U.S. stocks were mixed on Monday as investors digested developments in U.S.-Iran peace negotiations against renewed weakness in several large-cap technology names. While the Dow Jones Industrial Average pushed higher, pressure on Alphabet and SpaceX weighed on the broader market, dragging the Nasdaq lower.
The Dow gained roughly 0.3%, while the S&P 500 slipped 0.3% and the Nasdaq Composite fell around 1%. Investors welcomed reports that negotiators from the United States and Iran have established a 60-day roadmap toward a final peace agreement, helping ease concerns about energy supply disruptions and supporting sentiment in more cyclical areas of the market.
Market Movers:
- Getty Images (GETY) +103%: Shares more than doubled after the company announced a multi-year partnership with OpenAI that will integrate Getty's licensed image library into ChatGPT search and discovery experiences. Investors viewed the deal as a potentially transformative opportunity that could create a significant new revenue stream while strengthening Getty's position in the growing AI ecosystem.
- Apogee Therapeutics (APGE) +48%: The biotech company surged after reports indicated AbbVie is nearing an acquisition valued at approximately $11 billion. Investor enthusiasm centered on Apogee's lead immunology candidate, which is viewed as a potential challenger in the lucrative inflammatory disease market.
- HIVE Digital (HIVE) +24%: Shares rallied alongside a broad rebound in cryptocurrency-related stocks as Bitcoin ETF outflows slowed significantly. Improving sentiment across the digital asset sector sparked buying interest in miners and crypto-linked equities following several weeks of volatility.
- Super Micro Computer (SMCI) +14%: The AI server maker climbed after receiving a bullish analyst upgrade tied to expectations for increased demand from expanding AI infrastructure projects. Additional enthusiasm followed announcements surrounding next-generation AI server platforms designed to support increasingly complex computing workloads.
- Alamos Gold (AGI) -15%: Gold miners came under pressure as improving geopolitical sentiment reduced demand for traditional safe-haven assets. Lower gold prices and elevated Treasury yields created a difficult backdrop for the precious metals sector.
- SpaceX (SPCX) -7%: Shares fell for a third consecutive session as investors continued to digest the company's rapid post-IPO gains. Concerns surrounding dilution from its planned acquisition activity and news of an inaugural bond offering contributed to the pullback.
U.S.-Iran Negotiations Offer Hope for Energy Markets
The biggest macro story remains the ongoing negotiations between the United States and Iran. Officials from both sides described recent discussions in Switzerland as constructive, with a framework now in place to pursue a final agreement over the next two months. The progress helped ease fears of prolonged disruptions in the Strait of Hormuz, one of the world's most important oil shipping routes. As a result, crude prices moved lower, with traders increasingly pricing in a return to more stable global energy flows if negotiations continue.
AI Trade Faces a New Leadership Test
Technology investors are also assessing the next phase of the AI trade as leadership within the sector continues to evolve. Alphabet shares came under pressure after a prominent AI researcher departed for rival Anthropic, raising questions about talent competition among major artificial intelligence companies. At the same time, semiconductor and memory stocks continued to attract investor attention. Micron advanced ahead of its earnings report, with analysts highlighting persistent demand for AI-related memory products as a key driver of future growth.
Markets Turn Attention to Inflation Data
Investors are increasingly focused on this week's upcoming Personal Consumption Expenditures report, the Federal Reserve's preferred inflation gauge. The data will provide an important update on whether recent energy price volatility is feeding into broader inflation trends. The report arrives after the Fed struck a more hawkish tone at its latest meeting, leading markets to reassess how long interest rates may remain elevated. Any surprise in the inflation data could have significant implications for expectations surrounding future monetary policy.
Looking Ahead
Markets will continue monitoring developments in the U.S.-Iran negotiations, with investors hoping progress toward a final agreement keeps oil prices contained and reduces geopolitical uncertainty. Attention will also turn to Micron's earnings report and the upcoming PCE inflation reading, both of which could provide important clues about the health of the AI trade and the path of interest rates during the second half of the year.