- The S&P 500, Nasdaq, and Dow Jones Industrial Average closed higher on Thursday, recovering most of the losses from the previous session's hawkish Federal Reserve announcement.
- President Trump signed a preliminary deal to end the U.S.-Iran war and a memorandum of understanding to extend a ceasefire for 60 days, allowing the Strait of Hormuz to reopen to oil tankers.
- Crude oil prices fell to 3.5-month lows on expectations of increased supply, which in turn lowered inflation expectations and pushed the 10-year Treasury yield down to approximately 4.43%.
- Technology and semiconductor stocks led the market rally, bolstered by reports of a domestic chip manufacturing partnership between Intel and Apple.
Quotes
“While investors are welcoming the agreement as a constructive step for geopolitical risk, uncertainty remains elevated around potential flare-ups, the pace of shipping normalization, control of the waterway, the cost of access, and the path forward for Iran's nuclear program.”
“consumer prices will remain higher for some time in the Eurozone despite an agreement to end the war in the Middle East”