
US equity futures were sharply higher on Monday after the US and Iran said they agreed to a deal that ends their war and restores energy exports from the Middle East. Contracts for the S&P 500 rose 1.3%, those for the Nasdaq 100 jumped 2%, and that for the Dow gained 1%. The deal is set to be signed on Friday, with reports indicating it have Iran clean the Strait of Hormuz from mines and naval blockades being lifted for all exports from the region. Energy prices and bond yields fell, improving macroeconomic conditions for the corporate sector and boosting risk demand in the heavyweight tech sector. Nvidia, Amazon, and Oracle were around 2% higher premarket. Meanwhile, was 6% higher following its 20% surge on its IPO day last session. Chip producers continued to rally on more cash being raised by AI developers and the influx of orders that translates for AI infrastructure companies. In turn, the defensive sectors were lower.
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