US stocks rallied Monday after the US and Iran reached a preliminary agreement to end the Middle East conflict and reopen the Strait of Hormuz, easing inflation concerns and sending oil prices lower.
The S&P 500 rose 1.7%, the Dow Jones gained 469 points to a record high, and the Nasdaq surged 3.1%, its best day since March 31.
US crude prices fell 5%, boosting shares of fuel-sensitive companies, with United Airlines climbing 3.9%, Norwegian Cruise Line adding 3.7%, and Carnival Corp rising 3.2%.
The drop in oil prices also improved broader market sentiment, supporting gains across growth-oriented sectors, particularly tech stocks.
On the corporate front, SpaceX shares surged 19%, extending gains after a record-breaking Nasdaq debut last week following the largest IPO in history.
Meanwhile, Fox tumbled 15% after unveiling plans to acquire Roku in a $22 billion transaction.
Investors are now focused on the Fed’s upcoming policy meeting, where rates are expected to remain unchanged.
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