S&P 500 Futures Rise as US-Iran Sign Peace MoU

Markets are extending gains after the U.S. and Iran signed a memorandum of understanding on June 18 to begin permanent peace talks, reopen the Strait of Hormuz, and lift the naval blockade. The agreement follows the preliminary deal and 60-day ceasefire extension announced earlier in the week that already triggered a sharp relief rally. On June 15 the S&P 500 surged 1.7% to a record 7,554.29 while the Nasdaq jumped 3.1% and WTI crude plunged more than 5% below $80. Oil prices have since fallen further to $75.17, easing inflation concerns ahead of the Fed meeting. S&P 500 futures now point to a 0.8% higher open as risk appetite remains firm.