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Update: Equities Mixed Intraday, Oil Falls as US-Iran Talks Advance

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Update: Equities Mixed Intraday, Oil Falls as US-Iran Talks Advance

(Updates with latest market prices and developments.)

US benchmark equity indexes were mixed intraday, while oil prices fell as markets reacted to progress in fresh talks between Washington and Iran.

The Nasdaq Composite was down 1.2% at 26,209.5 after midday Monday, while the S&P 500 fell 0.3% to 7,477.4. The Dow Jones Industrial Average rose 0.4% to 51,762. Among sectors, communication services saw the biggest drop, while real estate paced the gainers.

US markets were closed Friday for the Juneteenth National Independence Day holiday.

Brent crude oil was down 3.6% at $77.71 a barrel intraday Monday, while West Texas Intermediate fell 2.3% to $73.60.

Iran has agreed to admit inspectors from the International Atomic Energy Agency in the country, news outlets reported, citing US Vice President JD Vance.

"That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance reportedly said.

"Everybody is fully aware that Iran will agree to have major weapons inspections in order to ensure 'nuclear honesty' long into the future," US President Donald Trump said in a social media post Monday.

On the status of the Strait of Hormuz, Vance said the crucial waterway is open, and negotiations with Iran are focused on setting up a "coordination mechanism" for demining and resuming trade, CNN reported.

Earlier, Trump threatened further strikes on Iran, if Hezbollah in Lebanon continued attacking Israel.

"Recent developments show that moving towards a more permanent deal will be challenging, with very real risks of a flare-up in hostilities during the 60-day ceasefire," ING Bank said in a report. "For energy markets, the key factor is still whether oil and LNG flows from the Persian Gulf continue to recover, despite all the rhetoric."

US Treasury yields were higher intraday, with the 10-year rate up 5.4 basis points at 4.51% and the two-year rate rising 4.7 basis points to 4.23%.

In company news, Space Exploration Technologies (SPCX) agreed to grant Reflection AI access to the rocket and satellite company's computing infrastructure for up to $6.3 billion, CNBC reported.

Separately, SpaceX said it launched its first offering of senior unsecured notes to repay outstanding bridge loan debt and cover general corporate expenses.

SpaceX shares were down 9.9% intraday.

Lucid Group (LCID) outlined plans to cut 18% of its total workforce, including removing the chief operations role, as part of a plan to streamline its structure and boost profitability. The electric vehicle manufacturer's shares were down 4.5%.

AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal worth about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment.

AbbVie shares were up 7%, among the top performers on the S&P 500, while Apogee surged 47%.

Gold was down 1.2% at $4,195.80 per troy ounce, while silver decreased 1.4% to $65.91 per ounce.

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