On Monday, the first round of high-level talks between the U.S. and Iran concluded. A joint statement issued by Qatar and Pakistan indicated that the parties agreed on a roadmap to reach a final agreement within 60 days.
The U.S. Dollar Index remained strong, once again breaking above the 101 mark, and ultimately closed up 0.25% at 100.99; the benchmark 10-year U.S. Treasury yield closed at 4.514%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.237%.
Spot gold briefly touched the $4,220 mark during the session before pulling back slightly, ultimately closing up 0.88% at $4,192.33 per ounce;Spot silver also rose before falling, hitting an intraday high of $67.14 per ounce and ultimately closing up 0.4% at $65.10 per ounce.
International crude oil opened higher but closed lower. Following Trump’s weekend threat to reignite the war with Iran and Iran’s announcement that it would once again close the Strait of Hormuz, WTI crude opened with a gap up. However, it trended lower after U.S.-Iran talks in Switzerland signaled both sides’ willingness to end the conflict, ultimately closing down 2.28% at $74.69 per barrel;Brent crude ultimately closed down 3.04% at $77.69 per barrel.
The three major U.S. stock indices showed mixed results: the Dow Jones Industrial Average closed up 0.29%, the S&P 500 fell 0.37%, and the Nasdaq fell 1.3%.SpaceX (SPCX.O) fell 16.4%, Intel (INTC.O) rose 5%, Micron Technology (MU.O) rose nearly 7%, and Nvidia (NVDA.O) fell 1%.The Nasdaq Golden Dragon China Index closed down 1.3%, with Tencent Music (TME.N) falling 4%.