Key insights
- US equity futures are little changed as investors monitor US-Iran peace talks and await key economic data, including the Fed's preferred inflation measure. Geopolitical tensions and the Strait of Hormuz closure are influencing oil prices. Upcoming earnings from FedEx and Micron, alongside M&A activity in biotech (AbbVie/Apogee), are also on watch. SpaceX shares are declining. The market shows resilience with the S&P 500's strong recent performance, but geopolitical uncertainty and inflation data pose potential headwinds.
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Stocks are having a quiet morning Monday as investors come off a long holiday weekend with a close eye on peace talks between the U.S. and Iran; a second day of negotiations in Switzerland has reportedly concluded after renewed threats against Iran from President Trump and continued attacks in Lebanon by Israel made for an eventful first day of talks; earnings from FedEx and Micron are on tap this week, along with the release of the Fed's preferred measure of inflation; SpaceX shares are poised to start this week with a third straight day of declines; and shares of Apogee Therapeutics are soaring on news it is being acquired by AbbVie for $11 billion. Here's what you need to know today.
Stock futures are little-changed this morning as investors await news on the ongoing talks between the U.S. and Iran (more on that below). S&P 500 futures were down 0.1% recently, while futures tied to the Dow Jones Industrial Average and the Nasdaq added 0.1%. The major indexes rose on Thursday to close out the holiday-shortened trading week higher amid optimism about the U.S.-Iran talks that were set to start over the weekend. The benchmark S&P 500 has gained ground in 11 of the past 12 weeks.
WTI crude oil futures were down slightly at $76.50 per barrel, giving up earlier gains, after Iran said it closed the Strait of Hormuz again over the weekend. Gold futures were down 0.5% at $4,225 an ounce, while bitcoin was trading at $64,700, up from a weekend low of around $63,000. The yield on the 10-year Treasury note, which affects interest rates on a range of consumer loans, was at 4.50%, up from 4.46% at the end of last week.
The second day of talks between Iran and the U.S. in Switzerland to finalize an end to the war has reportedly come to a close, with mediators saying the sides have made "encouraging progress." The first day of talks Sunday, between Vice President J.D. Vance and officials from Iran and other countries, took place as President Trump made new threats to attack Iran, while Iran said over the weekend that the Strait of Hormuz has closed again, citing Israel's continued attacks on Lebanon. Those attacks, along with debates over Iran's nuclear program and the status of the Strait of Hormuz, are reportedly among the issues still to be worked out before a deal is finalized.12
Key inflation data and earnings reports from several major companies are on the agenda this week. The Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditures price index, is due to be released Thursday. The Fed last week left its key interest rate unchanged because of lingering concerns about inflation, and market participants are increasingly convinced that the central bank could raise rates in the coming months. Among the big names reporting earnings this week, FedEx (FDX) is scheduled to release results on Tuesday, while the recently-spun-off FedEx Freight (FDXF) will deliver its numbers on Thursday. Memory chip maker Micron Technology (MU), one of the hottest stocks of 2026, is due to report on Wednesday, while Olive Garden parent Darden Restaurants (DRI), cruise line operator Carnival Corp. (CCL) and spice maker McCormick (MKC) are also scheduled for this week.3
SpaceX (SPCX) shares are falling this morning as the company continues its rollercoaster run after launching just over a week ago. After pricing at $135, SpaceX shares surged in their first day of trading on June 12, and followed that up with a rally to start last week, flying as high as $225 in intraday trading on Tuesday. The stock fell 5% and 3.6% on Wednesday and Thursday, respectively, closing out the holiday-shortened trading week at $185. Ahead of Monday's opening bell, SpaceX shares are down 5% to $176 as investors look to find the proper valuation for Elon Musk's rocket, connectivity and AI company.
Shares of Apogee Therapeutics (APGE) are soaring Monday following an announcement that the company has agreed to be acquired by AbbVie (ABBV).4 The companies said Monday that AbbVie would pay Apogee shareholders $135.11 per share, valuing the company at about $10.9 billion, a premium of about 60% to its $6.8 billion market capitalization as of last week's close. Apogee shares were up 47% in recent premarket trading at $133. The stock had jumped ahead of the official announcement after The Financial Times reported over the weekend that the deal was close.5 AbbVie shares were up 1.5% recently.