Stocks Surge, Oil Drops on Iran Deal Hopes – US Market Wrap

Stocks jumped, yields fell, oil dropped, and the dollar weakened as optimism over a US-Iran deal boosted risk sentiment.

Wall Street powered a rally as oil sank after Trump signaled the US is close to an agreement with Iran, raising hopes for an end to the war. The S&P 500 climbed 1.8%, snapping a two-day decline, while US crude slid to around $86 in late trading, easing inflation concerns and pushing bond yields lower. A nearly 8% surge in chipmakers added to the upbeat tone, while SpaceX raised $75B in a record IPO.

Trump pulled back from threatened strikes, citing high-level discussions with Iran and saying a deal could be finalized within days, with a potential signing as soon as this weekend in Europe.