Stocks jumped out of the gate and stayed higher through the close as market participants cheered news of potential peace in the Middle East. Oil prices, meanwhile, cratered as reports of a deal to end the months-long war circulated, though the Federal Reserve is still likely to stay on hold at this week's meeting.
Over the weekend, Pakistani Prime Minister Shehbaz Sharif announced on X "that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED." President Donald Trump later confirmed the news.
