Markets rejoice as deal to reopen Hormuz nears, but U.S. forces conduct ‘self-defense strikes’ on Iranian missile sites and boats laying mines
Stock futures rose and oil prices fell as reports of a potential deal to reopen the Strait of Hormuz emerged. The U.S. military conducted airstrikes on Iranian missile sites while signaling a willingness to negotiate on Iran's nuclear program. Tensions remain high as fighting continues, particularly involving Israel and Hezbollah.
- ▪Stock futures surged while oil prices dropped following news of a potential ceasefire agreement.
- ▪The U.S. military conducted self-defense strikes against Iranian forces in southern Iran.
- ▪Israeli Prime Minister Netanyahu indicated that attacks on Hezbollah would intensify amid ongoing negotiations.
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Stock futures jumped while oil prices and bond yields tumbled Monday evening on reports that a deal to reopen the Strait of Hormuz was coming together, even as the U.S. military conducted new airstrikes on Iran.Recommended Video Futures tied to the Dow Jones industrial average surged 297 points, or 0.58%. S&P 500 futures were up 0.64%, and Nasdaq futures leapt 0.90%. All three indexes pulled back a bit from earlier highs. U.S. oil futures sank 5.5% to $91.32 a barrel, but also pared steeper losses. Gold rose 0.48% to $4,545 per ounce. The U.S. dollar was up 0.07% against the euro and up 0.04% against the yen. The yield on the 10-year Treasury plunged 7.2 basis points to 4.50%. Reports over the holiday weekend pointed to an emerging agreement that would extend the ceasefire for 60 days.
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