Key facts
- The US and Iran have agreed to a peace deal framework.
- The deal includes reopening the Strait of Hormuz and lifting US blockades on Iran.
- Oil prices, including Brent crude and WTI, fell significantly following the announcement.
- US stock futures rose in pre-market trading.
- The agreement is scheduled to be officially signed on Friday in Switzerland.
U.S. stock futures saw an increase in pre-market trading ahead of Monday's session, driven by news of a preliminary peace deal between the United States and Iran. The agreement aims to end hostilities, reopen the Strait of Hormuz, and lift the American blockade on Tehran. This development sent oil prices lower, with Brent crude futures and U.S. West Texas Intermediate both sliding more than 4%.
On Friday, the S&P 500 closed up 37.16 points, or 0.5%, at 7,431.46. The Dow Jones Industrial Average rose 353.51 points, or 0.7%, to 51,202.26. The Nasdaq composite gained 79.18 points, or 0.3%, to 25,888.84, and the Russell 2000 index of smaller companies increased by 22.96 points, or 0.8%, to 2,943.99.
For the week, the S&P 500 was up 0.6%, the Dow Jones up 0.7%, the Nasdaq up 0.7%, and the Russell 2000 up 3.9%. Year-to-date, the S&P 500 has risen 8.6%, the Dow Jones 6.5%, the Nasdaq 11.4%, and the Russell 2000 18.6%.