After weeks of turbulence, the confrontation between the United States and Iran appears to be heading for a pause. The two countries have reportedly reached a deal to halt the fighting. In a post on Truth Social late Sunday, President Trump said the US had secured a ceasefire deal with Iran and described the agreement as "complete." Negotiations to finalize the broader peace deal are expected to begin within 60 days. Iran has not yet confirmed the agreement, yet markets have started climbing after a stretch of heavy volatility.
How the Indices Moved
The tech-heavy Nasdaq Composite (^IXIC) led the charge, surging 2.2%. The S&P 500 (^GSPC) added 1.3%, while the Dow Jones Industrial Average (^DJI) advanced 1.2%, building on the solid gains Wall Street posted on Friday. Energy names moved the other way, with oil stocks such as Chevron (CVX) and Exxon Mobil (XOM) sliding 3%.
Oil Prices Slide
Crude prices dropped more than $4 a barrel on news that shipping could soon resume along the key trade route. "Ships of the World, start your engines. Let the oil flow!" Trump wrote on Truth Social.
Strait of Hormuz Set to Reopen
The provisional US-Iran deal could reopen the crucial Strait of Hormuz waterway to oil tankers as early as this week, although a full return to normal flows is viewed as months away. The two sides are scheduled to meet on Friday in Switzerland to formally sign the interim agreement. According to a senior U.S. official, Trump and Vice President JD Vance have both electronically signed the framework deal with Mohammad Bagher Ghalibaf, Iran's lead negotiator.
SpaceX Debut Adds to the Momentum
Wall Street is opening the week with strong momentum, helped in large part by SpaceX's (SPCX) blockbuster market debut on Friday. Shares of the Elon Musk-led company climbed more than 8% at the opening bell after rocketing over 19% in their first trading session, pushing the company's market value above $2 trillion.
