Wall Street Highlights: S&P 500, Nasdaq Falls As Chip Rout Offsets US-Iran Hopes

Iran President Masoud Pezeshkian said his government has been granted more authority by the country's supreme leader to pursue peace talks, as President Donald Trump hinted at progress in negotiations.

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"They want to make a deal, and that could happen," he told reporters in Washington. Trump added that oil prices had fallen because "it looks like that's coming together very nicely" and "people found out about it."

Moments later, he mouthed "No," when a reporter shouted a question about whether he would resume military strikes on Iran after Tuesday's midterm elections.

"It's going to be an extremely interesting week in the markets," said Matt Maley at Miller Tabak. "We'll have political issues to decipher as well as geopolitical ones."

Meantime, growing doubts about AI investment returns will likely matter much more than historical patterns in determining the market's direction going forward, he noted.

For almost three months, big tech companies didn't borrow in the US bond market. Now they're flooding in again.

Oracle Corp. is selling $10 billion of bonds on Monday alongside an equal amount of equity, while Meta Platforms Inc. is eyeing at least $20 billion from a potential sale in multiple currencies. On Thursday, Microsoft Corp. sold $25 billion of bonds, its first US offering since 2017. The deluge is coming in other currencies too. Alphabet Inc. sold debt in the Europe bond market on Monday for the second time this year.

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Some of the main moves in markets:

Stocks

• The S&P 500 fell 0.5% as of 4 p.m. New York time
• The Nasdaq 100 fell 1.4%
• The Dow Jones Industrial Average rose 0.4%
• The MSCI World Index fell 0.4%

Currencies

• The Bloomberg Dollar Spot Index fell 0.2%
• The euro rose 0.3% to $1.1193
• The British pound rose 0.1% to $1.3411
• The Japanese yen fell 0.2% to 157.93 per dollar

Cryptocurrencies

• Bitcoin fell 1.5% to $76,649.98
• Ether fell 0.7% to $2,246.06

Bonds

• The yield on 10-year Treasuries declined two basis points to 4.90%
• Germany's 10-year yield declined three basis points to 3.29%
• Britain's 10-year yield declined nine basis points to 5.19%

Commodities

• West Texas Intermediate crude fell 8% to $95.79 a barrel
• Spot gold rose 1.9% to $3,946.57 an ounce