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US stocks traded mixed on Monday as investors assessed signs of progress in US-Iran peace talks, while shares of Elon Musk’s SpaceX (SPCX) fell for the third day in a row.
The Dow Jones Industrial Average (^DJI) gained roughly 0.4%, while the S&P 500 (^GSPC) fell 0.3% after Friday’s holiday stock market closure. The tech-heavy Nasdaq Composite (^IXIC) dropped by 1.1% as Alphabet (GOOG, GOOGL) swung 5% lower.
Markets continued to monitor the ongoing peace negotiations between the US and Iran. Iran said on Monday that there has been “encouraging progress” in peace talks with the US in Switzerland and agreed to a roadmap for a final deal within 60 days. That eased some nerves over President Trump’s threat of strikes on Iran if Tehran doesn’t rein in Hezbollah’s actions against Israel.
Oil prices fell as Trump’s warning vied with hopes that the deal progress meant oil flows through the blockaded Strait of Hormuz could return to normality. Brent crude futures (BZ=F) slid 3% to just above $77 a barrel, while West Texas Intermediate (CL=F) crude retreated to trade near $73 a barrel.
Also in focus were the prospects for AI demand growth, after SK Hynix (000660.KS) overtook Samsung (005930.KS) to become South Korea’s most valuable listed company in a dramatic reversal of fortunes for the memory chipmaker.
Meanwhile, investors absorbed news of the death of Alan Greenspan at the age of 100, after presiding over the Federal Reserve as chairman through almost two decades of boom and bust.
Looking ahead, investors are gearing up for the May reading of the Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge. The data comes as investors debate the chances that interest rates will remain higher for longer, after the Fed struck a more hawkish tone at its latest meeting.
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Getty Images stock more than doubles in value on OpenAI licensing deal
Getty Images (GETY) stock soared more than 104% on Monday after the stock photo provider disclosed a multiyear licensing agreement with OpenAI (OPAI.PVT).
Under the agreement, OpenAI will be able to display Getty Images’ licensed content in ChatGPT responses. Getty Images and OpenAI did not reveal the financial details of the deal or whether the deal also allows OpenAI to train its models using Getty Images’ content.
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‘Magnificent 7’ stocks drag on Nasdaq
Most of the “Magnificent Seven” stocks were dragging on the Nasdaq Composite (^IXIC) on Monday.
The sector was weighed by shares of Alphabet (GOOG, GOOGL), which were down 7%. The recent departure of high-profile artificial intelligence researchers to rivals has put pressure on the stock. Alphabet’s announcement of a nearly $85 billion capital raise has also put the stock in the penalty box.
Other Big Tech names also declined on Monday, including e-commerce giant Amazon (AMZN), social media giant Meta (META), and software maker Microsoft (MSFT).
Nvidia (NVDA) traded fractionally lower, while Apple (AAPL) and Tesla (TSLA) were the two outliers in the green.
Nasdaq 100 · Yahoo Finance -
Oil prices retreat after US waives Iran oil sanctions for 60 days
Oil prices fell on Monday after the US waived sanctions on Iranian oil for 60 days as the US and Iran work toward a more permanent peace agreement.
Futures for Brent crude oil (BZ=F), the international benchmark, fell 2.4% to $77 per barrel, while those for West Texas Intermediate (CL=F) crude, the US benchmark, dropped 2.8% to $73 per barrel.
The US Treasury Department issued a license to Iran, allowing the country to sell energy products through Aug. 21 — including to the US. The reversal came after years of punitive sanctions on Iran and a pressure campaign from the Trump administration.
Oil tankers and cargo vessels remain anchored off Port Sultan Qaboos on June 21, 2026, in Muscat, Oman. (Elke Scholiers/Getty Images) · Elke Scholiers via Getty Images Bloomberg reports:
That supply will now be able to help countries, in theory, weather the worst supply disruption in the history of the oil market triggered by the near closure of the Strait of Hormuz.
Any resumption in Iranian flows to the US would mark a sea-change for years of established trade routes in the global market. The US hasn’t had significant imports of crude or fuel from Iran since the 1990s, according to US Energy Information Administration data.
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Google, SpaceX, and other Big Tech names weigh on major indexes
Big Tech stocks weighed on the S&P 500 (^GSPC) and Nasdaq (^IXIC) indexes in late morning trading on Monday, even as optimism surrounding US-Iran peace talks cautiously grew.
Five of the “Magnificent Seven” tech stocks fell, with Alphabet (GOOG, GOOGL) stock losing over 6%, Amazon (AMZN) falling 4%, and Meta (META) and Microsoft (MSFT) dropping 2%. Nvidia (NVDA) traded fractionally lower, while Apple (AAPL) and Tesla (TSLA) were the two Magnificent Seven names in the green.
The Nasdaq was also dragged lower by a nearly 10% decline in SpaceX (SPCX) stock (see the blog below).
S&P 500 heatmap Those declines occurred as markets continue to watch how long-term peace negotiations between the US and Iranian delegations unfold in Switzerland. US Vice President JD Vance called the talks over the weekend “very, very good” and said, “we laid a very good foundation for a successful final deal.”
Vance stressed that the Strait of Hormuz remains open, but market strategists have noted that a great deal of uncertainty remains.
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SpaceX stock falls for third day as company confirms debt offering
SpaceX (SPCX) stock fell again on Monday, now poised for three straight down days after a massive run-up following its IPO earlier this month. SpaceX also confirmed its first-ever bond issuance in a filing.
SpaceX shares were down another 9% in early trade on Monday, following a 3.6% drop on Thursday (US markets were closed on Friday for the Juneteenth national holiday) and a 5% drop on Wednesday. The three-day losing streak caps a big pop in the stock following its IPO and first day of trade on June 12th.
Also on Monday morning, SpaceX confirmed its first-ever bond sale in a filing. Although the company did not disclose the size of the bond offering, it confirmed that it “intends to use the net proceeds from the Notes offering to repay the outstanding borrowings under its bridge loan facility in full” and to cover other related fees and expenses. Bloomberg reported late last week that SpaceX was prepping an offering in the $20 billion range.
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Google stock falls as senior AI researcher decamps to Anthropic, Alphabet invests in A24 studio
Alphabet stock (GOOG, GOOGL) fell nearly 7% after its Google DeepMind AI senior research scientist John Jumper announced he is leaving the company.
Jumper, who won the 2024 Nobel Prize in chemistry for his work with the AI model AlphaFold, wrote on X that he will join rival AI company Anthropic (ANTH.PVT) after nearly nine years at Google.
Also on Monday, the Wall Street Journal reported that the company is investing $75 million into independent film studio A24.
According to the Journal, Google and A24, the studio behind movies such as “Backrooms” and “Marty Supreme,” are teaming up to create new tools for movie production and distribution using Google’s DeepMind AI unit.
The investment marks Google’s first stake in a movie studio and comes as other entertainment companies, including Disney (DIS) and Netflix (NFLX), have toyed with AI deals, despite Hollywood’s general reluctance to embrace the technology.
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Micron stock surges amid memory trade boom
Yahoo Finance’s Ines Ferré reports:
Micron Technology (MU) stock surged nearly 5%, putting the memory chipmaker on pace to hit a fresh record on Monday ahead of its earnings this week. The rest of the chip complex was poised to climb to new highs, including memory and storage maker Sandisk (SNDK).
Micron stock jumped, along with the rest of the chipmaker space, as investors awaited the company’s results on Wednesday, providing a bellwether for memory demand in AI inference.
UBS analyst Melissa Weathers recently raised the bank’s price target for Micron to $1,500 per share, as demand for DRAM — the type of memory used for data centers, servers, and smartphones — is “still set to vastly outpace supply growth in the coming years, driven by more memory-intensive AI workloads.”
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Stocks mixed at the open as Wall Street assesses renewed US-Iran tensions
US stocks split at the open as oil fell and investors monitored progress on peace talks and the opening of the Strait of Hormuz.
The Dow Jones Industrial Average (^DJI) led the gains, rising 0.4%, while the S&P 500 (^GSPC) rose 0.2%. The Nasdaq Composite (^IXIC) lagged, falling about 0.1% in early trading.
Despite “jitters” from renewed Middle East tensions over the weekend, markets were reassured by reports that vessels continue to transit the Strait of Hormuz — albeit at numbers that are still below pre-war levels.
Oil prices fell modestly, with Brent crude prices (BZ=F) dropping nearly 2% to $78 per barrel and WTI crude (CL=F) trading down to $74 per barrel.
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Alan Greenspan, who steered the Federal Reserve through both boom and crisis, dies at 100
Alan Greenspan, the economist who steered the Fed for nearly two decades from 1987 to 2006, died on Monday. He was 100 years old.
Greenspan was known as “the maestro” for navigating the US economy through numerous peaks and troughs, including the economic boom of the 1990s, the bursting of the dot-com bubble in 2000, the 1998 bailout of Long Term Capital Management (LTCM), and the terror attacks of Sept. 11, 2001.
Federal Reserve Chairman Alan Greenspan delivers the keynote speech at the World Bank/IMF annual meeting program of seminars in this September 27 file photo. · REUTERS / REUTERS Last week, newly installed Fed Chairman Kevin Warsh underscored Greenspan’s influence on him at his swearing-in last month.
“Chairman Greenspan was the first to tell me and show me what this role demands,” Warsh said during a ceremony in the East Room. “Like Alan, I intend to fill the role of chairman with energy and purpose, just the way Chairman Greenspan did.”
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Apogee Therapeutics stock soars on AbbVie acquisition
AbbVie (ABBV) agreed to buy Apogee Therapeutics (APGE) for $10.9 billion in cash, the company announced Monday, deepening its immunology portfolio.
AbbVie’s stock rose 1% on the news, while Apogee’s stock soared 47% on Monday. AbbVie’s offer of $135.11 per share for Apogee represents a 49% premium from where shares were trading at Thursday’s close.
AbbVie said the acquisition will add a diverse pipeline of drugs for inflammatory and immunological diseases to its portfolio. Apogee’s lead assets target atopic dermatitis and asthma, for example.
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Micron earnings, PCE inflation data, gas prices: What to watch this week
Investors will step into the trading week fresh off a peace deal in the Middle East and a surprisingly hawkish turn at the Federal Reserve, setting up for a market pushed and pulled in multiple directions — with investors left to figure it all out.
Yahoo Finance’s Jake Conley writes:
It’s a packed week for economic data, headlined by the release of May PCE figures on Thursday.
After both consumer prices and wholesale prices for the month read hotter than expected, the PCE figures — the Fed’s preferred measure of inflation — will be closely watched to see what insight they can offer into the state of the US economy.
… When Micron reports earnings on Wednesday, the company’s results will give investors a strong read on just how strong the demand for memory remains. Analysts are expecting to see strength.
“We believe DRAM bit demand is still set to vastly outpace supply growth in the coming years driven by more memory-intensive AI workloads,” UBS analyst Melissa Weathers wrote in a client note on Thursday.
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Treasury yields rise as Trump’s Iran threats stoke inflation fears
Treasurys fell after President Trump again threatened military action against Iran over Hezbollah’s attacks on Israel, prompting investors to reassess inflation risks.
Bloomberg reports:
Yields rose across the curve as traders returned from Friday’s cash-market holiday. The move came after oil prices rose early on Monday on fears that escalating tensions in the Middle East could keep energy costs elevated and complicate the Federal Reserve’s efforts to tame inflation.
US and Iranian officials began talks in Switzerland aimed at securing a more enduring peace deal. As the meetings got underway, Trump said in a social media post that he would strike Iran again if it doesn’t “immediately stop their highly paid PROXIES in Lebanon from causing trouble.” He also warned Iran that the US might start collecting tolls if negotiations fail.
“The physical US bond market is playing a bit of catch-up this morning, having been out for a holiday on Friday,” said Andrew Ticehurst, strategist at Nomura Holdings Inc. in Sydney. “This, plus the higher oil price this morning are likely weighing on bonds, pushing up yields.”
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Pound falls to trade near 2026 low as UK’s Starmer resigns
From Bloomberg:
The pound traded near this year’s low as Keir Starmer said he would step down as Britain’s prime minister, with traders weighing whether a new Labour administration could revive concerns over the UK’s fiscal outlook.
Sterling slid as much as 0.4% to touch $1.3181 early on Monday, approaching its 2026 low of $1.3159 set in March, before paring losses. A break below the March low would put the currency at its weakest level since November.
Starmer’s announcement followed Andy Burnham’s victory in the Makerfield by-election, which returned the Greater Manchester mayor to Parliament and cleared the path for him to mount a leadership challenge.
Starmer outside 10 Downing Street. REUTERS/Jaimi Joy · REUTERS / REUTERS The key question for investors is what the impact on the country’s finances will be if Burnham, a former minister, becomes premier as expected. He has so far offered little clarity on the policies he’d pursue, making it difficult to gauge the ramifications for future borrowing. Markets are nervous about any potential increase in bond sales to fund spending, given the UK is already struggling with its debt levels.
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Asian markets trended upwards as US-Iran peace talks ‘progress’
Reuters reports:
Asian share markets swung higher on Monday as Iranian negotiators said progress had been made in peace talks with the United States, helping calm fears the process was breaking down.
Officials from Qatar and Pakistan also released a statement saying the first session of talks had concluded and progress was made on a roadmap to reach a final deal in 60 days.
Earlier, U.S. President Donald Trump had threatened fresh attacks on Iran as Vice President JD Vance met Iranian officials for the first talks under an interim peace deal.
Japan’s Nikkei (^N225) rose 1.8%, having climbed almost 8% last week to all-time highs. South Korea’s red-hot Kospi (^KS11) added 0.6%, after surging more than 11% last week on demand for semiconductor stocks.
MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.8%, while Chinese blue chips rose 1.6%.
Hong Kong’s Hang Seng Index (^HSI) fell 0.7%.
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Oil rises as US-Iran peace talks falter after strikes between Israel and Lebanon
Bloomberg reports:
Oil gained after President Donald Trump threatened strikes on Iran if Hezbollah keeps attacking Israel, raising concerns about progress for peace talks between Washington and Tehran.
Brent (BZ=F) crude climbed as much as 2.2% at the open to $82.30 a barrel, while West Texas Intermediate (CL=F) advanced above $78. Negotiations got off to a rocky start on Sunday after Iranian media reported the Islamic Republic halted talks in Switzerland after Trump’s threat, but people familiar with the matter said they continued. Tehran accused Israel of violating a truce in Lebanon.
The high-level meeting in the Swiss resort of Bürgenstock is happening at the start of a 60-day window for negotiations, after Trump signed a memorandum of understanding last week which began the process of deescalation. Despite Iran claiming to have closed the Strait of Hormuz again, millions of barrels of oil continued to flow through the waterway over the weekend.
Other energy commodities also gained on Monday, with benchmark European natural gas prices advancing as much 3.9%. A fifth of global liquefied natural gas was exported through Hormuz prior to the start of the war in late February. US gasoline futures climbed along with diesel.
