The S&P 500 increased on Monday as investors evaluated recent developments in Iran negotiations and awaited the upcoming inflation data, which is closely monitored by the Federal Reserve.
The broad market index gained 0.2%, while the Nasdaq Composite remained relatively unchanged. The Dow Jones Industrial Average rose by 201 points, or 0.4%.
Micron Technology was among the top gainers, climbing about 5% ahead of its quarterly earnings report scheduled for Wednesday after the market close. Meanwhile, SpaceX declined over 5%, marking its third consecutive daily decline.
Brent oil futures turned negative after mediators announced that U.S. and Iranian officials had reached an agreement on a roadmap to finalizing a deal within 60 days. Oil prices fell further, with the Treasury Department authorizing the sale of Iranian oil for 60 days.
International Brent crude futures for August dropped over 3% to approximately $77 a barrel. U.S. West Texas Intermediate futures for July also declined more than 2%, trading around $74.
Source (CNBC)
