US close: Stocks jump despite Iran's retaliatory strike in Qatar
By Benjamin Chiou
Date: Monday 23 Jun 2025
(Sharecast News) - US stocks rose strongly on Monday while oil prices plunged as investors shrugged off Iran's retaliatory airstrike against a US base.
Also helping sentiment was another Federal Reserve policymaker who showed their support for an interest-rate cut at the central bank's next meeting.
The Dow and Nasdaq both closed 0.9% higher while the S&P 500 gained 1.0%.
Tehran launched missiles at an US-run Al Udeid base in Qatar, all of which were intercepted, in response to a surprise US attack against three Iranian nuclear sites in Fordo, Isfahan and Natanz on Sunday.
"Iran has officially responded to our Obliteration of their Nuclear Facilities with a very weak response, which we expected, and have very effectively countered," Trump posted on Truth Social. "Perhaps Iran can now proceed to Peace and Harmony in the Region, and I will enthusiastically encourage Israel to do the same," he said.
Fears of a back-and-forth exchange between the two nations quickly receded after Iran's missile attack was largely seen as a failure, with the two-week-long rally in oil prices evaporating within a few hours. WTI crude was down 9.1% at $67.15 a barrel by 1651 ET, having surged by 6% the previous session.
In other news, the Fed's vice chair for supervision Michelle Bowman gave her support for a July rate cut, saying "it is time to consider adjusting the policy rate", just days after Fed governor Christopher Waller gave similar remarks.
At a conference in Prague, Bowman said: "Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labour market."
In US economic news, the preliminary reading of the S&P Global composite purchasing managers' index slipped to 52.8 in June, down from 53.0 in May. The service-sector PMI eased to 53.1 from 53.7, while the manufacturing PMI held steady at 52, though both readings beat consensus forecasts of 52.9 and 51, respectively.
Meanwhile, existing home sales increased by 0.8% in May to a seasonally adjusted annualised rate of 4.03m, according to the National Association of Realtors, bouncing back from the previous month's 0.5% drop and ahead of expectations for a decline to 3.96m.
Market movers
Tesla was a high riser of the day after its robotaxi service launch in Austin, Texas was deemed a hit by some analysts. "Super congratulations to the @Tesla_AI software & chip design teams on a successful @Robotaxi launch!! Culmination of a decade of hard work. Both the AI chip and software teams were built from scratch within Tesla," Musk said in a post.
Shares in financial services group Northern Trust were rising strongly on the back of speculation of a potential merger with Bank of New York Mellon Corp. According to the Wall Street Journal, BNY had approved Northern Trust last week to start talks about a possible combination of the two firms, which could create one of the largest firms in the asset servicing and wealth management industry.
Meanwhile, oil stocks ConocoPilips, APA Corp, Halliburton and Marathon Petroleum were all out of favour as crude prices tanked.
Dow Jones - Risers
International Business Machines Corporation (CDI) (IBM) $289.18 2.92%
3M Co. (MMM) $147.60 2.48%
Home Depot Inc. (HD) $356.96 2.10%
Walmart Inc. (WMT) $97.87 1.82%
Nike Inc. (NKE) $60.78 1.66%
Cisco Systems Inc. (CSCO) $67.38 1.64%
Caterpillar Inc. (CAT) $366.23 1.58%
Verizon Communications Inc. (VZ) $42.35 1.58%
Visa Inc. (V) $343.75 1.53%
Merck & Co. Inc. (MRK) $80.16 1.39%
Dow Jones - Fallers
Amgen Inc. (AMGN) $272.44 -6.75%
Dow Chemical Co. (DOW) $26.87 -3.21%
Intel Corp. (INTC) $21.19 -2.75%
Chevron Corp. (CVX) $146.86 -1.80%
Walgreens Boots Alliance, Inc. (WBA) $11.35 -0.48%
Unitedhealth Group Inc. (UNH) $300.68 -0.44%
S&P 500 - Risers
Nektar Therapeutics (NKTR) $9.52 13.51%
Northern Trust Corp. (NTRS) $120.81 7.81%
CenturyLink Inc. (LUMN) $4.24 7.61%
Arista Networks Inc. (ANET) $91.95 6.61%
Advance Auto Parts (AAP) $51.93 5.08%
Estee Lauder Co. Inc. (EL) $78.90 4.84%
FMC Corp. (FMC) $42.89 4.43%
Fiserv Inc. (FI) $170.54 4.38%
Interpublic Group of Companies Inc. (IPG) $24.45 4.31%
Paypal Holdings Inc (PYPL) $72.01 4.12%
S&P 500 - Fallers
Apache Corp. (APA) $18.39 -9.99%
Halliburton Co. (HAL) $20.77 -6.78%
Amgen Inc. (AMGN) $272.44 -6.75%
Schlumberger Ltd. (SLB) $33.73 -5.89%
Diamondback Energy Inc. (FANG) $141.15 -5.55%
Alphabet Inc. Class C (GOOG) $166.01 -4.85%
Alphabet Inc. Class A (GOOGL) $165.19 -4.81%
Helmerich & Payne Inc. (HP) $16.36 -4.44%
Devon Energy Corp. (DVN) $32.83 -4.26%
CF Industries Holdings Inc. (CF) $96.53 -3.82%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $348.68 5.04%
Fiserv Inc. (FI) $170.54 4.38%
Paypal Holdings Inc (PYPL) $72.01 4.12%
Hasbro Inc (HAS) $70.60 3.43%
O'Reilly Automotive Inc. (ORLY) $91.28 2.96%
Trip.com Group Limited (TCOM) $57.61 2.47%
T-Mobile Us, Inc. (TMUS) $226.98 2.31%
Costco Wholesale Corp. (COST) $1,004.48 2.25%
American Airlines Group (AAL) $10.90 2.16%
Broadcom Inc. (AVGO) $253.77 2.12%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $2.79 -13.24%
Amgen Inc. (AMGN) $272.44 -6.75%
Alphabet Inc. Class C (GOOG) $166.01 -4.85%
Alphabet Inc. Class A (GOOGL) $165.19 -4.81%
Gilead Sciences Inc. (GILD) $106.19 -3.11%
Biomarin Pharmaceutical Inc. (BMRN) $54.10 -2.86%
Intel Corp. (INTC) $21.19 -2.75%
Incyte Corp. (INCY) $67.29 -2.75%
Amazon.Com Inc. (AMZN) $208.47 -2.73%
Biogen Inc (BIIB) $124.76 -2.63%
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN