Joe Rennison

Investment gains at Alphabet and Amazon reveal a new way in which technology companies’ fortunes are increasingly linked.

The S&P 500 rose 1.8 percent, pushing past its previous peak at the start of June and capping a big turnaround from a recent sell off in technology stocks.

U.S. and Japanese officials confirmed on Sunday that the Treasury Department had moved last week to help the currency.

The surge in Treasury yields suggests investors doubt that the Federal Reserve can keep inflation contained.

The yield on the 10-year Treasury bond has risen steadily this year, as the Iran war rages, government spending worries intensify and artificial intelligence spending boosts growth.

Futures contracts reflect an expectation that low inventories and midterm elections are likely to push the Trump administration to try to ease tensions with Iran.

Investment in artificial intelligence and related companies is lifting the stock market and spending across the economy.

The S&P 500 rose almost 15 percent for the three months through June, and many stock analysts remain optimistic that corporate earnings driven by artificial intelligence will keep growing.

On Tuesday, SpaceX briefly fell below $150 a share, which is where the stock first began trading when the company listed publicly just over a week ago.

The company’s blockbuster trading debut is the latest example of how individual investors have become a force in financial markets.

Oil prices fell and stocks gained on Sunday evening on the hope that a deal would allow more energy and other goods to flow through the Strait of Hormuz.

In the race to dominate the artificial intelligence industry, companies like SpaceX and Alphabet are borrowing cash and raising equity from investors at the fastest pace in decades.

The S&P 500 fell more than 2.6 percent on Friday, its worst one-day drop of the year and ending nine weeks of gains.

Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn’t reopen.

The 30-year U.S. Treasury yield hasn’t been this high since the lead-up to the global financial crisis. Across Europe and Asia, yields are also elevated.