US Equity Markets End Higher After US, Iran Confirm Peace Framework Agreement; Crude Oil Prices Fall
US equity indexes were higher on Monday after the US and Iran agreed on a peace framework and crude oil prices fell.* Iran's Supreme National Security Council confirmed on Sunday that a memorandum of understanding had been reached, with military operations on all fronts set to cease immediately. The peace deal will end the US blockade of Iranian ports and reopen the Strait of Hormuz, according to multiple media reports.* Industrial production rose by 0.1% in May, compared with expectations for a larger 0.3% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.9% increase in April.* The New York Federal Reserve's Empire State manufacturing index fell to 5.7 in June from 19.6 in May, compared with a smaller expected decrease to 13.5 in a survey compiled by Bloomberg.* July West Texas Intermediate crude oil fell $3.45 to settle at $81.43 per barrel, while August Brent crude, the global benchmark, was last seen down $3.62 at $83.71.* Western Digital (WDC) shares were up nearly 16%, the top gainer on the S&P 500 and Nasdaq, after Morgan Stanley raised the company's price target to $650 from $488 while keeping its overweight rating, citing rising demand for Hard Disk Drives.* Fox (FOX, FOXA) shares fell roughly 16%, the worst performer on the S&P 500, after the company agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion, creating a media and technology entity with one of the largest streaming businesses in the US.