Finance

Alphabet officially replaced Verizon in the Dow Jones Industrial Average on Monday, marking a significant rebalancing of the blue-chip index. Shares of the Google parent company rose on the news, contributing to the broader market gains. In another major corporate move, Comcast shares jumped after the company announced plans to spin off its media businesses from its broadband operations.

Oil prices edged higher as the United States and Iran moved toward a fragile truce in the Middle East, with a halt in attacks supporting a calmer market sentiment. Brent crude futures settled at approximately $73.15 per barrel as investors monitored the potential for restored shipping through the Strait of Hormuz. Despite the daily gains, crude remains lower for the month as oversupply concerns persist.

The yield on the 10-year U.S. Treasury note remained relatively stable around 4.38% as markets anticipate key labor data and monitor Federal Reserve policy. Investors are pricing in the possibility of interest rate hikes later this year under Fed Chair Kevin Warsh, driven by core PCE inflation levels that remain well above the central bank's long-term target. Hawkish sentiment continues to support the U.S. dollar, adding pressure to international and emerging-market assets.