Wall Street rallied sharply and international oil prices plummeted on news that the United States and Iran reached a dramatic ceasefire agreement.
On Thursday, the Dow Jones Industrial Average closed at 47,909.92, up 1,325.46 points (2.85%) from the previous trading day. The S&P 500 ended at 6,782.81, gaining 165.96 points (2.51%), while the Nasdaq Composite finished at 22,634.99, up 617.15 points (2.80%).
Among major technology stocks by market capitalization, Nvidia rose 2.22%, Apple gained 2.13%, Microsoft added 0.55%, Amazon climbed 3.50%, Google parent Alphabet surged 3.88%, Broadcom jumped 4.99%, and Facebook parent Meta soared 6.50%. Tesla bucked the trend, closing down 0.98% despite the broader market rally.
Wall Street showed strong gains from the opening bell on news that the US and Iran reached a last-minute agreement with just 88 minutes remaining before the negotiation deadline. President Trump posted on his social network Truth Social the previous day, stating, "I agree to halt bombing and attacks on Iran for two weeks on the condition that Iran agrees to the complete, immediate, and safe opening of the Strait of Hormuz." Iranian Foreign Minister Abbas Araghchi also said he agreed to the ceasefire proposed by mediator Pakistan, adding, "For the next two weeks, we will cooperate with the Iranian military to ensure safe passage through the Strait of Hormuz." Israel also agreed to the ceasefire proposal in principle.
White House Press Secretary Karoline Leavitt said in a briefing Thursday that "President Trump has decided to send a negotiating team led by Vice President JD Vance, Special Envoy Steve Witkoff, and Jared Kushner (the president's son-in-law) to Islamabad (Pakistan's capital)." Leavitt added, "The first meeting will be held Saturday morning (the 11th), and we are looking forward to face-to-face talks."
International oil prices fell sharply on news of the US-Iran ceasefire agreement. Brent crude futures for June delivery on the London ICE Futures Exchange closed at $94.75 per barrel, down $14.52 (13.29%) from the previous trading day. This marked the largest single-day decline since March 2022. West Texas Intermediate (WTI) crude futures for May delivery on the New York Mercantile Exchange also fell $18.54 (16.41%) to close at $94.41. This was the steepest drop since April 2020. WTI futures prices fell to their lowest level since the 25th of last month.
As oil prices plunged, energy stocks declined across the board. ExxonMobil and Chevron fell 4.69% and 4.29%, respectively. Meanwhile, most airline and travel stocks surged as fuel cost pressures eased. Delta Air Lines rose 3.75%, and American Airlines jumped 5.55%.
