Stocks enjoyed an impressive surge to start the holiday-shortened week, with the Dow ushering in an intraday record high, while the S&P 500 managed its own rare, triple-digit pop. The tech-heavy Nasdaq also brought home notable gains, logging its best daily gain since March 31. Driving today's optimism was news of a signed peace deal between the U.S. and Iran, in which the Strait of Hormuz is expected to be fully reopened.
Also of note, both the New York Fed's Empire State Manufacturing Survey and NAHB Housing Market index fell in June. On the flip side, Bitcoin (BTC) climbed back above $66,000 for the first time in two weeks.
Crude Crashed Out Over Strait Reopening
Crude prices sank as investors looked to the full reopening of the Strait of Hormuz, after President Trump said "Let the oil flow!" in response to the U.S.-Iran peace deal. July-dated West Texas Intermediate (WTI) shed 4.9% to close at $80.75 per barrel.
Gold futures popped on news of the peace deal, with prices earlier hitting a one-week high. August-dated gold futures settled 2.7% higher at $4,351.60 per ounce.
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