Overview
- President Trump said he called off scheduled strikes and negotiators reported major progress on an Islamabad memorandum, a development markets read as reducing the risk of oil‑export disruptions.
- Global markets rallied on the news, with U.S. indexes reversing losses and the Dow swinging about 930 points on Thursday, while SpaceX’s record $75 billion IPO on June 12 added to investor optimism.
- Crude prices fell sharply, down roughly 3–4% in the sessions cited, which eased near‑term inflation pressure and helped cyclical and travel stocks recover.
- Chipmakers and AI‑linked names led gains after the shock, with firms such as AMD, Marvell and Micron jumping, while software names like Oracle plunged after reporting higher capital spending.
- The reported framework remains provisional and must be approved by key Iranian security actors including elements of the IRGC, so geopolitical and market risks persist even as lower oil prices could influence Fed deliberations next week.