24H | Tech Stocks Jump, Oil Stocks Drop After US, Iran Reach Peace Deal, Reopen Strait of Hormuz
U.S. stocks futures rally, while Oil prices slipped to their lowest since March on Monday after U.S. President Donald Trump and Iran's deputy foreign minister said they had reached an initial deal to end the war and to resume traffic through the Strait of Hormuz.
Big tech stocks jumped in overnight trading. Micron, Intel, and SpaceX rose 5%; AMD rose 4%; Broadcom and TSMC rose 3%; Nvidia, Palantir, and Oracle rose 2%; Alphabet, Amazon, Meta, Tesla, and Microsoft rose 1%.
Other chip stocks also jumped in overnight trading. Arm rose 7%; Marvell Technology rose 6%; STMicroelectronics and SanDisk rose 5%; Western Digital rose 4%.
Crypto stocks jumped in overnight trading. Strategy rose 6%; Circle, MARA Holdings, BitMine, IREN, and Coinbase rose 5%.
Optical communication stocks rallied in overnight trading. AXT rose 6%; POET Technologies rose 5%; Applied Optoelectronics, Corning, Credo Technology, and Ciena rose 4%.
Oil stocks dropped in overnight trading. ProShares Ultra Bloomberg Crude Oil fell 6%; United States Oil Fund LP fell 4%; United States Brent Oil Fund LP, Total SA, and Devon fell 3%; Occidental fell 2%.
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