Wall Street had one of its best days in weeks after the US and Iran reached a preliminary ceasefire agreement, sending the Nasdaq up roughly 2.3% and the S&P 500 higher by about 1.3%. The Dow joined the party with a gain of approximately 1.2%.
What the deal actually includes
The preliminary agreement establishes a 60-day ceasefire during which hostilities, including those in Lebanon, are set to pause. Deeper discussions about Iran’s nuclear program have been deferred to a later phase.
A 14-point framework for the ceasefire was leaked to the public before the formal signing, which is scheduled for June 19 in Switzerland. President Trump and Iranian President Masoud Pezeshkian are both expected to be involved in the ceremony.
The mediation effort drew in multiple countries, with Pakistan and Qatar playing notable roles in brokering the talks. Perhaps the most market-relevant provision: the reopening of the Strait of Hormuz with no tolls.
