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(Bloomberg) — A decline in oil prices left stocks hovering near their all-time highs as peace talks between the US and Iran showed signs of progress after a rocky start to the negotiations.
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West Texas Intermediate crude fell below $75 on speculation that a recovery in energy flows from the Persian Gulf would ease inflationary pressures. While action in the S&P 500 was relatively muted at the start of the week, a renewed advance in technology companies continued to prop up the market. A closely watched gauge of chipmakers has now doubled from war-driven lows in March.
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Iran said there had been “major progress” in all-night discussions with the US, as the warring sides try to reach a peace deal within two months. The countries began technical talks in the Swiss resort of Bürgenstock over the weekend, following their interim agreement last week that led to a ceasefire extension and a reopening the Strait of Hormuz.
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“US-Iran headlines were volatile over the weekend, but we ended it with the ceasefire still in place and negotiations on a nuclear deal ongoing — meeting market expectations,” said Tom Essaye at The Sevens Report.
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Elsewhere, the pound and gilts edged higher after UK Prime Minister Keir Starmer resigned and the path to power began to clear for the frontrunner to succeed him.
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Corporate Highlights:
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- SpaceX is selling investment-grade bonds for the first time in what’s expected to be the start of a massive borrowing spree to fund the company’s AI ambitions following its record $75 billion IPO.
- Chevron Corp. signed a 20-year deal with Microsoft Corp. to provide natural-gas fired power for a proposed West Texas data center, which could be one of the biggest in the US.
- Robinhood Markets Inc. is seeking to raise $2 billion in a convertible bond offering as it joins a roaring market for pooling cash.
- AbbVie Inc. agreed to buy Apogee Therapeutics Inc. for $10.9 billion, one of its largest deals in recent years, to bolster its anti-inflammatory portfolio amid growing competition for its best-selling drug.
- CRH Plc agreed to acquire US construction services company Arcosa Inc. for $8.5 billion in what is a record deal for the Irish building-materials provider.
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Some of the main moves in markets:
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Stocks
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- The S&P 500 rose 0.2% as of 9:31 a.m. New York time
- The Nasdaq 100 rose 0.5%
- The Dow Jones Industrial Average rose 0.3%
- The Stoxx Europe 600 rose 0.5%
- The MSCI World Index rose 0.2%
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Currencies
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- The Bloomberg Dollar Spot Index rose 0.2%
- The euro fell 0.3% to $1.1436
- The British pound rose 0.1% to $1.3250
- The Japanese yen fell 0.3% to 161.85 per dollar
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Cryptocurrencies
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- Bitcoin rose 2.1% to $65,128.77
- Ether rose 2.8% to $1,768.18
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Bonds
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- The yield on 10-year Treasuries advanced four basis points to 4.49%
- Germany’s 10-year yield declined four basis points to 2.95%
- Britain’s 10-year yield declined five basis points to 4.79%
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Commodities
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- West Texas Intermediate crude fell 2.1% to $74.26 a barrel
- Spot gold rose 0.7% to $4,184.74 an ounce
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English (US)