Dow rises after US-Iran talks set 60-day roadmap

The Dow Jones Industrial Average rose 204 points on Monday after U.S. and Iranian negotiators in Switzerland agreed on a framework and a roadmap to reach a final deal within 60 days. The S&P 500 was up 0.11% and the Nasdaq Composite fell 0.27% as gains were concentrated in select technology stocks. Investors are awaiting Thursday’s release of the personal consumption expenditures price index, the Federal Reserve’s preferred inflation measure.

The first round of talks concluded early Monday. Mediators from Qatar and Pakistan reported the sides agreed on a framework aimed at reaching a final agreement within 60 days. Disagreements remained over Lebanon and the Strait of Hormuz. The negotiations reduced some near-term concerns about potential oil supply disruptions.

Memory chipmakers led technology strength. Micron Technology and Sandisk each rose about 5%, and Intel gained 4.8%. Micron is scheduled to report quarterly results on Wednesday after the market close; the stock has risen about 300% so far this year.

Energy markets reacted to the diplomatic developments. Brent crude futures fell 1.6% to $79.30 a barrel after an early rise in Asian trading. U.S. West Texas Intermediate futures traded around $76, down about 0.8% from earlier levels.

In corporate headlines, Apogee Therapeutics shares jumped 46% after AbbVie announced a $10.9 billion cash acquisition; AbbVie shares rose 4.3%. SpaceX shares fell 6% to $173, marking a third straight session of declines following its recent market debut.

Economists expect core PCE, which excludes food and energy, to rise from April levels. After last week’s Federal Reserve meeting, markets moved the expected timing of the next rate increase closer, with some traders pricing a move in September or October. The two-year Treasury yield climbed to 4.23%, its highest level since early 2025. Investors will also watch remarks from Federal Reserve officials John Williams and Austan Goolsbee for further guidance on policy.