MARKET SNAPSHOT
U.S. stocks were mostly lower as technology stocks sold off amid a flight for safety fueled by a cloudy outlook for the Middle East. Meanwhile, progress in the talks between Iran and the U.S. pushed oil prices lower and Treasury yields higher. Gold and silver prices fell as the dollar strengthened.
MARKET WRAPS
EQUITIES
The Nasdaq composite lost more than 1.3% on a choppy day for tech shares.
SpaceX, which makes up about 5% of the Nasdaq, fell 16%, marking its third straight decline. An even bigger Nasdaq component, Alphabet, suffered its worst day in more than a year, down about 5% amid concerns about its artificial-intelligence business.
The Dow industrials advanced 0.3% after the U.S. cleared the way for Iran to sell oil in dollars, including to American buyers. The S&P 500 slipped 0.4%.
The news added to earlier investor optimism around peace talks between the two countries, even though negotiations got off to a rocky start this weekend after Iran declared the Strait of Hormuz closed.
Meanwhile, tributes are pouring in for Alan Greenspan, the former Federal Reserve chairman who died today at the age of 100. His legacy is as significant as ever: Fed Chairman Kevin Warsh has been studying the 1990s, when Greenspan adjusted monetary policy to a tech-driven productivity boom.
Earlier Monday, Asian equities were mostly higher while oil fell after Iran mediators offered a plan to ease Lebanon and Strait of Hormuz tensions. The move came after President Trump on Sunday had threatened Iran on social media over its support of Lebanese faction Hezbollah.
The tech sector is propelling both the Chinese economy and the equity market, Goldman Sachs said in a research note. "Although policymakers have shown some concerns over the latest weakness in consumption growth, policy signals still point to unwavering support for tech and AI," the firm said.
China's Shanghai Composite Index rose 1.8% and the Shenzhen Composite Index gained 1.7%. The tech-focused ChiNext Price Index jumped 2.5%. Hong Kong's Hang Seng, however, slipped 0.7%.
Taiwan's Taiex surged nearly 2.8%.
Japan's Nikkei Stock Average rose 1.5% to close at a record high, as enthusiasm over artificial-intelligence demand continues to spread to adjacent industries. Metals and industrial robot makers led gains.
Memory-chip maker SK Hynix overtook Samsung Electronics to become South Korea's most valuable company amid the AI-driven chip boom. The Kospi gained 0.7%.
Stocks in Australia slipped, as the S&P/ASX 200 edged 0.1% lower. New Zealand's S&P/NZX 50 Index declined 0.4%.
COMMODITIES
Oil futures settled lower after reports of progress in U.S.-Iran talks and more ships crossing the Strait of Hormuz.
The market appears to think the agreement will hold for the 60-day negotiation period, said Tracy Shuchart of NinjaTrader Group. But most of the barrels that have so far gone through the strait are Iranian barrels, she added. "We have been assured that the strait is open, but open to whom is the big question."
Shuchart sees WTI likely to hold in the $70 to $80 a barrel range as talks continue. A risk is that with net length drained from the market, if the deal doesn't work out or the strait is closed again for any reason, "you now have most of the market offside and you could get a potential short squeeze."
July WTI went off the board at $74.82 a barrel, down 2.3%. Brent fell 3.3% to $77.90.
Front-month gold and silver futures settled lower, with further downside seen in the near term.
"Removing the Fed bias to easing will likely put pressure on last gasp gold support just in front of the strategic 4000 [per troy ounce] level, with cascading stop levels possibly pushing sharply lower with no significant support level below," said Robert Yawger of Mizuho Securities USA, referencing the hawkish move taken by the Federal Reserve in its commentary last week.
For both metals, it's the second straight session that they've finished down. Gold finished 1% lower to $4,181.90/oz, while silver settled off 1.1% to $65.527/oz.
TODAY'S TOP HEADLINES
U.S. Allows Iran to Sell Oil in Dollars for First Time in Decades
ZURICH-The U.S. cleared the way for Iran to sell oil in dollars, including to U.S. buyers, a reversal that came as Vice President JD Vance said Tehran had agreed to allow nuclear inspectors to return as early as this week.
The Treasury Department on Monday waived longstanding sanctions on those sales for two months while talks to reopen the Strait of Hormuz and address the issues of Iran's nuclear program and further sanctions relief proceed. For years, Iran used a shadowy network of tankers under sanctions to sell its crude, primarily to China
Iran didn't acknowledge the move to allow inspectors broader access to its sites, which would mark a significant concession by Tehran. Vance acknowledged the terms of that access still needs to be negotiated.
Sterling, Gilts Recover After U.K. Prime Minister Starmer Resigns
Sterling and U.K. government bond yields recovered after U.K. Prime Minister Keir Starmer resigned, creating a degree of certainty after months of speculation that his days could be numbered.
Andy Burnham is widely expected to replace Starmer, who announced his departure on Monday. Burnham secured a seat in parliament by winning a special election last week, creating a path for him to challenge Starmer.
Burnham confirmed on X that he would stand for the leadership of the ruling Labour Party. Wes Streeting, who had been seen as one of the key contenders to Burnham in any leadership contest, announced on X that he wouldn't be standing.
Alphabet Stock Tumbles as Google's DeepMind Loses Nobel Prize Winner to Anthropic
Shares of Alphabet dropped Monday in the first trading session since John Jumper, a senior research scientist and Nobel Prize winner, said he was leaving Google DeepMind for artificial-intelligence start-up Anthropic.
Alphabet stock fell 5.5% to $347.80, putting it on pace for its largest daily percentage decline in more than a year. Shares have fallen 8.7% this month but remain up about 11% this year.
The Google parent was set to lose around $248.93 billion in market value on Monday, the largest single-day market capitalization loss for Alphabet ever, according to Dow Jones Market Data.
China Slaps Restrictions on Dozens of U.S. Companies
SINGAPORE-China imposed trade restrictions on dozens of U.S. entities, including two producers of rare-earth minerals, in a sign that tensions between the two countries haven't dimmed following the summit between President Trump and Chinese leader Xi Jinping.
Earlier this month, the Pentagon added a number of Chinese companies to a blacklist of entities that it said were linked to China's military. On Monday, China's Commerce Ministry responded by adding 10 U.S. defense firms to its control list, barring exports to those companies of any Chinese-made products with potential military applications.
The inclusion of two American rare earth producers-MP Materials and USA Rare Earth-was a particularly pointed statement from Beijing, suggesting that China sees an advantage in constraining U.S. capabilities around materials needed for advanced electronics, defense systems and renewable energy technologies. The controls also targeted other sectors tied to the military: drones, robotics and aerospace.
Fatal Tesla Crash Into Texas Home Now Under Federal Safety Investigation
U.S. auto-safety regulators have opened an investigation into a fatal wreck involving a Tesla that crashed into a home Friday evening and killed one person inside.
The National Highway Traffic Safety Administration, the top auto regulator in the country, said Monday that it would examine a crash involving a Tesla Model 3 near Houston.
The driver of the Tesla told police he was operating with an automated driving assistance system, according to a statement by the Harris County Sheriff's Office. The vehicle left the roadway, "entered through the brick residence at a high rate of speed," and struck a woman who was inside, sheriff's officials said. The woman later died from injuries sustained in the crash.
Domino's Picks Veteran Executive to Steer It Through Tough Patch for Pizza
Domino's Pizza said its operations chief Joe Jordan will take over as chief executive of the world's biggest pizza company, which is striving to reinvigorate sales.
Jordan, 53 years old, is set to take over Oct. 1. The Michigan-based chain's current CEO, Russell Weiner, is slated to transition into the executive chairman role.
Jordan said in an interview that he intended to closely focus on Domino's operations as the pizza sector slogs through years of anemic growth. Sales increases in the pizza sector have trailed the broader restaurant industry since 2017, not including the pandemic-boosted year of 2020, and pricing battles have cut into profit margins.
Expected Major Events for Tuesday
00:30/JPN: Jun Japan Flash Manufacturing PMI
05:00/SIN: May CPI
05:00/JPN: May Supermarket sales
07:00/MAL: Jun International Reserves, middle of month
08:00/TAI: May Export Orders
08:00/TAI: May Employment / Unemployment
08:30/HK: May CPI
23:30/JPN: Apr Final Labour Survey - Earnings, Employment & Hours Worked
23:50/JPN: May Services Producer Price Index
All times in GMT. Powered by Onclusive and Dow Jones.
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(END) Dow Jones Newswires
June 22, 2026 16:46 ET (20:46 GMT)
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