* Indexes: Dow up 0.51%, S&P 500 up 0.32%, Nasdaq flat
* Apogee Therapeutics ( APGE ) jumps after AbbVie strikes $10.9 bln
deal
* SpaceX extends fall from last two sessions
* PCE data, Micron quarterly results on deck this week
(Updates after markets open)
By Twesha Dikshit and Joel Jose
June 22 (Reuters) - The S&P 500 and the Dow inched higher on
Monday, led by technology and financial shares, as investors
assessed progress in the latest round of U.S.-Iran negotiations.
U.S. and Iranian officials made "encouraging progress" at
the first round of their talks in Switzerland that ended early
on Monday, mediators said, although tension persisted over
Lebanon and the Strait of Hormuz.
Memory chipmakers moved higher, with Micron Technology ( MU )
and Sandisk ( SNDK ) gaining about 3% each.
The Philadelphia SE Semiconductor index rose 1.3% to
a fresh record high. Intel ( INTC ) and Nvidia ( NVDA ) were up
2% and 1%, respectively.
Seven out of 11 major S&P 500 sectors were in the green,
with financials leading gains with a 1% rise.
Communication services was a laggard, falling
2.3%. Alphabet and SpaceX declined 3.8% and 7.9%,
respectively, also weighing on the Nasdaq.
Oil prices fell as much as 2%,as Washington and Tehran
agreedduring the talks to a roadmap toward a final deal within
60 days.
Hopes of a peace deal helped the three key indexes end with
significant weekly gains on Thursday, with the Nasdaq
gaining 2.4% as technology shares continued to drive markets
higher.
"While markets have been resilient in recent weeks in the
hope the Middle East conflict can be resolved and we don't see a
persistent high inflationary environment, the Middle East
conflict is still a live issue and that means investors aren't
going into full-blown risk-on mood," said Dan Coatsworth, head
of markets at AJ Bell.
At 9:53 a.m. ET, the Dow Jones Industrial Average
rose 261.38 points, or 0.51%, to 51,826.08, the S&P 500
gained 23.77 points, or 0.32%, to 7,524.35 and the Nasdaq
Composite lost 1.52 points, or 0.01%, to 26,515.06.
AI-driven optimism has supported Wall Street's recent rally,
while a resilient economy and hopes for an end to the
four-month-long Middle East conflict have bolstered the broader
market.
The next test for the rally will be Micron's quarterly
results on Wednesday. Shares of the memory chipmaker have risen
almost 300% for the year.
A key focus this week will be on Thursday's personal
consumption expenditures (PCE) data, the Federal Reserve's
preferred gauge of core inflation. A hotter-than-expected
reading is likely to reinforce expectations of a hawkish Federal
Reserve after Chair Kevin Warsh underscored the need to curb
inflation at last week's meeting.
Markets currently expect a 25-basis-point rate hike from the
Fed in September, according to LSEG data. Yields on 2-year
notes, which reflect near-term rate expectations, hit their
highest level since early 2025 at 4.230% earlier in the day.
Comments from central bank speakers this week, including New
York President John Williams and Chicago President Austan
Goolsbee, will also be closely watched for policy signals.
Among other movers, Apogee Therapeutics ( APGE ) jumped
nearly 47% after AbbVie said it would acquire the
biotech for $10.9 billion in cash. AbbVie was up 4.7%.
Advancing issues outnumbered decliners by a 1.2-to-1 ratio
on the NYSE and by a 1.49-to-1 ratio on the Nasdaq.
The S&P 500 posted 19 new 52-week highs and 19 new lows,
while the Nasdaq Composite recorded 103 new highs and 74 new
lows.