This content was published on
June 22, 2026 - 16:00
3 minutes
(Bloomberg) — A decline in oil prices drove stocks closer to their all-time highs as peace talks between the US and Iran showed signs of progress after a rocky start to the negotiations.West Texas Intermediate crude fell below $74 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.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.“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.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.Corporate Highlights: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 to bolster its anti-inflammatory drug portfolio amid growing competition for its best-selling product, Skyrizi. 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. Some of the main moves in markets:StocksThe S&P 500 rose 0.3% as of 10 a.m. New York time The Nasdaq 100 rose 0.6% The Dow Jones Industrial Average rose 0.5% The Stoxx Europe 600 rose 0.5% The MSCI World Index rose 0.3% CurrenciesThe Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.4% to $1.1430 The British pound was little changed at $1.3240 The Japanese yen fell 0.4% to 161.90 per dollar CryptocurrenciesBitcoin rose 2.7% to $65,471.73 Ether rose 3.2% to $1,774.85 BondsThe yield on 10-year Treasuries advanced five basis points to 4.50% Germany’s 10-year yield declined four basis points to 2.95% Britain’s 10-year yield declined four basis points to 4.80% CommoditiesWest Texas Intermediate crude fell 2.7% to $73.79 a barrel Spot gold rose 1.1% to $4,200.51 an ounce ©2026 Bloomberg L.P.
