Staff writersUpdated June 29, 2026 — 10:39am,first published June 29, 2026 — 5:21amThe Australian sharemarket has opened in positive territory with technology stocks leading the way while the US and Iran backed away from a fresh escalation that had threatened the fragile ceasefire underpinning peace talks.The S&P/ASX 200 was up 41.2 points, or 0.5 per cent, to 8805.4 with eight of the 11 industry sectors in positive territory. Technology shares jumped, rebounding strongly after Friday’s sharp losses as the rollercoaster ride for the sector continues.BHP stocks were up, but the early trade was mixed for the big miners.Trevor CollensWall Street futures rose after Axios reported the US and Iran have agreed to halt strikes and meet this week in Qatar to resume talks, citing an unidentified US official. It is a sign of de-escalation after several days of tit-for-tat attacks that started on Thursday (US time) and continued over the weekend.Oil prices advanced in early trade, with Brent, the international standard, rising 0.6 per cent to $US72.39 a barrel, while US oil added 1 per cent and rose to $US69.88. Australian energy stocks are mixed, with Woodside Energy dipping 0.2 per cent while Santos edged up 0.1 per cent. There were gains for the refiners, with Ampol up 0.9 per cent Viva Energy climbing 0.5 per cent.Mining stocks are mixed, with BHP up 0.7 per cent and Fortescue advancing 0.5 per cent, but Rio Tinto lost 0.4 per cent in early trade. Gold miners advanced with the precious metal rising over the weekend before paring some of those gains on Monday morning. Northern Star was up 0.9 per cent and Evolution Mining jumped 2.5 per cent in early trade.Financial stocks are also mixed. Commonwealth Bank was up 0.4 per cent, but National Australia Bank and Westpac were both down 0.1 per cent and ANZ Bank slipped 0.4 per cent.Technology stocks bounced higher, as WiseTech and Xero both jumped 5.5 per cent, Technology One rose 3 per cent and NEXTDC added 1.1 per cent.Retailer Accent Group jumped 2.1 per cent as it pushed shareholders to reject Frasers Group’s unsolicited 65¢-a-share takeover offer, which it said was “materially inadequate”.The Australian dollar was trading at US68.93¢.On Friday, most of the US stock market increased after oil prices eased back to where they were before the war with Iran. But drops for stocks swept up in the mania around AI technology kept the market in check.The S&P 500 finished nearly flat and slipped less than 0.1 per cent to close out just its second losing week in the past 13. The Dow Jones dipped 44 points, or 0.1 per cent, and the Nasdaq composite fell 0.2 per cent.Health care stocks, meanwhile, were some of the strongest forces pushing upward on the US market after a committee of the European Medicines Agency recommended several medicines for approval and the extension for another dozen of their therapeutic indications. That included one for Eli Lilly (up 7.1 per cent).Besides Lilly, nearly two out of every three stocks within the S&P 500 rose. But more drops for AI stocks helped to overshadow them.After soaring to tremendous heights and leading the market for years, AI stocks have been under pressure recently because of worries their profits can’t possibly keep pace with the tremendous rallies for their stock prices. And those drops have an outsized effect because AI stocks have become Wall Street’s largest and most influential, giving movements for their stock prices more weight on indexes than others.Micron Technology’s drop of 6.7 per cent was the heaviest weight on the market, for example. The maker of memory for computers has been a big winner this year, with its stock roughly quadrupling because the AI boom has created a surge of demand for its products.But investors saw the downside of that surge when Apple said it had to raise prices on laptops and other products by significant percentages to make up for the increases in memory prices. The worry is that such higher prices could ultimately lead to lower demand.Highlighting the rollercoaster ride that AI stocks have been on, SpaceX briefly dropped 2.9 per cent in the morning and fell below $US149. It then erased the loss to swing to a gain of 3.5 per cent before finishing with a modest rise of 0.2 per cent.A report showed expectations for inflation in the coming year inched down among US consumers to 4.6 per cent from 4.8 per cent in May. That’s still high, but moves downward mean less chance of a vicious cycle where expectations for higher inflation drive changes in behaviour that create higher inflation.With AP, BloombergThe Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.From our partners