The main US stock market indices are set to extend major gains on Monday after Washington and Iran announced that they have finally agreed upon a much awaited truce deal to end the war.
Futures tied to the wider index S&P 500 rose 1.2% to 7,530.25, tech-heavy Nasdaq 100 surged over 2% in pre-market to 30,575.50, while Dow Jones Industrial Average futures added over 400 points or or 0.8% to 52,057.
On Sunday, Donald Trump had announced that the deal with Iran “now complete” and later Pakistan Prime Minister Shehbaz Sharif said an official signing ceremony would take place on Friday in Switzerland.
Notably, Trump also announced that he has authorised the re-opening of key maritime transit route, Strait of Hormuz after which crude oil prices declined sharply.
As of 5:23 IST, Brent crude traded 4.9% lower $83.06 per barrel while West Texas Intermediate was down 5.28% to $80.44 per barrel.
The republican president’s announcement had come after an exchange of fire between Israel and Iran-backed Hezbollah in Lebanon.
Trump had also reprimanded Israeli PM Benjamin Netanyahu, calling him “f***ing crazy” accusing him of ingratitude and stating he helped keep the Israeli leader out of prison
Wall Street indices, which opened on a mixed note on Friday, ended higher boosted by SpaceX’s blockbuster debut. Elon Musk’s rocket company listed on the Nasdaq index at $150, an 11% premium to its issue price of $135 per share.
During the day, SpaceX shares rallied as much as 30% to $176 and closed over 19% higher at $160.9. The stock was up over 5% to $169.49 in pre-market trading.