US stocks surged on Monday and oil prices sank as investors welcomed a breakthrough US-Iran deal to end hostilities and reopen the Strait of Hormuz.
The tech-heavy Nasdaq Composite led gains, soaring 2.2%, while the S&P 500 jumped 1.3%. The Dow Jones Industrial Average climbed 1.2% on the heels of Friday’s solid gains for Wall Street stocks.
Wall Street enters the week with momentum following SpaceX’s blockbuster public debut on Friday. Shares of the Elon Musk-led company rose over 8% at the opening bell after rocketing up over 19% in their first trading session to push the company’s market value above $2 trillion.
Looking ahead, the highlight is the Federal Reserve’s policy decision, seen as highly important as hot inflation readings spur debate about the odds of an interest rate hike this year. Traders are pricing in better than a 98% probability that the Fed leaves rates unchanged on Wednesday, per CME FedWatch data.
The NYSE and Nasdaq will both be closed for trading on Friday in observance of Juneteenth.
Yahoo Finance
