On Monday, the United States and Iran reached a memorandum of understanding to end hostilities; the two sides will sign the agreement on Friday, at which point the Strait of Hormuz will reopen.
The U.S. Dollar Index opened lower but rebounded, recouping all of its intraday losses to close up 0.006% at 99.67. The benchmark 10-year U.S. Treasury yield closed at 4.474%, while the 2-year U.S. Treasury yield, which is sensitive to the Fed’s policy rate, closed at 4.079%.
Spot gold opened higher with a gap and maintained its upward momentum, approaching $4,370 per ounce during the session. It ultimately closed up 2.13% at $4,309.24 per ounce, marking its third consecutive trading day of gains;Spot silver briefly rose above $71 per ounce but narrowed its intraday gains during the U.S. session, ultimately closing up 2.91% at $69.98 per ounce.
International crude oil opened lower and traded sideways, with both WTI and Brent hitting their lowest levels since March 10.WTI crude briefly fell below the $80 mark, ultimately closing down 4.05% at $81.38 per barrel; Brent crude closed down 3.69% at $86.91 per barrel.
All three major U.S. stock indices rose, with the Dow Jones Industrial Average closing up 0.9%, the S&P 500 up 1.66%, and the Nasdaq up 3.07%. SpaceX (SPCX.O) rose nearly 20%, pushing its market capitalization past $2.5 trillion.NVIDIA (NVDA.O) rose more than 3%, and Oracle (ORCL.N) rose more than 4%. The Nasdaq Golden Dragon China Index closed up 0.3%, with iQIYI (IQ.O) rising nearly 2%.