the S&P 500 rose 42.65 points, or 0.57%, to 7,516.30 and the Nasdaq Composite rose 277.81 points, or 1.05%, to 26,620.72.

European shares dipped ‌on fears that the U.S. missile strikes in southern Iran could disrupt peace negotiations and extend the Strait of Hormuz blockade, which sent Brent crude prices higher and fueled inflation worries. Investors were also weighing comments from European Central Bank board member Isabel Schnabel, ‌who said the central bank should hike rates in June, even if a U.S.-Iran peace deal is reached.

MSCI's gauge of stocks across the globe rose 2.75 points, or 0.25%, to 1,120.90.

The pan-European STOXX 600 index fell 0.57%, while Europe's broad FTSEurofirst 300 index fell 15.66 points, or 0.62%.

Emerging-market stocks rose 7.65 points, or 0.45%, to 1,719.06. MSCI's broadest index of Asia-Pacific shares outside ​Japan closed higher by 0.37%, to 883.78, while Japan's Nikkei fell 162.10 points, or 0.25%, to 64,996.09. The U.S. military's strikes on Iran sent Brent crude prices spiking, after settling 7% lower in the previous session. In contrast, ‌U.S. West Texas Intermediate (WTI) slid from Friday's close. There was no WTI settlement on Monday due to the Memorial Day holiday.

U.S. crude fell 2.81% to settle at $93.89 per barrel, while Brent settled at $99.58 per barrel, up 3.58% on the day.

U.S. Treasury yields fell as hopes for a deal to reopen the Strait of Hormuz helped soothe inflation fears.

The yield on benchmark U.S. 10-year ⁠notes fell 7.2 basis ⁠points to 4.5%, from 4.572% late on Friday.

The 30-year bond yield fell 5.2 basis points to 5.0303% from 5.082% late ‌on Friday.

The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 7.6 basis points to 4.051%, from 4.127% late on Friday.

The dollar firmed amid dimming hopes for a ​near-term resolution to the Middle East conflict in the ​wake of U.S. missile strikes.

The dollar index, which measures the greenback against a basket of currencies including the yen and the ‌euro, rose 0.14% to 99.18, with the euro down 0.14% at $1.1627.

Against the Japanese yen, the dollar strengthened 0.28% to 159.33.

In cryptocurrencies, bitcoin fell 1.60% to $75,972.62. Ethereum declined 1.77% to $2,070.25.

Gold prices fell as energy-driven inflation stoked rate hike bets amid faltering hopes for a U.S.-Iran peace deal.

Spot gold fell 1.62% to $4,496.29 an ounce. U.S. gold futures fell 0.44% to $4,501.10 an ounce.