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What is the story about?
US stock markets began the truncated trading week on a positive note on Monday, June 29, as a rebound in tech shares took benchmark indices higher after last week's underperformance.
The Dow Jones ended the session with gains of over 300 points. The index closed above the mark of 52,000 for the first time. The S&P 500 and the Nasdaq, both snapped a five-day losing streak to finish the session with gains of 1.2% and 2.1% respectively. After its worst week since April 2025, the Philadelphia Semiconductor index ended the session with gains of close to 4%.
Futures are little changed this morning.
The Dow Jones had its another brush of big tech presence on Monday as Google-parent Alphabet Inc. made its debut on the 30-stock index, known for housing "old economy" stocks. Alphabet replaced Verizon in the index.
The stock ended 4% higher on its Dow Jones debut, but is still on course for its worst monthly performance since February last year, a dramatic reversal from May when it had briefly surpassed Nvidia in market cap terms in afterhours trading.
History is not kind to Alphabet either. After joining the Dow, Nvidia, Salesforce, and Apple have all underperformed over the next two months, delivering negative returns.
Investors remain concerned on the company's AI execution, compute shortages, lower-cost Chinese models, exits of DeepMind talents and reduced share buybacks.
The US and Iran will be meeting in Qatari capital Doha later today for the latest round of talks to implement the MoU signed earlier this month. The meeting comes after both sides exchanged fire over the weekend, attacking assets in West Asia.
US President Donald Trump made the announcement on his Truth Social on Monday saying "Iran has requested a meeting" and that will take place in Doha. The White House confirmed that special envoy Steve Witkoff and Trump's son-in-law Jared Kushner will be part of the US delegation for negotiations.
Iran's deputy foreign minister Kazem Gharibabadi told the state television that Iran wants to negotiate with Oman for future administration of the Strait of Hormuz, but will move ahead with a plan of its own in case Oman is not interested in negotiating.
Gharibabadi also said that Iran has warned Oman of any external interference in the Hormuz administration as reports suggests that Oman is against Iran's idea of allowing navigation through the Strait of Hormuz only after collecting toll from passing vessels. Currently, vessels are allowed to transit for free for a 60-day period as part of the MoU.
Crude oil prices are seeing modest gains with Brent Crude trading around the $73 a barrel mark, while WTI continuing to hover around $70 a barrel.
Wall Street will be looking forward to the JOLTS jobs openings figures later this evening, along with the Home Price Index and the Consumer Confidence data.
The Dow Jones ended the session with gains of over 300 points. The index closed above the mark of 52,000 for the first time. The S&P 500 and the Nasdaq, both snapped a five-day losing streak to finish the session with gains of 1.2% and 2.1% respectively. After its worst week since April 2025, the Philadelphia Semiconductor index ended the session with gains of close to 4%.
Futures are little changed this morning.
Which Stock Took The Dow Jones Higher On Monday?
The Dow Jones had its another brush of big tech presence on Monday as Google-parent Alphabet Inc. made its debut on the 30-stock index, known for housing "old economy" stocks. Alphabet replaced Verizon in the index.
The stock ended 4% higher on its Dow Jones debut, but is still on course for its worst monthly performance since February last year, a dramatic reversal from May when it had briefly surpassed Nvidia in market cap terms in afterhours trading.
History is not kind to Alphabet either. After joining the Dow, Nvidia, Salesforce, and Apple have all underperformed over the next two months, delivering negative returns.
Investors remain concerned on the company's AI execution, compute shortages, lower-cost Chinese models, exits of DeepMind talents and reduced share buybacks.
US-Iran Set For Talks Today
The US and Iran will be meeting in Qatari capital Doha later today for the latest round of talks to implement the MoU signed earlier this month. The meeting comes after both sides exchanged fire over the weekend, attacking assets in West Asia.
US President Donald Trump made the announcement on his Truth Social on Monday saying "Iran has requested a meeting" and that will take place in Doha. The White House confirmed that special envoy Steve Witkoff and Trump's son-in-law Jared Kushner will be part of the US delegation for negotiations.
Iran's deputy foreign minister Kazem Gharibabadi told the state television that Iran wants to negotiate with Oman for future administration of the Strait of Hormuz, but will move ahead with a plan of its own in case Oman is not interested in negotiating.
Gharibabadi also said that Iran has warned Oman of any external interference in the Hormuz administration as reports suggests that Oman is against Iran's idea of allowing navigation through the Strait of Hormuz only after collecting toll from passing vessels. Currently, vessels are allowed to transit for free for a 60-day period as part of the MoU.
Crude oil prices are seeing modest gains with Brent Crude trading around the $73 a barrel mark, while WTI continuing to hover around $70 a barrel.
Key Things To Watch On Wall Street Today
Wall Street will be looking forward to the JOLTS jobs openings figures later this evening, along with the Home Price Index and the Consumer Confidence data.
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