Nasdaq Opens 1% Higher While S&P Rises 0.7% as Tech Gains as U.S.-Iran Agree to Halt Hostilities

Tiger Newspress06-29 21:31

Stocks rose Monday, with tech rebounding after a tough week. Investors also weighed a pause in hostilities between the U.S. and Iran.

The Dow Jones Industrial Average climbed 146 points, or 0.3%. The S&P 500 advanced 0.7%, and the Nasdaq Composite traded 1%.

Traders were keeping a close eye on U.S. tech stocks following last week’s sharp market swings across the sector.

SpaceX traded 3% higher after Nasdaq announced last week that Elon Musk’s satellite company will be fast-tracked onto the Nasdaq 100 next month. Meta Platforms gained 2%, while Alphabet added 2.7%. Amazon rose 2% as well.

Comcast shares, meanwhile, rallied 8% after it said it will spin off its media and tech businesses into two publicly traded companies. The separation is expected to be completed in about a year.

The U.S. and Iran agreed Sunday to pause hostilities and allow commercial vessels to transit the Strait of Hormuz freely, following a weekend of military exchanges that threatened to derail negotiations aimed at ending their conflict.

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