US stocks drifted through a mixed day of trading on Monday after oil prices eased and falling Big Tech stocks weighed on Wall Street.
- The S&P 500 fell 27.79 points, or 0.4%, to 7,472.79.
- The Dow Jones Industrial Average rose 148.01 points, or 0.3%, to 51,712.71.
- The Nasdaq composite fell 351.33 points, or 1.3%, to 26,166.60.
Oil prices fell roughly 3% following negotiations between the United States and Iran on ending their war. But drops for giants like Alphabet and Amazon weighed on the market, which resumed trading following a three-day weekend, the
AP reports. Rising Treasury yields in the bond market also pressured stock prices.
SpaceX fell 16.4% to $154.60. It's the third straight drop for the company behind xAI since a big three-day run following its ballyhooed debut on the stock market, when it initially sold its stock at $135 per share. The day's heaviest weights on the S&P 500 included drops of 5% for Alphabet, 4.7% for Amazon, and 4.5% for Broadcom. Elsewhere on Wall Street, AbbVie climbed 6.2% after saying it agreed to buy Apogee Therapeutics and its potential treatments for patients with dermatologic, respiratory, and other related inflammatory and immunological diseases. Apogee Therapeutics soared 46.7% following the announcement of the deal, valued at roughly $10.9 billion.
In the oil market, prices fell following talks over the weekend between the United States and Iran on their war. Vice President JD Vance said they created a "good foundation for a successful final deal." An end to the war could clear the Strait of Hormuz for oil tankers and allow for the undisputed resumption of deliveries from the Persian Gulf. Iran's military had said Saturday that it closed the Strait of Hormuz again, though US Central Command has disputed that. The price for a barrel of Brent crude oil fell 3.2% to $77.52, closer to its roughly $70 price from before the war. Benchmark US crude oil fell 2.6% to $73.86 per barrel.
The lower oil prices, though, did not pull down Treasury yields in the bond market. Yields have been climbing because of speculation that the Federal Reserve may hike interest rates this year to keep a lid on inflation, which has been accelerating because of expensive oil caused by the Iran war. Economists expect a report on Thursday to show a measure of inflation for US consumers sped up to 4.1% in May from 3.8% in April. The yield on the 10-year Treasury climbed to 4.50% from 4.46% late Thursday and from just 3.97% before the war. Traders are betting on a nearly 90% chance the Fed will raise its federal funds rate at least once by the end of the year, with a small minority calling for four increases. That's up from the 57% chance seen just a week ago, according to data from CME Group.
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