US stock markets got off to an unsteady start, with early gains and losses quickly fading as the major indices settled near the flatline shortly after the opening bell.
Treasury yields edged lower by approximately two basis points at the short end of the yield curve, while the 30-year yield held near unchanged. Crude oil prices moved lower on the day.
Precious metals saw modest gains, with both silver and gold trading higher. Bitcoin, meanwhile, slipped back below the $80,000 mark following a decline over the weekend, with the cryptocurrency last changing hands around $76,955.
In the equities space, chipmakers Intel, Micron, and AMD rebounded after suffering losses last week, returning to favor among investors. On the downside, Michael Saylor's MicroStrategy — now operating under the name Strategy — fell sharply in tandem with Bitcoin's retreat.
Geopolitical developments continued to draw attention, with ongoing headlines from the Middle East centered on US-Iran nuclear negotiations. According to Reuters, the United States has shown flexibility in the ongoing discussions, including on the question of limits to Iran's nuclear activities.
Washington has so far agreed to unfreeze only 25% of Iran's funds on a phased timetable, while Tehran has demanded the release of all frozen assets. Iran's revised proposal calls for a permanent end to the conflict, the lifting of sanctions, and the reopening of the Strait of Hormuz.
Iran indicated it would address the nuclear issue in stages at a later point. Earlier reports noted that Iran had agreed to a long-term nuclear freeze rather than complete dismantlement of its program. The country has also withdrawn its demand for compensation, instead seeking economic concessions and the unfreezing of sanctioned assets.
Iran additionally announced plans to rebuild and modernize the refinery and petrochemical infrastructure in the South Pars region.
On the economic data front, the NAHB Housing Market Index for May is scheduled for release at 10 AM, with analysts expecting a reading of 34, unchanged from the prior month.
Why it matters
Bitcoin's drop below $80,000 has a direct mechanical effect on Strategy (formerly MicroStrategy), whose equity value is closely tied to its large Bitcoin holdings — meaning sharp crypto moves can amplify stock-level losses beyond what equity-only investors might expect.
The phased unfreezing of Iranian assets (currently capped at 25%) versus Tehran's demand for full release represents a concrete sticking point that could determine whether any deal holds, with the Strait of Hormuz closure threat carrying direct implications for global oil supply routes.
