Shares on U.S. manufacturers and transportation companies rose with the broader market on the signing of a peace deal between the U.S. and Iran.
Elon Musk boosted his voting power in Tesla to 20% by turning some of his stock options into shares that he can immediately vote but can't sell until 2028. Fresh off last week's SpaceX IPO, Musk made good on an April agreement with Tesla to convert outstanding options on roughly 300 million shares that he received from a 2018 pay package, securities filings show.
Leading names in the defense sector fell as the prospect of a ban on stock buybacks and dividends, the memorandum of understanding between the U.S. and Iran and higher scrutiny toward European allies in NATO weighed on the sector.
Evonik Industries said it plans to cut 3,200 jobs in the coming years as part of a restructuring plan, citing a challenging environment and high competition.
Volkswagen is pushing ahead with plans to restructure the business as rising geopolitical tensions, intense competitive pressure and growing trade barriers burden the industry.
