Key Takeaways
- The S&P 500 advanced 1% on Monday, June 23, 2025, as investors weighed the potential severity and impact of Iran’s retaliation for U.S. airstrikes.
- Tesla’s first autonomous robotaxis began transporting passengers in Texas, and shares of the electric vehicle giant took off.
- Supermicro shares tumbled after the AI server maker announced a plan to issue $2 billion in convertible notes.
Major U.S. equities indexes ticked higher to open the new trading week as Iran reportedly launched missiles at a U.S. air base in Qatar, raising hopes that the retaliation for the past weekend’s U.S. strikes on Iranian nuclear facilities could be limited in scope.
The S&P 500 added approximately 1%, ending a streak of three negative sessions. Both the Dow and Nasdaq gained roughly 0.9%.
Tesla (TSLA) shares soared 8.2%, logging Monday’s top performance in the S&P 500, a day after the electric vehicle manufacturer launched its robotaxi service in Austin, Texas. CEO Elon Musk has said Tesla plans to begin with around 10 to 20 Model Y vehicles operating autonomously in the Texas capital city before a rapid expansion to more locations and a large fleet by the end of the next year. Wedbush analyst Dan Ives has said that robotaxis and self-driving software could help Tesla double its market capitalization by the end of 2026.
The Wall Street Journal reported that Bank of New York Mellon (BK) has expressed interest in a possible merger with smaller competitor Northern Trust (NTRS). According to the Journal, there has been at least one conversation between executives at the firms, but they have not discussed a formal offer. Northern Trust shares jumped 8% in the wake of the report, while BNY shares slipped 2.2%.
Shares of Arista Networks (ANET), a provider of cloud networking hardware and software, advanced 6.6%. The gains came after Evercore ISI analysts boosted their price target on the stock, highlighting expectations for Arista’s partnerships with Facebook parent Meta Platforms (META) and other major cloud players to contribute to revenue growth. Evercore’s team also said that although investors are primarily focused on the artificial intelligence cloud business, Arista’s opportunity in campus cloud networking remain underappreciated.
Super Micro Computer (SMCI) shares dropped 9.8%, losing the most of any S&P 500 stock, after the server maker announced that it will issue $2 billion in convertible notes. Supermicro said it will use the proceeds partially for general corporate purposes, with up to $200 million set to be directed toward capped call transactions, which companies use to reduce potential dilution related to issuing convertible bonds.
Crude oil futures prices eased off their recent highs as concerns abated about the likelihood of supply disruptions related to the conflict in the Middle East. The price retreat pressured numerous oil and gas stocks. Shares of exploration and production company APA Corp. (APA) sank 7.9%, while shares of oilfield services firms Halliburton (HAL) and Schlumberger (SLB) were down 6.8% and 5.9%, respectively.
The biotechnology firm Amgen (AMGN) released full results from a Phase 2 trial of its experimental obesity treatment MariTide. The drug demonstrated up to 20% average weight loss in participants with obesity who do not have Type 2 diabetes, while patients with obesity and Type 2 diabetes saw up to 17% weight loss and a significant reduction in hemoglobin A1c levels. Despite the positive data, Amgen shares lost 5.8%, perhaps reflecting concerns about competition in the market for obesity treatments but also reportedly due to concerns about side effects during the trial.
