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Climbed to a record close, settling near 51,670, after a US-Iran framework to reopen the Strait of Hormuz sent oil prices tumbling.

Update: Equities Mixed Intraday, Oil Falls as US-Iran Talks Advance
US Markets

Update: Equities Mixed Intraday, Oil Falls as US-Iran Talks Advance

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday, while oil prices fell as markets reacted to progress in fresh talks between Washington and Iran.The Nasdaq Composite was down 1.2% at 26,209.5 after midday Monday, while the S&P 500 fell 0.3% to 7,477.4. The Dow Jones Industrial Average rose 0.4% to 51,762. Among sectors, communication services saw the biggest drop, while real estate paced the gainers.US markets were closed Friday for the Juneteenth National Independence Day holiday.Brent crude oil was down 3.6% at $77.71 a barrel intraday Monday, while West Texas Intermediate fell 2.3% to $73.60.Iran has agreed to admit inspectors from the International Atomic Energy Agency in the country, news outlets reported, citing US Vice President JD Vance."That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance reportedly said."Everybody is fully aware that Iran will agree to have major weapons inspections in order to ensure 'nuclear honesty' long into the future," US President Donald Trump said in a social media post Monday.On the status of the Strait of Hormuz, Vance said the crucial waterway is open, and negotiations with Iran are focused on setting up a "coordination mechanism" for demining and resuming trade, CNN reported.Earlier, Trump threatened further strikes on Iran, if Hezbollah in Lebanon continued attacking Israel."Recent developments show that moving towards a more permanent deal will be challenging, with very real risks of a flare-up in hostilities during the 60-day ceasefire," ING Bank said in a report. "For energy markets, the key factor is still whether oil and LNG flows from the Persian Gulf continue to recover, despite all the rhetoric."US Treasury yields were higher intraday, with the 10-year rate up 5.4 basis points at 4.51% and the two-year rate rising 4.7 basis points to 4.23%.In company news, Space Exploration Technologies (SPCX) agreed to grant Reflection AI access to the rocket and satellite company's computing infrastructure for up to $6.3 billion, CNBC reported.Separately, SpaceX said it launched its first offering of senior unsecured notes to repay outstanding bridge loan debt and cover general corporate expenses.SpaceX shares were down 9.9% intraday.Lucid Group (LCID) outlined plans to cut 18% of its total workforce, including removing the chief operations role, as part of a plan to streamline its structure and boost profitability. The electric vehicle manufacturer's shares were down 4.5%.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal worth about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment.AbbVie shares were up 7%, among the top performers on the S&P 500, while Apogee surged 47%.Gold was down 1.2% at $4,195.80 per troy ounce, while silver decreased 1.4% to $65.91 per ounce.

Dow JonesNasdaq CompositeS&P 500$ABBV$APGE$LCID$SPCX
Asia Markets

Update: US Equity Indexes Mixed Amid Steep Decline in Communication Services, Surging Treasury Yields

(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes traded mixed amid steep declines in communication services and consumer discretionary and rising government bond yields after midday Monday.The Nasdaq Composite dropped 1.2% to 26,194.83, with the S&P 500 down 0.4% to 7,472, while the Dow Jones Industrial Average rose 0.3% to 51,696.7.All sectors, except communication services, consumer discretionary, consumer staples and technology, gained. Real estate and healthcare led the gainers. Communication services sank 4.4%, and consumer discretionary was down 2%.Alphabet (GOOG, GOOGL) Google DeepMind data scientist and Nobel Prize winner John Jumper is leaving to join Amazon (AMZN) and Alphabet-backed Anthropic, he said Friday. Shares of Alphabet slumped nearly 6%, one of the steepest decliners on the S&P 500 and the Nasdaq.Netflix (NFLX) is looking to pursue additional partnerships with traditional broadcasters following the launch of its agreement with French broadcaster TF1, Chief Executive Officer Greg Peters told the Financial Times on Friday. Shares of Netflix dropped 6%, among the worst performers on the Nasdaq and the S&P 500.In geopolitical news, US Vice President JD Vance said Monday that Iran agreed to allow International Atomic Energy Agency inspectors into the country, according to media reports. "That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance was cited as saying.Iran's Foreign Minister Araghchi and the country's top negotiator Mohammad Bagher Ghalibaf are traveling to Oman to discuss the management of the Strait of Hormuz, Al Jazeera reported on Monday. The two are set to discuss consolidating Iranian arrangements for managing the strait and enhancing bilateral coordination, Ghalibaf said on Telegram, according to the news report.Front-month global benchmark North Sea Brent slumped 3.4% to $77.87 per barrel. The US West Texas Intermediate dropped 3% to $73.66 per barrel.Most US Treasury yields jumped, with the 10-year up six basis points to 4.52%. The two-year rate jumped 4.9 basis points to 4.23%. Even as oil prices have been declining since an interim peace deal was signed between the US and Iran, the market is still pricing two interest rate increases -- 25 basis points each -- by the end of this year, according to the CME FedWatch tool, following the hawkish lean seen in the June monetary policy announcement last week.In precious metals, gold futures fell 0.9% to $4,209.1, while silver futures declined 1% to $65.68.In company news, Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by technology giant Microsoft (MSFT), as part of a 20-year power purchase deal. Shares of Microsoft dropped 2.5%, among the steepest decliners on the Dow.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal of about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment. Shares of AbbVie advanced nearly 7%, one of the top gainers on the S&P 500.CRH (CRH) said it agreed to acquire building materials rival Arcosa (ACA) in an all-cash transaction valued at about $8.5 billion, expanding its infrastructure products business and strengthening its position in North America.

Dow JonesNasdaq CompositeS&P 500$ABBV$ACA$AMZN$APGE$CRH$CVX$GOOG$GOOGL$MSFT$NFLX
Asia Markets

Exchange-Traded Funds, US Equities Mixed After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM rose and IVV edged lower. Actively traded Invesco QQQ Trust (QQQ) shed 0.5%.US equity indexes traded mixed amid steep declines in communication services and consumer discretionary in Monday's midday trading.EnergyIShares US Energy ETF (IYE) rose 1.3%, and the State Street Energy Select Sector SPDR (XLE) added 1.2%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose fractionally; iShares US Technology ETF (IYW) fell 0.4%, and iShares Expanded Tech Sector ETF (IGM) was down 0.7%.The State Street SPDR S&P Semiconductor (XSD) advanced 1.7%, and iShares Semiconductor (SOXX) gained 1.5%.FinancialThe State Street Financial Select Sector SPDR (XLF) added 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) climbed 1.9%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 2%.CommoditiesCrude oil fell 2.9%, and the United States Oil Fund (USO) slipped 2.7%. Natural gas climbed 1.6%, and the United States Natural Gas Fund (UNG) was up 1.6%.Gold on Comex eased 1%, and the State Street SPDR Gold Shares (GLD) fell 0.8%. Silver was down 1%, and iShares Silver Trust (SLV) shed 0.5%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) rose 0.1%. The Vanguard Consumer Staples ETF (VDC) added 0.1%, and iShares Dow Jones US Consumer Goods (IYK) was up 0.1%.The State Street Consumer Discretionary Select Sector SPDR (XLY) dipped 1.2%. VanEck Retail ETF (RTH) fell 0.8%, and the State Street SPDR S&P Retail (XRT) was down 0.3%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) rose 1.2%, iShares US Healthcare (IYH) added 1%, and Vanguard Health Care ETF (VHT) was up 1.2%. IShares Biotechnology ETF (IBB) gained 1.9%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) rose 0.9%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also higher.CryptocurrencyIn midday activity, bitcoin (BTC-USD) rose 0.8%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) gained 2.6%, ProShares Ether ETF (EETH) was up 2%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 3.8% higher.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH
Japan

Update: US Equity Indexes Mixed Amid Steep Decline in Communication Services

(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes traded mixed amid steep declines in communication services and consumer discretionary in Monday's midday trading.The Nasdaq Composite dropped 1.2% to 26,208.5, with the S&P 500 down 0.3% to 7,478.8, while the Dow Jones Industrial Average rose 0.4% to 51,774.9.All sectors, except communication services, consumer discretionary, and technology, gained. Real estate and healthcare led the gainers. Communication services sank 4.5%, and consumer discretionary was down 1.9%.Alphabet (GOOG, GOOGL) Google DeepMind data scientist and Nobel Prize winner John Jumper is leaving to join Amazon (AMZN) and Alphabet-backed Anthropic, he said Friday. Shares of Alphabet slumped 6% intraday.In geopolitical news, US Vice President JD Vance said Monday that Iran agreed to allow International Atomic Energy Agency inspectors into the country, according to media reports. "That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance was cited as saying.Front-month global benchmark North Sea Brent slumped 3.8% to $77.48 per barrel. The US West Texas Intermediate dropped 3.2% to $73.45 per barrel.

Dow JonesNasdaq CompositeS&P 500$AMZN$GOOG$GOOGL
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Amid Continued US-Iran Talks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.2% in Monday's premarket activity, as traders focused on continuing US-Iran talks for a potentially positive outcome.US stock futures were higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average up 0.01%, and Nasdaq futures gaining 0.3% before the start of regular trading.Federal Reserve Governor Christopher Waller is slated to speak on Monday.In premarket action, bitcoin was up by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.6% higher, Ether ETF (EETH) advanced 2.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.02%.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.2%, while the iShares US Healthcare ETF (IYH) advanced by 0.03%. The iShares Biotechnology ETF (IBB) was 0.8% higher.Apogee Therapeutics (APGE) stock rose more than 47% premarket after AbbVie (ABBV) agreed to acquire Apogee for $135.11 per share in cash for a total equity value of $10.9 billion. AbbVie shares were 1.1% higher.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.2%, while the Vanguard Industrials Index Fund (VIS) retreated 0.7% and the iShares US Industrials ETF (IYJ) was 0.5% lower.SpaceX (SPCX) stock was down by nearly 4% before the opening bell following a 3.6% fall at the prior close. The Financial Times reported Sunday that the company was assigned MSCI's lowest possible ESG rating, triple-C, just ahead of its $75 billion initial public offering earlier this month.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.7%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 0.1%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.4%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Maplebear (CART) shares were down 2% pre-bell after closing Friday with a 4% rise. The company said Monday it launched a short-form vertical video feature that allows users to browse and shop meal and recipe content within retailer storefronts on its platform.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% lower.Robinhood Markets (HOOD) shares traded down 2% in early hours activity after the company said it plans to offer $2 billion worth of convertible senior notes due 2029 in a private placement.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced by 0.4%, and the iShares US Technology ETF (IYW) was 0.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 1.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was up 2.2%, while the iShares Semiconductor ETF (SOXX) rose by 1.3%.ServiceNow (NOW) shares were down more than 1% in premarket activity. The company said it has teamed up with Inspira Enterprise to offer the full suite of ServiceNow capabilities to enterprises worldwide through the IT services and consulting firm's platform.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.1%.CMB.TECH (CMBT) stock was up more than 2% before market open after the company said it will charter up to 12 shipping vessels capable of being powered by ammonia to Fortescue, an Australian metals and green-energy enterprise.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.9% to $75.17 per barrel on the New York Mercantile Exchange. Natural gas gained by 2.2% to $3.31 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1.6%, while the United States Natural Gas Fund (UNG) was 2% higher.Gold futures for July were down by 0.5% to $4,223.20 an ounce on the Comex. Silver futures advanced by 0.1% to $66.84 an ounce. SPDR Gold Shares (GLD) declined by 0.2%, and the iShares Silver Trust (SLV) was 1.1% higher.

Dow JonesNasdaq CompositeS&P 500$ABBV$APGE$BETH$BITO$CART$CMBT$EEM$EETH$EXI$FAS$FAZ$GLD$HOOD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NOW$PMR$QQQ$RTH$SLV$SOXX$SPCX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Asia Markets

Update: US Equity Futures Slightly Higher Pre-Bell As US-Iran Talks Start in Switzerland

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were marginally higher pre-bell Monday as traders considered the latest developments in the initial talks between the US and Iran, which target a more permanent peace deal.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were flat, and Nasdaq futures were 0.3% higher.After a memorandum of agreement was signed last week between US and Iran, US Vice President JD Vance and Iran's parliamentary speaker Mohammad Bagher Qalibaf completed the first round of high-level talks in Switzerland aimed at ending the war in the Middle East. Mediators Pakistan and Qatar said there was "encouraging progress" made in the negotiations, with technical discussions continuing this week.However, shipping stalled in the Strait of Hormuz over the weekend after Iran declared the waterway closed once again due to Israeli strikes in Lebanon, CNBC reported, citing data from maritime intelligence firm Windward. President Donald Trump said in a post on Truth Social that Iran should stop its proxies in Lebanon "from causing trouble." Trump added, "If they don't, we'll hit Iran very hard again, just like we did last week, only harder!!!"FedEx (FDX) and Micron Technology (MU), among others, are scheduled to report quarterly financial results this week.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.5% at $78.06 per barrel and US West Texas Intermediate crude 1.7% lower at $74.56 per barrel.The economic calendar is vacant on Monday.In other world markets, Japan's Nikkei closed 1.6% higher, Hong Kong's Hang Seng ended 0.7% lower, and China's Shanghai Composite finished 1.8% higher. Meanwhile, the UK's FTSE 100 was up 0.5%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, Alphabet (GOOG, GOOGL) shares were down 2.1% after Google DeepMind data scientist and Nobel Prize winner John Jumper said he is leaving the company to join Anthropic. SpaceX (SPCX) stock was down 3.8% after a Financial Times report that the company was assigned MSCI's lowest possible ESG rating, triple-C, ahead of its $75 billion initial public offering earlier this month. Robinhood Markets (HOOD) stocks fell 1.3% after the company said it plans to offer $2 billion worth of convertible senior notes due 2029 in a private placement.On the winning side, AbbVie (ABBV) and Apogee Therapeutics (APGE) shares were up 1.1% and 47%, respectively, after the two companies said AbbVie has agreed to acquire Apogee Therapeutics for $135.11 per share in cash for a total equity value of $10.9 billion.

Dow JonesNasdaq CompositeS&P 500$ABBV$APGE$FDX$GOOG$GOOGL$HOOD$MU$SPCX
Japan

US Equity Futures Largely Flat Pre-Bell As US-Iran Talks Start in Switzerland

US equity futures were mostly unchanged flat pre-bell Monday as traders considered the latest developments in the initial talks between the US and Iran, which target a more permanent peace deal.Dow Jones Industrial Average futures were flat, S&P 500 futures were down 0.1%, and Nasdaq futures were 0.1% higher.After a memorandum of agreement was signed last week between US and Iran, US Vice President JD Vance and Iran's parliamentary speaker Mohammad Bagher Qalibaf completed the first round of high-level talks in Switzerland aimed at ending the war in the Middle East. Mediators Pakistan and Qatar said there was "encouraging progress" made in the negotiations, with technical discussions continuing this week.However, shipping stalled in the Strait of Hormuz over the weekend after Iran declared the waterway closed once again due to Israeli strikes in Lebanon, CNBC reported, citing data from maritime intelligence firm Windward. President Donald Trump said in a post on Truth Social that Iran should stop its proxies in Lebanon "from causing trouble." Trump added, "If they don't, we'll hit Iran very hard again, just like we did last week, only harder!!!"FedEx (FDX) and Micron Technology (MU), among others, are scheduled to report quarterly financial results this week.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.8% at $78.65 per barrel and US West Texas Intermediate crude 1% lower at $75.12 per barrel.The economic calendar is vacant on Monday.

Dow JonesNasdaq CompositeS&P 500$FDX$MU
Stocks Down Pre-Bell as Traders Assess US-Iran Deal Progress, Await Key Inflation Report
US Markets

Stocks Down Pre-Bell as Traders Assess US-Iran Deal Progress, Await Key Inflation Report

The benchmark US stock measures were pointing lower before the opening bell Monday as investors monitored US-Iran peace talks and awaited a key inflation report later in the week.The S&P 500 declined 0.2%, the Dow Jones Industrial Average edged down 0.1% and the Nasdaq was slightly in the red in premarket activity. The indexes finished Thursday's trading session in the green.US markets were closed Friday for the Juneteenth National Independence Day holiday.Mediators Pakistan and Qatar said in a joint statement on Sunday that the US and Iran made "encouraging progress" in the first session of high-level discussions under the memorandum of understanding signed between the two countries last week. The talks took place in Switzerland.The mediators said the US and Iran created "a mechanism for further technical talks" and agreed to establish a high-level committee to oversee the mediation process. "The high level committee has agreed upon a roadmap towards reaching a final deal within 60 days," the statement said.Earlier on Sunday, President Donald Trump in a social media post threatened renewed military action against Iran if it didn't "immediately stop their highly paid proxies in Lebanon from causing trouble."Iran reportedly said on Saturday that it closed the Strait of Hormuz again following Israel's attacks on southern Lebanon, according to various media outlets.West Texas Intermediate crude oil nudged 0.5% higher to $77 a barrel before the open, while Brent decreased 1.7% to $79.20.With no economic reports scheduled for Monday, traders await the personal income and outlays report for May, scheduled to be released on Thursday. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.Last week, the Fed kept its monetary policy steady, its fourth consecutive pause, removing the so-called easing bias from its statement, while raising its interest rate expectations through 2028.The final estimate report of the first-quarter gross domestic product is also due on Thursday.Treasury yields rose in premarket action, with the two-year rate increasing 4 basis points to 4.22% and the 10-year rate inclining 3.4 basis points to 4.48%.Shares of Micron Technology (MU) rose 3.3% pre-bell with the company expected to report its latest financial results later in the week. Intel (INTC) gained 4.2% and Sandisk (SNDK) added 3.8%.Gold slipped 0.4% to $4,228 per troy ounce, while bitcoin inched up 0.1% to $64,182.

Dow JonesNasdaq CompositeS&P 500$INTC$MU$SNDK
International

Persian Gulf Outlook, Oil Prices Steady Wall Street Pre-Bell; Asia Mixed, Europe Off

Wall Street futures pointed largely sideways pre-bell Monday as traders digested mixed media reports of progress in Tehran-Washington peace talks and drooping crude oil prices.In the futures, the S&P 500 fell 0.1%, but the Nasdaq and the Dow Jones were steady.West Texas Intermediate crude oil traded down 0.8% at $75.25 in morning hours.Investors look forward this week to the S&P Global flash composite purchasing managers index (PMI) index report for June on Tuesday, and then the personal consumption expenditure-core (PCE-core) price index for May, the Federal Reserve's preferred inflation gauge, on Thursday.On the earnings scene, economy bellwether FedEx (FDX) and Micron Technology (MU) report quarterly results later this week.Asian exchanges traded mixed overnight, with a fresh zenith struck on Tokyo's Nikkei 225 index.European bourses mostly edged lower midday on the continent. UK Prime Minister Keir Starmer announced he will soon resign.The economic calendar is vacant on Monday.In premarket action, Bitcoin traded at $64,113, and 10-year US Treasuries offered 4.48%. Spot gold commanded $4,210 an ounce.

Dow JonesNasdaq CompositeS&P 500
Asia Markets

US Equity Investors to Watch Out for Micron Technology's Earnings, PCE Inflation, Iran Peace Talks This Week

US equity investors will focus this week on quarterly earnings from Micron Technology (MU) and inflation, while keeping a close eye on progress in talks between Iran and the US.* Earnings due this week include Micron Technology (MU), FedEx (FDX), Cerebras Systems (CBRS), Carnival (CCL), Trip.com (TCOM), Darden Restaurants (DRI), and Paychex (PAYX).* Looking ahead to Q2, consensus estimates call for earnings growth of more than 22%, according to a note from DA Davidson late Thursday. All of the S&P 500 constituents have reported Q1 results. Earnings surged almost 29% year-over-year, versus nearly 13% expected as of March 31, the strongest growth since Q4 2021. Information technology and communication services led the growth. Health Care was the only sector to see earnings fall in Q1.* Macroeconomic data due this week includes personal consumption expenditures, or PCE, price index, final read on Q1 gross domestic product, ADP employment change, S&P global composite PMI, durable goods orders, and Michigan consumer sentiment final, as well as inflation expectations.* "We used to think [PCE] was the Federal Reserve's favourite inflation gauge but now we're less sure given the arrival of a new Chair [Kevin Warsh] who launched five taskforces this past week including one to look at different measures of inflation," a Scotiabank note said late Thursday.* The US and Iran agreed to create a "de-confliction cell," facilitated by Qatar and Pakistan to ensure the end of military operations in Lebanon, CNN cited mediators in a news report early Monday. Fighting between Israel and Iran-backed Hezbollah has been a key obstacle to a deal, with Tehran insisting that deadly Israeli strikes must stop.* Iran's foreign minister, Abbas Araghchi, said sanctions on Tehran's oil were waived and some of its frozen assets released, CNN reported. Araghchi was also cited as saying a "reconstruction and development plan" was launched.

Dow JonesNasdaq CompositeS&P 500$CBRS$CCL$DRI$FDX$MU$PAYX$TCOM
Update: Equities Rise, Oil Little Changed as Focus Shifts to Further US-Iran Talks
US Markets

Update: Equities Rise, Oil Little Changed as Focus Shifts to Further US-Iran Talks

(Updates with market moves at the end of the day.)US benchmark equity indexes closed higher Thursday and oil prices were little changed as markets evaluated the prospects of further talks between Washington and Iran following a preliminary agreement to end the Middle East conflict.The Nasdaq Composite added 1.9% to 26,517.9. The S&P 500 rose 1.1% to 7,500.6, while the Dow Jones Industrial Average closed 0.1% higher at 51,564.7.Among sectors, technology led the gainers, while energy saw the biggest drop.US markets will be closed Friday for the Juneteenth National Independence Day holiday.The US and Iran have signed a memorandum of understanding to end their war and reopen the critical Strait of Hormuz to commercial shipping. Both parties have at least 60 days to hammer out a final deal.But some analysts have flagged the possibility of implementation risks and potential disagreements.As part of the preliminary deal, the US and regional partners will develop a plan providing at least $300 billion in economic development financing for Tehran. Iran agreed that it will not procure or develop nuclear weapons.In addition, the MOU declares an "immediate and permanent" end of all military operations, including in Lebanon.West Texas Intermediate crude oil was little changed at $76.81 a barrel in Thursday late-afternoon trade, while Brent was up 0.1% to $79.63.The Federal Reserve is unlikely to raise interest rates anytime soon, if at all, despite the removal of the so-called easing bias from its monetary policy statement, Stifel said Thursday.The US central bank held its key interest rate steady on Wednesday for the fourth straight time, while upgrading inflation and interest rate expectations.New Fed Chair Kevin Warsh announced a series of taskforces to review areas including communication, data sources and inflation frameworks.US Treasury yields were mixed in late-afternoon trade, with the two-year rate last seen up about 1.8 basis points at 4.18% and the 10-year rate falling 0.8 basis points to 4.46%.In company news, Intel (INTC) closed 11% higher Thursday, among the top gainers on the S&P 500. US President Donald Trump announced that Apple (AAPL) had agreed to partner with Intel to design and manufacture chips domestically.Wedbush Securities said the chip production agreement is a major growth opportunity for Intel.Apple shares rose 0.7%.Sandisk (SNDK) shares closed 12% nearly higher, top performer on the S&P 500.Accenture (ACN) shares finished 18% lower, the steepest decline on the index. The company trimmed the top end of its full-year revenue growth outlook as its sales fell short of market expectations in the fiscal third quarter, while the consulting firm announced three acquisition deals worth about $4.18 billion.Gold was down 3.4% at $4,233.30 per troy ounce, while silver slumped 7.1% to $66.24 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$ACN$INTC$SNDK
Asia Markets

Update: US Equity Indexes Rise as Washington Lifts Blockade of Iran's Ports, Deal Sets Up Hormuz Chokepoint for Reopening

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes rose after a peace deal signed by President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, led to Washington lifting its blockade of Tehran's ports on Thursday and as mega-cap semiconductor names rallied.The Nasdaq Composite advanced 1.9% to 26,517.93, with the S&P 500 up 1.1% to 7,500.58 and the Dow Jones Industrial Average higher by 0.1% to 51,564.70 on Thursday.Technology led the gainers, followed by consumer discretionary and communication services. Energy led the decliners.The US on Thursday lifted its blockade of Iran, and oil tankers began freely moving through the Strait of Hormuz after months of being unable to use the critical channel, as the tentative agreement to end the war took effect, according to the Associated Press. US Vice President JD Vance said that the 60-day negotiating period between Tehran and Washington began on Thursday, Al Jazeera reported.Iran's Supreme National Security Council says that the Persian Gulf Strait Authority has been charged with issuing permits as fast as possible for commercial vessels wishing to transit the Strait of Hormuz, the Al Jazeera report said.Front-month global benchmark North Sea Brent shed 0.3% to $79.34 per barrel, and the US West Texas Intermediate climbed 0.3% to $76.55 per barrel. Both the WTI and Brent traded more than 2% lower earlier in the session.The US expects "a complete ceasefire on all fronts", including Lebanon, Hezbollah, and Israel, Al Jazeera cited US President Donald Trump as saying. "We encourage everyone in the Middle East Region to maintain their commitment to allowing our negotiations to beautifully unfold.""You can't just kill your way out of solving every single national security problem that you have," Al Jazeera cited Vance as saying in reference to Israel.In company news, Intel (INTC) shares surged 11% to among the leaders on the S&P 500 and the Nasdaq, after Trump said Apple (AAPL) has agreed to work with Intel to design and build chips in the US.Tower Semiconductor (TSEM) said it shipped more than five million coherent photonic integrated circuits in partnership with Marvell Technology (MRVL). Shares of Marvell jumped 7.3%, among the top gainers on the Nasdaq.In economic news, US initial jobless claims fell to 226,000 in the week ended June 13 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.In precious metals, gold futures slumped 3.3% to $4,238.30, while silver futures plummeted 6.7% to $66.51 as investors priced in higher interest rates this year.On Wednesday, the Federal Reserve unanimously left its benchmark rate unchanged in the 3.50% to 3.75% range, while excluding language that suggested a lingering bias toward cuts. The probability of US interest rates rising to the 4% to 4.25% target range soared to 33% as of Thursday afternoon from 14% a week ago, implying the market doubled its outlook for two rate increases of 25 basis points each by the end of 2026, according to the CME FedWatch tool.US Treasury yields traded mixed, with the 10-year down less than one basis point to 4.45%, while the two-year rose 1.6 basis points to $4.18%.

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Equities

S&P 500 Posts Weekly Gain Amid US-Iran Memorandum of Understanding

The Standard & Poor's 500 index rose 0.9% this week, boosted by a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran.The S&P 500 ended the week at 7,500.58. Thursday marked the final trading day of the week as the US stock market will be closed Friday for the Juneteenth holiday.The market benchmark is down 1.1% for the month but up 9.6% for the year.The memorandum of understanding between the US and Iran was signed Wednesday. The landmark agreement arrives after more than three months of hostilities resulted in the effective closure of the Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.The document, signed by US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, ensures toll-free passage of commercial vessels between the Persian Gulf and the Sea of Oman for 60 days. As part of the preliminary deal, Iran agreed that it won't procure or develop nuclear weapons. In addition, the MOU declares an "immediate and permanent" end of all military operations, including in Lebanon.Also this week, the Federal Reserve kept its monetary policy steady, removing the so-called easing bias from its statement, while raising its interest rate expectations through 2028. The central bank's Federal Open Market Committee maintained its interest rate at 3.50% to 3.75%, in line with Wall Street's expectations and marking its fourth consecutive pause.The technology sector had the largest percentage gain of the week, climbing 3.1%, followed by a 2.6% rise in industrials and a 1.1% increase in communication services. Consumer discretionary, utilities and financials also edged higher.Western Digital (WDC) and Seagate Technology (STX) shares were among the top weekly gainers in the technology sector as Morgan Stanley analysts said in a report that the companies are expected to benefit from strengthening demand for hard disk drives. Western Digital shares jumped 33% and Seagate shares added 15%.Micron Technology (MU) also gave the technology sector a boost, with its shares climbing 16%, amid multiple bullish analyst reports this week ahead of its earnings report due next week. Micron's shares deserve a higher valuation amid a stronger memory cycle driven by AI demand and tight industry supply, RBC Capital Markets said in a note to clients. Wedbush said the company is expected to benefit further from an upward trajectory in memory prices.On the downside, the energy sector fell 6.6% as crude oil futures dropped amid the agreement to reopen the Strait of Hormuz. Also in the red, real estate shed more than 3%, health care lost 3% and consumer staples declined 2.9%. Materials also edged lower.SLB (SLB) and Halliburton (HAL) had the largest weekly percentage drops in the energy sector, sliding 14% and 12%, respectively.Next week, in addition to Micron, earnings reports are expected from companies including FedEx (FDX), Darden Restaurants (DRI) and Carnival (CCL).Economic data will include the May personal consumption expenditures price index and the third estimate of Q1 gross domestic product. May consumer spending and durable goods will also be among the data released.

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Asia Markets

US Equity Indexes Rise This Week as Signing of Iran Peace Deal Lays Groundwork for Hormuz Chokepoint Reopening

US equity indexes rose this week as the interim Iran peace agreement set the stage for reopening the Strait of Hormuz, outweighing the Federal Reserve's hawkish tone at the June policy meeting.* The S&P 500 closed at 7,500.58 on Thursday versus 7,431.46 a week ago. The Nasdaq Composite stood at about 26,517.93, compared with 25,888.84 a week earlier. The Dow Jones Industrial Average ended at 51,564.70, versus 51,202.26 at the end of last week.* President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, digitally signed a memorandum of understanding targeting a permanent deal to end the war between the US and Iran.* "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days," Reuters cited from the MoU.* West Texas Intermediate crude oil traded at $73.81 late Thursday, heading for pre-Iran war levels ahead of the reopening of the Persian Gulf chokepoint for about a fifth of global crude oil flows.* The US 10-year Treasury yield traded at 4.43% late Thursday, after touching 4.66% in May, as slumping oil prices alleviated inflation concerns.* The Fed kept policy steady to mark its fourth consecutive pause, but ejected the so-called lingering easing bias from its policy statement.* "While Chair [Kevin] Warsh was unwilling to indicate the direction of the Fed funds rate ahead, nine of his 18 colleagues had no such reservations and pencilled in a hike to 3.75-4.00% by year-end in the dot plot," Berenberg said in a note. "That was a big change from the previous iteration in March, in which 12 out of 19 were expected to cut this year.* "This, alongside Warsh's defence of his Fed's commitment to the 2% inflation half of the Fed's mandate, led investors to price in 38bp of tightening this year, up from 21bp previously," the Berenberg note said. "A hike is now fully priced in by October."

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Japan

US Equity Markets Close Higher as Chipmakers Surge; US and Iran Sign Hormuz Deal

US equity indexes rose Thursday amid a rally in mega-cap semiconductors and after the US and Iran signed a memorandum of understanding to immediately reopen the Strait of Hormuz.* President Donald Trump and Iranian President Masoud Pezeshkian digitally signed an MOU targeting a permanent peace deal to end the war between the US and Iran. One clause in the framework agreement states that "the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa," Reuters reported.* US initial jobless claims last week dropped to 226,000 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in an analyst survey compiled by Bloomberg.* July West Texas Intermediate crude oil fell $0.06 to settle at $76.73 per barrel, while August Brent crude, the global benchmark, was last seen down $0.04 at $79.52.* Intel (INTC) shares rose 11%, the second-biggest gainer on the Nasdaq, after Trump said Apple (AAPL) agreed to work with the semiconductor maker to design and build chips in the US.* Accenture (ACN) shares fell 18%, the largest drop on the S&P 500, after the company reduced the top end of its full-year revenue outlook and posted weaker-than-expected fiscal Q3 sales, while announcing three cybersecurity acquisitions worth about $4.18 billion.

Dow JonesNasdaq CompositeS&P 500$AAPL$ACN$INTC
Japan

Update: US Equity Indexes March Higher Ahead of Iran Reopening Hormuz Chokepoint

(Updates with index/price moves and political news from the first paragraph.)US equity indexes rose as crude oil headed for pre-Iran war levels after a peace deal signed by President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, set the stage for an immediate reopening of the Strait of Hormuz.The Nasdaq Composite advanced 1.5% to 26,406.3, with the S&P 500 up 1.1% to 7,499.9 and the Dow Jones Industrial Average higher by 0.4% to 51,673.7 ahead of Thursday's close.Trump and Pezeshkian digitally signed a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran."Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa," Reuters cited one of the clauses in the framework agreement. "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days."Israel published a map on Thursday showing an expanded military control zone in southern Lebanon and said it would not rule out carrying out attacks beyond it, challenging the terms of the US-Iran pact that calls for Lebanon's sovereignty to be respected, Reuters reported.US Vice President JD Vance on Thursday rebuked Israeli officials criticizing the agreement with Iran, saying at a White House press briefing that Trump "is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time," according to the Associated Press.Front-month global benchmark North Sea Brent slumped 0.7% to $79.03 per barrel, and the US West Texas Intermediate sank 1% to $76.06 per barrel.

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Update: Equities Rise Intraday, Oil Falls as US, Iran Sign Peace Deal
US Markets

Update: Equities Rise Intraday, Oil Falls as US, Iran Sign Peace Deal

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, while oil prices fell as markets reacted to the signing of an interim peace deal between Washington and Iran.The Nasdaq Composite was up 1.6% at 26,445.7 after midday Thursday, while the S&P 500 rose 1.2% to 7,505.3. The Dow Jones Industrial Average advanced 0.4% to 51,717.6. The indexes closed the previous trading session lower.Among sectors, technology paced the gainers intraday Thursday, while energy saw the steepest decline.US markets will be closed Friday for the Juneteenth National Independence Day holiday.West Texas Intermediate crude oil was down 2.1% at $75.19 a barrel intraday Thursday, while Brent fell 1.8% to $78.12.The US signed a memorandum of understanding with Iran to end their war and reopen the Strait of Hormuz.A 60-day period for negotiations on a final deal has started, CNN reported Thursday, citing US Vice President JD Vance, who added that technical talks are likely to commence this weekend."The relief in financial markets should not be mistaken for a complete dissolution of geopolitical risks but rather as a reaction to the reopening of the Strait of Hormuz," ING Bank said in a note."If the MoU really is the start of successful negotiations, we could eventually return to a macro world that we had actually expected at the start of this year: a gradually recovering global economy with risks of inflation undershooting and central bank rate cuts," the firm wrote.US Treasury yields were lower intraday, with the 10-year rate down 2.9 basis points at 4.43% and the two-year rate dropping one basis point to 4.15%.In economic news, weekly applications for unemployment insurance in the US dropped, while continuing claims moved higher, official data showed."Despite the bounce off the recent lows, the level of initial claims -- averaging just above 220,000 -- is still consistent with a broad range of labor market indicators that show the job market has improved but isn't overheating," Oxford Economics said in a note. "That will allow the (Federal Reserve) to keep (monetary) policy on hold while it waits for inflation to come down."On Wednesday, the US central bank's Federal Open Market Committee left its benchmark lending rate unchanged for a fourth straight meeting. The FOMC removed the so-called easing bias from its latest statement while raising its interest rate expectations through 2028, saying inflation remains elevated.In company news, Intel (INTC) shares were up nearly 11% intraday Thursday, the top gainer on the S&P 500. US President Donald Trump said on social media that Apple (AAPL) had agreed to work with Intel to design and build chips in the US.Wedbush Securities said in a note that Apple's chip production deal with Intel represents a big opportunity for the semiconductor manufacturer.Apple shares were up 0.7% intraday.Accenture (ACN) trimmed the top end of its full-year revenue growth outlook as its sales fell short of market expectations in the fiscal third quarter, while the consulting firm announced three acquisition deals worth about $4.18 billion to expand its cybersecurity capabilities. Accenture shares were down 18% intraday, the steepest decline on the S&P 500.Kroger (KR) was among the worst performers on the index, down 8.1%, as the supermarket chain reiterated its full-year outlook after its fiscal first-quarter sales topped market estimates, while earnings fell short of expectations.Gold was down 3.1% at $4,247.90 per troy ounce, while silver decreased 6.3% to $66.79 per ounce.

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Asia Markets

Exchange-Traded Funds, US Equities Higher After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV were higher after midday Thursday. Actively traded Invesco QQQ Trust (QQQ) was up 2.4%.US equity indexes rose amid a rally in mega-cap semiconductors and as crude oil extended declines to the lowest in more than three months after a signing of the interim Iran peace deal set the stage for an immediate reopening of the Strait of Hormuz.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each fell 2%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) and iShares US Technology ETF (IYW) rose 2.9% each, while iShares Expanded Tech Sector ETF (IGM) was up 2.8%.The State Street SPDR S&P Semiconductor (XSD) increased and iShares Semiconductor (SOXX) were up 6.4% each.FinancialThe State Street Financial Select Sector SPDR (XLF) dropped 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) shed 1.9%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), gained 2%.CommoditiesCrude oil decreased 2.1%, and the United States Oil Fund (USO) fell 1.3%. Natural gas gained 2.5%, and the United States Natural Gas Fund (UNG) was 1.3% higher.Gold on Comex lost 3.3%, and the State Street SPDR Gold Shares (GLD) also dropped 0.2%. Silver declined 6.5%, and iShares Silver Trust (SLV) was down 1.4%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) was down 0.2%. The Vanguard Consumer Staples ETF (VDC) fell 0.2% and iShares Dow Jones US Consumer Goods (IYK) was down 0.4%.The State Street Consumer Discretionary Select Sector SPDR (XLY) gained 1.6%. VanEck Retail ETF (RTH) was 0.9% higher, and the State Street SPDR S&P Retail (XRT) moved up 2.5%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) shed 0.9%, iShares US Healthcare (IYH) decreased 0.7%, and Vanguard Health Care ETF (VHT) slipped 0.7%. IShares Biotechnology ETF (IBB) dropped 0.4%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) added 1.1%. Vanguard Industrials Index Fund (VIS) gained 1.3%, while iShares US Industrials (IYJ) rose 0.6%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) was down 2.7%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) declined 2.7%, ProShares Ether ETF (EETH) fell 3.1%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.8% lower.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH
Asia Markets

Update: US Equity Indexes Jump as Crude Oil Heads for Pre-War Levels Ahead of Iran Reopening Hormuz Chokepoint

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes rose amid a rally in mega-cap semiconductors and as crude oil extended declines to the lowest in more than three months after a signing of the interim Iran peace deal set the stage for an immediate reopening of the Strait of Hormuz.The Nasdaq Composite advanced 1.5% to 26,406.3, with the S&P 500 up 1.1% to 7,499.9 and the Dow Jones Industrial Average higher by 0.4% to 51,673.7 after midday Thursday.All sectors except energy, health care, consumer staples, and financials rose. Technology led the gainers, followed by consumer discretionary.President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran."Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa," Reuters cited one of the clauses in the framework agreement. "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days."Crude oil futures declined, with front-month global benchmark North Sea Brent slumping 2.6% to $77.49 per barrel after midday. The US West Texas Intermediate sank 3% to $74.50 per barrel, the lowest level since around early March.Most US Treasury yields fell, with the 10-year down 2.2 basis points to 4.44%, as sliding crude oil alleviates inflation concerns.In precious metals, gold futures slumped 3.2% to $4,240.5, while silver futures plummeted 6.6% to $66.13 as investors priced in higher interest rates this year.On Wednesday, the Federal Reserve unanimously left its benchmark rate unchanged in the 3.50% to 3.75% range, while excluding language that suggested a lingering bias toward cuts. The probability of US interest rates rising to the 4% to 4.25% target range soared to 33% as of Thursday afternoon from 14% a week ago, implying the market doubled its outlook for two rate increases of 25 basis points each by the end of 2026, according to the CME FedWatch tool.In company news, Intel (INTC) shares surged 11% to among the leaders on the S&P 500 and the Nasdaq, after Trump said Apple (AAPL) has agreed to work with Intel to design and build chips in the US.Tower Semiconductor (TSEM) said it shipped more than five million coherent photonic integrated circuits in partnership with Marvell Technology (MRVL). Shares of Marvell soared 12%, the top gainer on the Nasdaq.In economic news, US initial jobless claims fell to 226,000 in the week ended June 13 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.

Dow JonesNasdaq CompositeS&P 500$AAPL$INTC$MRVL$TSEM
Japan

Update: US Equity Indexes Jump as Crude Oil Heads for Pre-War Levels Ahead of Iran Reopening Hormuz Chokepoint

(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes rose amid a rally in mega-cap semiconductors and as crude oil extended declines to the lowest in more than three months after a signing of the interim Iran peace deal set the stage for an immediate reopening of the Strait of Hormuz.The Nasdaq Composite advanced 1.3% to 26,372.2, with the S&P 500 up 1.1% to 7,499.8 and the Dow Jones Industrial Average higher by 0.6% to 51,798.5 in midday trading Thursday.All sectors except energy, health care, and consumer staples rose. Technology led the gainers.President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran."Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa," Reuters cited one of the clauses in the framework agreement. "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days."Crude oil futures declined, with front-month global benchmark North Sea Brent slumping 3% to $77.15 per barrel after midday. The US West Texas Intermediate sank 3.5% to $74.09 per barrel, the lowest level since around early March.In company news, Intel (INTC) shares surged 8.4%, among the leaders on the S&P 500 and the Nasdaq, after Trump said Apple (AAPL) has agreed to work with Intel to design and build chips in the US.

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