Oil Jumps on Report Iran to Halt Exchanges With US: Markets Wrap
(Bloomberg) — A renewed rally in oil drove bonds lower while stocks fluctuated as a report that Iran will halt exchanges of messages with the US cast doubt on a ceasefire renewal.
West Texas Intermediate crude jumped 7.8% to $94. Concerns that elevated energy costs could boost inflation spurred losses in Treasuries, with 10-year yields hitting 4.5%. A rally in the S&P 500 wavered after a series of record highs, though tech shares kept climbing.
Iran’s Tasnim news agency reported the halt of exchanges in protest at Israel’s escalation in Lebanon. The US and Iran had been trading messages seeking changes to a draft agreement that would extend a ceasefire and revive the Strait of Hormuz.
Tehran accused Washington of sending conflicting signals and dragging out negotiations. Earlier Monday, Foreign Ministry Spokesman Esmail Baghaei said Iran continues to engage with the US with “distrust.”
President Donald Trump said talks with Iran over an interim peace deal will “work out well,” even as the countries’ forces clashed again near the Strait of Hormuz.
On the economic front, US manufacturing activity expanded in May at the fastest pace in four years, bolstered by a pickup in new orders and production. The report added to speculation the Federal Reserve will keep rates higher for longer.
Corporate Highlights:
Nvidia Corp. is entering the PC market with a new chip aimed at loosening the stranglehold of Intel Corp. technology in that arena and modernizing the machines for the AI era. Nvidia said Anthropic PBC, OpenAI and SpaceX are among the first big users of its upcoming microprocessor, securing key customers for its latest attempt to expand an already extensive footprint in AI data centers. Software stocks rallied after Nvidia CEO Jensen Huang rebuffed concerns that the industry is at risk of being disrupted by more advanced AI tools. Anthropic PBC is set to give the European Union’s cybersecurity body access to Mythos, the first EU agency to get access to the powerful artificial-intelligence tool that officials fear may be used to exploit vulnerabilities in key computer systems. Berkshire Hathaway Inc. will acquire Taylor Morrison Home Corp. in an all-cash deal worth about $6.8 billion, the first major purchase under chief executive Greg Abel and a vote of confidence in the US housing market. Barry Diller is preparing a bid for the remaining portion of MGM Resorts International he doesn’t already own, at an $18 billion valuation, the New York Times reported. Strategy Inc., the largest corporate holder of Bitcoin, sold about $2.5 million of the cryptocurrency, marking its first disposal of the cryptocurrency since 2022. Some of the main moves in markets:
Stocks
The S&P 500 fell 0.1% as of 10 a.m. New York time The Nasdaq 100 fell 0.3% The Dow Jones Industrial Average fell 0.1% The Stoxx Europe 600 fell 1.1% The MSCI World Index fell 0.4% Currencies
The Bloomberg Dollar Spot Index rose 0.4% The euro fell 0.4% to $1.1609 The British pound fell 0.3% to $1.3411 The Japanese yen fell 0.3% to 159.75 per dollar Cryptocurrencies
Bitcoin fell 2.9% to $71,515.95 Ether fell 1.9% to $1,965.76 Bonds
The yield on 10-year Treasuries advanced seven basis points to 4.51% Germany’s 10-year yield advanced eight basis points to 3.02% Britain’s 10-year yield advanced nine basis points to 4.90% Commodities
West Texas Intermediate crude rose 7.8% to $94.14 a barrel Spot gold fell 2% to $4,448.55 an ounce ©2026 Bloomberg L.P.
