US stock markets today LIVE: US stock futures up to 3.5% as oil crashes on US-Iran ceasefire; tech stocks higher
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Global markets rallied after the US and Iran agreed to a two-week ceasefire, easing fears of a deeper Middle East conflict. The ceasefire triggered a sharp reversal in equities, commodities, and currencies, with oil prices plummeting and tech stocks rising.
A two-week ceasefire between the US and Iran sparked a global market rally. Wall Street futures rose, with S&P 500 futures up 2.7% and Nasdaq 100 futures gaining 3.3%. The ceasefire includes Iran's agreement to reopen the Strait of Hormuz, a crucial oil shipping route. Oil prices plunged, with West Texas Intermediate crude falling 19% and Brent crude dropping 14%. The decline in oil prices boosted hopes of easing inflationary pressure and improved the outlook for global growth. Equity markets also reacted, with MSCI's Asia Pacific index jumping 5.1% and Indian markets gaining nearly 4%.
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