Finance

Global crude oil prices fell sharply following the U.S.-Iran diplomatic progress, with Brent crude dropping toward the $80 per barrel mark. This decline in energy costs has weighed on major oil companies like Exxon Mobil while simultaneously boosting sentiment for fuel-dependent sectors such as cruise lines and airlines.

SpaceX shares climbed nearly 10% to become the fifth-most valuable firm in the U.S., surpassing the market capitalization of Amazon. The rally was fueled by the company's announcement of a $60 billion acquisition of the software firm Anysphere, a move intended to expand its footprint in the enterprise artificial intelligence market.

The Federal Open Market Committee commenced its two-day policy-setting meeting, the first to be chaired by Kevin Warsh. While interest rates are expected to remain steady, market participants are closely monitoring the central bank's messaging for future guidance on inflation and potential rate adjustments later in the year.