Dow rises more than 350 points Monday as oil slides on Iran's restrained retaliation to U.S. attacks: Live updates

Stocks rose and crude prices tumbled Monday as investors breathed a sigh of relief that Iran’s response to the U.S. attacks over the weekend was more restrained than expected.

The Dow Jones Industrial Average added 374.96 points, or 0.89%, ending at 42,581.78. The S&P 500 gained 0.96% and closed at 6,025.17, while the Nasdaq Composite climbed 0.94% and settled at 19,630.97.

Iran’s armed forces said Monday they attacked an American base in Qatar after the U.S. hit Iranian nuclear sites in Fordo, Isfahan and Natanz over the weekend. The response, however, was intercepted by Qatar and no casualties were reported.

This led to a sell-off in oil as traders bet crude supply wouldn’t be materially disrupted by the ongoing conflict.

West Texas Intermediate futures dropped more than 7% to settle at $68.51 per barrel. Overnight, they hit their highest levels since January above $78.

Adding pressure to oil were comments by President Donald Trump. In a Truth Social post, he said that “everyone” should keep oil prices low, and doing otherwise would “play into the hands of the enemy.”

“Markets only care about oil supply shocks, so as long as they stay at bay, we’ll see markets sharply higher,” said Jamie Cox, managing director at Harris Financial Group. “Regardless of whether the President oversold the effectiveness of the strikes or not, the nuclear program in Iran was set back decades.”

To be sure, Iran could target other U.S. bases or close the Strait of Hormuz, which would majorly disrupt global oil flows. In a Sunday interview with Fox News, U.S. Secretary of State Marco Rubio called for the Chinese government to step in and prevent Iran from closing the key trade route. China remains Iran’s most important oil customer.

“While Iran has flirted with closing the Strait of Hormuz, investors aren’t terribly panicked about an oil market calamity, an equanimous view that’s appropriate at this point,” wrote Adam Crisafulli of Vital Knowledge in a Monday note. “Geopolitical risks are undoubtedly elevated in the Middle East right now, but our view remains that the extreme asymmetry of the conflict (with Iran’s military capabilities, and those of its proxy partners, significantly degraded), coupled with Tehran’s relative isolation (with few, if any, allies willing to come to its assistance) and ample global oil supplies, will help keep the fallout contained.”

Stocks close higher

Stocks closed higher while oil tumbled on Monday, with investors largely shaking off escalating tensions in the Middle East.

The S&P 500 added 0.96% to finish the session at 6,025.17, while the Nasdaq Composite climbed 0.94% to 19,630.97. The Dow Jones Industrial Average gained 374.96 points, or 0.89%, to close at 42,581.78.

U.S. crude oil futures slipped more than 7% to settle at $68.51 per barrel, after hitting their highest level since January overnight.

— Brian Evans

U.S. crude prices tumble 7%

Crude prices tumbled Monday after Iran’s response to U.S. attacks was more muted than traders feared. West Texas Intermediate futures settled more than 7% lower at $68.51 per barrel.

“I think people realize that things in the Middle East will eventually de-escalate and will be in place of a much safer, a much more stable Middle East and world as a whole,” Energy Secretary Chris Wright told CNBC on Monday as oil sold off, crediting President Donald Trump’s foreign policy.

— Spencer Kimball

Cathie Wood’s ARK Innovation ETF ‘poised for a downside shakeout here,’ BTIG says

Cathie Wood’s ARK Innovation ETF is “poised for a downside shakeout here,” according to BTIG chief market technician Jonathan Krinsky.

The $6 billion ETF “has had an incredible comeback,” soaring approximately 80% from its April intraday low and leaving the 10-year-old fund 26% above its 50-day moving average, BTIG said. “Over the last ten years, this is about as wide as the spread has been, even during the extreme hype of 2020. The last two occurrences of this spread (Feb. ’23 and Dec. ’23) saw more than 15% drawdowns over the ensuing month, while the 2020 occurrences didn’t prohibit further near-term gains,” Krinsky wrote to clients.

Much of ARKK’s recent strength is due to enormous gains in Circle Internet Group, the fund’s third-largest holding, BTIG said. Circle priced its IPO earlier this month at $31, opened at $69 and is selling for $255 Monday.

Tesla, which accounts for 10% of ARKK and is its largest single holding, is the wild card in this call. Tesla is 9% higher Monday but faces “decent resistance in the $360-365 range,” Krinsky wrote. “Should it clear $365, that would open up room towards $400 and would make our false breakout call on ARKK much less likely.”

— Scott Schnipper

Iran claims responsibility for missile strike at U.S. military bases in Qatar and Iraq

Iran’s armed forces on Monday said they carried out a missile strike on U.S. military bases in Iraq and Iran, in an effort to retaliate against the U.S. for the bombing of Tehran’s nuclear facilities.

Qatar’s Ministry of Defense said that it successfully intercepted the missiles without any casualties.

Follow live updates here.

— Brian Evans

Trump Media stock climbs after announcing share repurchase plan

Shares of Trump Media fell 1.3% after the company announced that it had approved a stock buyback plan of up to $400 million.

The repurchases could be of either common stock or warrants and would be conducted through open market transactions, according to the press release. The company also said this move would be funded separately from its bitcoin treasury strategy.

Trump Media, which is in the process of creating a financial services business, reported just $8.8 million of total revenue in the first quarter.

— Jesse Pound

Main risk to global economic outlook from Israel-Iran war is energy price hikes, Goldman Sachs says

While the oil market stayed calm on Monday morning following President Donald Trump’s announcement Saturday that the U.S. attacked Iranian nuclear sites, the Israel-Iran war could ultimately lead to a surge in energy prices, according to Goldman Sachs.

“The main economic risk is a rise in energy prices,” wrote Jan Hatzius, chief economist at Goldman, in a Monday note, adding that a cut to Iranian oil supply would likely lower global gross domestic product by 0.1 to 0.2 percentage points and boost headline inflation by 0.2 to 0.4 percentage points over the next year.

Hatzius also said that a temporary disruption in energy supply through the Strait of Hormuz would likely lower global growth by more than 0.3 percentage points and increase headline inflation by 0.7 percentage points.

“Both the growth hit and inflation boost would be larger in the event of a sustained closure of the Strait of Hormuz,” he continued.

That said, besides the possible price increases and supply disruptions, the chief economist still believes that the spillovers from the war should be “limited,” as he notes that “most countries have very limited trade exposure (outside of energy products) to Iran, Israel or the Middle East more broadly.”

— Sean Conlon

Trump ally Bill Pulte accuses Fed’s Powell of ‘bias’ against the President

Federal Housing Finance Agency director Bill Pulte’s public criticism against Fed Chair Jerome Powell continued on Monday, accusing the central banker of being biased against President Donald Trump.

“With momentum building for Powell’s immediate resignation and with Federal Reserve Governors Waller and Bowman’s data-driven statements supporting Rate Cuts, it is clear that Powell’s political bias against our great President needs to be looked at,” Pulte said in a social media post on X.

The latest comments come after Pulte called on Powell to resign last week after the Fed chose not to lower rates at its June meeting.

— Jesse Pound

Novo Nordisk shares under pressure as investors see Eli Lilly’s portfolio having the edge in obesity

Novo Nordisk shares are under pressure after updates at the American Diabetes Association conference this weekend left the impression that Eli Lilly has an edge in obesity treatment. Also, Novo Nordisk said it ended a venture with telehealth platform Hims & Hers to sell its weight loss drug.

Novo Nordisk’s shares tumbled 6%, while Hims & Hers dove 31%. Eli Lilly shares were slightly positive.

The Wegovy maker attributed its decision to scrap its month-old collaboration with Hims & Hers to its desire to keep knock-off versions of its drug off the market.

Meanwhile, more detailed data about Novo’s next-generation drug CagriSema shared at the ADA conference was disappointing, according to analysts.

“We struggle to see the utility of Cagrisema,” Wells Fargo analyst Mohit Bansal said in a note to clients. He added that Eli Lilly shared information that relieved concerns about its experimental drug orforglipron.

“LLY’s leadership apears to be intact,” Bansal said.

—Christina Cheddar Berk

JPMorgan upgrades Ventas, sees 15% upside

Ventas, which specializes in medical properties and senior housing, is a bright spot in a weak real estate sector, according to JPMorgan.

Analyst Michael Mueller upgraded the real estate investment trust to overweight from neutral, saying in a note to clients that the company has a better growth profile and cheaper valuation than many of its peers.

“The external growth recovery that we expected for the overall REIT group has not materialized as a whole, which arguably makes VTR’s external growth dynamic stand out a bit more to us,” the note said.

JPMorgan also raised its price target on Ventas to $72 per share, up from $70 previously. The new target implies upside of 15% for the stock.

— Jesse Pound

Trump says to ‘keep oil prices down’ and ‘drill, baby, drill’ in social media post

Oil prices ticked lower after President Donald Trump urged “everyone, keep oil prices down” in a post on Truth Social.

“YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!,” Trump said.

In a separate post, Trump called for higher U.S. oil production.

“To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!,” Trump said.

Futures for West Texas Intermediate crude are now down less than 1% on the day.

— Jesse Pound

BMO downgrades Dow

BMO Capital Markets sees tough times ahead for Dow, downgrading the stock to underweight on Monday. The firm also cut its price target to $22 from $29, suggesting the stock can fall nearly 21% from Friday’s close.

“The significant weakness across its end-markets resulting in soft pricing and lower vols/op rates is likely to result in severely challenged 2Q EBITDA and 2H estimates coming solidly lower,” analyst Josh Beck wrote in a note.

He also anticipates the company’s 2026 earnings before interest, taxes, depreciation, and amortization will come in about $1 billion below consensus, barring any change in the macro or significant supply closures.

“Finally, with no end in sight for these anemic earnings levels, there appears a heightened risk DOW may cut the dividend,” Beck added.

Shares were down 1.6% on Monday and have lost 32% year to date.

— Michelle Fox

Stocks open near the flatline

U.S. Stocks were little changed on Monday, with investors continue to monitor conflict in the Middle East after President Donald Trump’s bombing of Iran’s nuclear facilities.

The S&P 500 slipped 0.1%, while the Nasdaq Composite pulled back 0.2%. The Dow Jones Industrial Average lost 81 points, or 0.2%.

— Brian Evans

Uranium shares continue recent rally premarket Monday

The Global X Uranium ETF (URA) is about 1% higher premarket Monday, looking to gain for the second time in the past three sessions. URA has risen for 11 straight weeks, the longest since its inception in 2010, and last week reached its highest since February 2013.

Among the 48 stocks in the ETF, Centrus Energy Corp. is ahead 5% early Monday, Nuscale Power Corp. is higher by 1.3%, Uranium Energy Corp. by 1.2%, Energy Fuels Inc. by 0.6% and Oklo Inc. by 0.5%.

— Scott Schnipper, Nick Wells

Fiserv, Novo Nordisk, Hims & Hers Health among the names making moves before the bell

Check out the stocks making big moves in the premarket on Monday:

• Northern Trust – Shares rose more than 6% after the Wall Street Journal, citing people familiar with the matter, reported that Bank of New York Mellon approached Northern Trust last week to convey interest in a merger between the two rivals. The report also said that BNY is considering its next steps, which could include a formal bid to Northern Trust. However, the people cautioned that the talks might not result in a deal.
• Fiserv — Shares of the financial services firm jumped almost 5% after it revealed plans to broaden its presence in the stablecoin space. The company plans to launch a stablecoin and digital-asset platform for banking clients. It also stuck partnerships with Circle and Paypal to further these efforts. Circle shares were up 5%, while Paypal gained almost 1%.
• Novo Nordisk – The pharmaceutical stock plummeted more than 5% after the latest results for the company’s next-generation obesity drug CagriSema were disappointing and suggested no clear advantage over Eli Lilly’s Zepbound. The company also announced that it has ended its collaboration with Hims & Hers Health, citing compounding and marketing concerns. Hims shares fell about 20%.

Read here for the complete list of names.

— Sean Conlon

Consumer spending is up modestly in June, Chase data shows

Consumer spending is holding up so far this month but there are signs of weakness, according to JPMorgan.

Analyst Richard Shane said in a note that Chase client data shows that spending is up relative to May but still appears to be decelerating overall.

“Total spending growth increased to ~2.4% as of June 13, slightly above the May figure of ~2.3%. However, the June MTD growth rate has decelerated throughout the month as more data has become available and the y/y comparison has become less distorted,” the note said. Year to date, total spending is up 3.09%.

Shane also highlighted a generational split in spending, with gen Z and millennial spending is up 5.2% in June so far.

“This cohort continues to drive spending growth, outperforming the overall average (versus June y/y growth in Gen X and Baby Boomers at -0.1% and -0.4%, respectively),” the note said.

— Jesse Pound

The market will remain focused on the Strait of Hormuz after U.S. bombing of Iran, says Raymond James

Investors will remain focused on the Strait of Hormuz as conflict in the Middle East escalates, according to Raymond James.

“Ultimately, this anxiety will focus on the Straits of Hormuz, from which ~20%+ of the world’s oil passes each day. Increased escalation likely means short term higher oil, rates, USD and mentions of ‘stagflation’ in the media, which can’t help equities,” analyst Tavis McCourt wrote in a Sunday note. “Decreased escalation or resolution is likely to mean the reverse, and reward again for the ‘buy the dip’ crowd.”

— Brian Evans

Investors aren’t worried about an ‘oil market calamity,’ says Vital Knowledge

The muted reaction in equity markets following the U.S. attacks on Iran shows investors aren’t worried about a shock to the oil market, according to Adam Crisafulli of Vital Knowledge.

“While Iran has flirted with closing the Strait of Hormuz, investors aren’t terribly panicked about an oil market calamity, an equanimous view that’s appropriate at this point. Geopolitical risks are undoubtedly elevated in the Middle East right now, but our view remains that the extreme asymmetry of the conflict (with Iran’s military capabilities, and those of its proxy partners, significantly degraded), coupled with Tehran’s relative isolation (with few, if any, allies willing to come to its assistance) and ample global oil supplies, will help keep the fallout contained,” he said.

“That doesn’t mean markets are in the clear – once geopolitics fade from the headlines, US equities will need to reckon with a host of headwinds, including tariffs,” he said.

— Fred Imbert

Defense stocks rise in premarket trade after U.S. strikes on Iran

Defense names nudged higher in premarket trade as global investors monitor the fallout from U.S. air strikes on Iranian nuclear targets.

Northrop Grumman was up 2.07% at 4:26 a.m. ET, with Lockheed Martin up 1.13%, RTX Corp up 1.4%, Palantir up 1.3% and L3Harris Technologies up 1.4%.

— Jenni Reid

Asia-Pacific markets mostly decline as U.S. bombing of Iran escalates Middle East crisis

Asia-Pacific markets mostly declined Monday, after the United States’ attack on three nuclear sites in Iran raised oil prices and investors’ fears of an escalation in the Middle East conflict.

Oil prices fell in late Asian hours, reversing course from gains earlier in the day.

Brent Crude was trading at $76.75 per barrel after falling 0.32% as of 4.23 p.m. Singapore time, while the West Texas Intermediate crude lost 0.33% to $73.6.

Japan’s benchmark Nikkei 225 ended the day 0.13% lower at 38,354.09, while the broader Topix index moved down 0.36% to 2,761.18.

In South Korea, the Kospi index retreated 0.24% to close at 3,014.47, while the small-cap Kosdaq lost 0.85% to 784.79.

Hong Kong’s Hang Seng Index moved up 0.67% to end the day at 23,689.13, while mainland China’s CSI 300 index added 0.29% to 3,857.90.

Over in Australia, the S&P/ASX 200 ended the day 0.36% lower at 8,474.9.

India’s benchmark Nifty 50 dropped 0.33%, while the BSE Sensex fell 0.44% as at 1.40 p.m. Indian Standard Time.

— Amala Balakrishner

Oil prices jump after Iran strikes raise fears of supply disruption

Helima Croft, RBC Capital Markets global head of commodity strategy, joins CNBC’s “Special Report” to discuss the latest moves in the oil and energy markets following Washington’s surprise attack against Iranian nuclear sites.

— Jeff Huang

Where the major averages stand for the month

Here’s where the major averages stand for the month ahead of Monday’s new week of trading:

— Lisa Kailai Han

The S&P 500 was the only major index to suffer losses last week

The S&P 500 was the only of the three major averages that ended last week lower.

• The benchmark fell 0.15%, marking its second negative week in a row for the first time since a two-week losing streak that ended on April 4.
• The Dow Jones Industrial Average rose 0.02% on the week, managing to claim its third positive week in four.
• The Nasdaq Composite added 0.21% for the week, also notching its third positive week out of four.
• The Russell 2000 gained 0.42% on the week, also marking its third positive week out of four.

— Christopher Hayes, Lisa Kailai Han

Bitcoin sinks below $99,000 as Iran attack triggers crypto market sell-off

Bitcoin dropped below the $99,000 mark on Sunday — its lowest point in more than a month — as the crypto market became the first to react to escalating geopolitical risk.

Bitcoin was trading around $99,380, down more than 2% over the past 24 hours, while ether had dropped 5% to below $2,200. Solana, XRP, and dogecoin also posted sharp losses, dragging the entire crypto complex deep into the red.

More than $1.04 billion flowed into spot bitcoin ETFs from Monday through Wednesday last week, according to data from CoinGlass. But those inflows collapsed heading into the weekend, with zero net movement Thursday and just $6.4 million on Friday — coinciding with President Donald Trump’s early G7 departure and the announcement of a two-week review of U.S. options on Iran.

The technical breakdown added fuel to the selloff. At its peak on Sunday, more than $1 billion in crypto positions were liquidated during a 24-hour span — with over 95% coming from long bets, underscoring just how overexposed the market was heading into the weekend.

— MacKenzie Sigalos

Gulf markets end higher despite turmoil in wake of U.S. strikes on Iran

Markets across the Middle East ended mostly higher on Sunday after the United States entered the war between Israel and Iran.

Stocks in Tel Aviv reached an all-time high on bets Washington’s entrance into the conflict with Tehran would help it to come to an end. The broader TA-125 index was 1.77% higher, while the TA-35, Tel Aviv’s blue-chip index, was up 1.5%.

Egypt’s benchmark EGX30 was the region’s major gainer, up 2.7%.

“The Gulf has distanced itself and has been calling for appeasement, supporting a peaceful resolution, and has gone as far as condemning Israeli aggression,” Fadi Arbid, founding partner and CIO of Amwal Capital Partners, told CNBC. He explained that such rhetoric “has helped the Gulf isolate itself from conflict” and any significant short-term market impact, adding that the net mid-term is positive.

— Emma Graham

Stock futures tumble on Sunday night

Stock futures tumbled shortly after 6 p.m. ET on Sunday night.

Dow futures shed 309 points, or 0.7%. S&P 500 futures fell 0.8%, while Nasdaq 100 futures lost 1%.

— Lisa Kailai Han