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US Pre-Market: US-Iran Peace Talks Conclude; Gold and Silver Surge, Crude Plunges, Memory Stocks Rally, SpaceX Falls Over 5%

Source Tradingkey

Market Movements

TradingKey - Ahead of Monday's US stock market opening, futures for the three major US stock indexes diverged. As of press time, Nasdaq 100 Index futures rose 0.05% to 30,421 points; S&P 500 Index futures fell 0.08% to 7,494 points; Dow Jones Industrial Average futures rose 0.04% to 51,676 points.

US storage concept stocks broadly rose pre-market. Among them, Western Digital ( WDC) rose over 6%, SanDisk ( SNDK ), Seagate Technology ( STX) and Micron Technology ( MU) rose over 4%, Silicon Motion ( SIMO) rose 2%.

Intel's partnership with UMC triggers share price surge. Intel ( INTC) rose over 4% pre-market to $139.42; UMC ( UMC) rose 6.8% pre-market to $27.25. On the news front, according to a report by FundaAI, Intel has partnered with foundry UMC to jointly develop 12nm and 3nm process technology chips.

SpaceX plunged over 5% pre-market. SpaceX (SPCX) fell 5.01% pre-market to $175.73. On the news front, according to Bloomberg, after completing its listing, SpaceX is preparing for its first bond issuance, with a planned size of no less than $20 billion.

spacex-spcx-price-d73034c2a1be46b3b5c0d4872dc5b1ee SpaceX stock price chart, Source: TradingView

New progress in US-Iran relations, gold and silver surge, crude oil prices fall. As of press time, gold ( XAUUSD) rose over 1%, reclaiming $4,200, while silver ( XAGUSD) rose over 2%, currently trading at $66. Brent crude futures fell 1.64%, approaching $78; WTI crude futures fell 1.85%, dropping back to around $75. Cryptocurrencies generally rebounded, with Bitcoin breaking through $74,000 and Ethereum rising above the $1,700 mark.

Market Headlines

On June 22, the first round of talks between the United States and Iran officially concluded in Switzerland, with both sides agreeing to reach a final agreement to end the war within 60 days. They also reached a consensus on a mechanism to end the fighting in Lebanon and ensure the safety of shipping lanes in the Strait of Hormuz.

Iran's central bank moves to unfreeze assets. Earlier today, Iranian Finance Minister Madanizadeh stated that "the Central Bank of Iran has begun taking necessary measures to facilitate the unfreezing of Iran's frozen assets, though specific details and amounts remain unclear."

Former Federal Reserve Chairman Alan Greenspan has passed away at the age of 100. According to NBC News, citing Greenspan's wife, he died at his home on Monday from complications of Parkinson's disease.

Key Data and Events Preview

ECB President Lagarde speaks at the European Parliament

Marvell Technology and Flex to be added to S&P 500

Japan's June Flash Services/Manufacturing/Composite PMI

Source

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

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