Stock market today: S&P 500, Nasdaq, Dow rise as tech gains, US and Iran call to halt attacks
US stocks climbed on Monday after the Supreme Court rejected the firing of Fed governor Lisa Cook and the US and Iran reportedly agreed to stop tit-for-tat attacks that broke out over the weekend, enabling peace talks to continue.
The tech-heavy Nasdaq Composite (^IXIC) rose 1.8%, while the S&P 500 (^GSPC) moved up 1.1%, after both indexes closed out last week with sharp losses. The Dow Jones Industrial Average (^DJI), which is less exposed to tech names, put on roughly 0.7%.
Stocks climbed after a long-awaited Supreme Court decision held that Federal Reserve governor Lisa Cook would remain in her job for now, rejecting the Trump administration’s attempts to fire the Fed official. The court expanded the president’s authority to fire officials at other independent agencies, but notably carved out an exception for Fed independence.
Meanwhile, markets entered the holiday-shortened week on edge after the US launched strikes on Iranian military targets over the weekend, which escalated tensions in the Middle East and renewed concerns over a hit to global energy supplies.
President Trump warned of further military action while also announcing on Monday that the two nations will meet in Doha, Qatar, on Tuesday for renewed talks. Oil prices moved higher in the early morning, but pared gains as investors assessed the risk of further disruptions to crude supplies. Brent (BZ=F) crude futures were up 1.3% to $73 a barrel, while US West Texas Intermediate (CL=F) futures gained 1.4% to trade above $70.
The highlight of the coming week will be the June jobs report on Thursday. The monthly nonfarm-payrolls update, seen as crucial to the Federal Reserve’s policy thinking, is due for release on Thursday, not Friday as usual. Markets will close for trading on Friday to mark the Fourth of July holiday on Saturday.
