Wall Street rose on Monday as Wall Street assessed the latest developments in the Iran-US war negotiations. S&P 500 and Dow Jones saw recovery while Nasdaq traded lower.
S&P 500 opened 0.24% higher at 7,517.3, tech-heavy Nasdaq Composite fell 0.09% at open to 26,494.82, and Dow Jones Industrial Average added nearly 250 points and opened 0.49% higher at 51,813.27.
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This comes as mediators Qatar and Pakistan on Monday said that US and Iranian officials have agreed to a roadmap to reach a final deal within 60 days. Iran reported "major progress" following overnight peace talks with the US aimed at securing a final deal within two months. Building on last week's interim agreement, which extended the ceasefire and reopened the Strait of Hormuz, the two nations began technical negotiations in the Swiss resort of Bürgenstock over the weekend.
Post this, crude oil prices eased considerably, with brent crude falling below $79 per barrel and West Texas Intermediate near $75 levels. As of 9:43 a.m. EST, Brent Crude traded 2.78% lower at $78.33 and WTI was down 2.06% at $74.29 per barrel.
ALSO READ: Vance Says Iran Agreed To Invite IAEA For Nuclear Inspections
Micron Technology was one of the outperformers, rising around 5%. The move comes ahead of the chipmaker's quarterly report, due Wednesday after the bell. SpaceX, however, fell more than 5%, putting it on pace for its third straight daily decline.
JPMorgan Chase & Co., Apple and Goldman Sachs Group shares were up nearly 1%. On the other hand, Amazon.com Inc. and McDonald's Corp. fell nearly 2%.
While the Bloomberg Dollar Spot index rose 0.2%, the euro fell 0.3% to $1.1436. British pound was up 0.1% to $1.3250 and the Japanese Yen fell 0.3% to 161.85 per dollar.
Bitcoin rose 2.1% to $65,128.77 and Ether was up 2.8% to $1,768.18.
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