01 Stock Market
The three main U.S. stock indexes finished Monday's session up more than 1% as oil prices fell after President Donald Trump said he had ordered the military to postpone strikes against Iranian power plants following "productive conversations" with Tehran.
However, Iran's Parliamentary Speaker posted on social media that no talks had been held with the U.S., contradicting Trump's announcement that there were talks between the United States and Iran in the past day in which the two sides had "major points of agreement" and that a deal could be done soon to settle the war.
Dow Jones up 1.38% at 46,208.47; S&P 500 up 1.15% at 6,581.00; NASDAQ up 1.38% at 21,946.76. The advance marked a broad-based recovery from the prior session’s pull-back, with all three gauges finishing firmly in positive territory and posting their best single-day percentage gains in nearly two weeks.
Unusual-move stocks were led by megacap techs and high-beta ETFs. Tesla (TSLA) up 3.50% at $380.85 rallied after upbeat demand signals for its AI-driven vehicle roadmap, while Nvidia (NVDA) rose 1.70% at $175.64 to another closing high amid continued enthusiasm for data-center chips. AI software specialist Palantir (PLTR) jumped 6.74% at $160.84, extending its multi-week surge. Leveraged tech tracker TQQQ climbed 3.46% at $44.57, and semiconductor bull fund SOXL surged 3.70% at $53.03 as chip names rebounded. Memory giant Micron (MU) declined 4.39% after profit-taking following its recent rally, while oil proxy USO slumped 8.95% as crude prices retreated.
Chinese electric-vehicle ADRs outperformed alongside select U.S. growth plays. XPeng (XPEV) leapt 7.52% at $18.87 and NIO (NIO) gained 7.18% at $5.82, buoyed by optimism over export expansion, and Alibaba (BABA) advanced 2.98% at $126.06 on reopening tailwinds. Super Micro Computer (SMCI) continued its momentum, up 5.11% at $21.58, while Meta Platforms (META) added 1.75% at $604.06.
02 Other Markets
U.S. 10-year Treasury yield rose 0.32%, latest at 4.35%. USD/CNH fell 0.01%, at 6.89; USD/HKD inched up 0.00%, at 7.83. U.S. Dollar Index rose 0.02%, at 99.14. WTI crude futures rose 0.70%, at 88.75 USD/bbl; COMEX gold futures rose 0.72%, at 4,438.90 USD/oz.
03 Top News
Trump Began Iran Talks as Allies Warned War Risked Disaster
Donald Trump’s decision to back down from his threat to destroy Iran’s power infrastructure came after US allies and Gulf countries privately warned the president of the dangers of following through with his threat, according to people familiar with the matter.
The US president said Monday he was giving Iran a five-day reprieve from his threatened action, pointing to new talks with Tehran he believed could broker a deal that would resolve the conflict.
But Trump’s decision came after some allies cautioned that the war was quickly becoming a disaster. Regional partners told the US that permanent damage to Iranian infrastructure would almost inevitably result in a failed state after the conflict ended, according to the people, who described private conversations on the condition of anonymity.
Enterprise Software Joins Monday's Rally, with Palantir and AppLovin Leading
Enterprise software names joined Monday's market rally, with Palantir (PLTR) and AppLovin (APP) leading the pack.
Wall Street opened Monday's session with a strong rally as U.S. President Donald Trump said that a deal with Iran could be reached in five days or sooner, even as Iran refuted holding any talks with Washington.
Palantir (PLTR) up 7% and AppLovin (APP) had jumped 4% in Monday's trading. Palantir was boosted after the revelation that its Maven AI system will become an official program of record with the U.S. military. Meanwhile, AppLovin's transformation from a mobile gaming ad network into a broad, AI-driven performance marketing ecosystem has significantly increased its total addressable market.
Apple to Hold Annual Developers Conference from June 8
Apple said on Monday it would host its annual Worldwide Developers Conference (WWDC) online from June 8 to 12, showcasing updates across its platform, including AI advancements and new software and developer tools.
Developers and students will be invited to attend in person at Apple Park on the opening day, the iPhone maker said in a statement.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: This content is for reference only and does not constitute investment advice.