Markets rally as US-Iran ceasefire opens Hormuz, easing oil fears

U.S. stocks jumped at the open after news of a provisional US-Iran ceasefire and plans to reopen the Strait of Hormuz, sending oil prices lower and lifting risk appetite. The Nasdaq led gains, up about 2.8%, with the S&P 500 up around 1.7% and the Dow up about 1.1% as investors eyed the Federal Reserve’s upcoming policy decision, pricing in a likely rate hold. Oil futures fell more than 4–5%, Brent near $83 and WTI near $80. In headlines, Nvidia topped a $5 trillion valuation, Fox announced a Roku deal that weighed on Fox shares, and SpaceX’s market debut buoyed sentiment. Note: U.S. markets will be closed Friday for Juneteenth.