Wall Street indices extended gains on Monday to open sharply higher as investors cheered the recent Iran-US breakthrough to end the war.
The S&P 500 surged 1.27% or 100 points to 7,531.51, tech-heavy Nasdaq Composite soared 2.27% to 26,477.13 as newly-listed SpaceX shares continued to rally; while Dow Jones Industrial Average added 587 points to rise 1.15% and open at an intraday high of 51,789.64.
SpaceX shares, which had closed with over 19% gains on listing day continued to advance on the second day of trade and rose over 5% to $168.87.
On Sunday, Donald Trump had announced that the deal with Iran "now complete"; later Pakistan Prime Minister Shehbaz Sharif said an official signing ceremony would take place on Friday in Switzerland.
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Notably, Trump also announced that he has authorised the re-opening of key maritime transit route, Strait of Hormuz after which crude oil prices declined sharply.
Global benchmark crude oil eased by over 5% to a low of $82 per barrel, while the West Texas Intermediate retreated below $80 per barrel to $79.7 after correcting by 5.3%.
After the markets opened, seven out of the 11 sectoral indices traded in the green while four traded in the red. Gains were led by the Information technology sector as almost all of the magnificent stocks traded higher. On the other hand, the Energy sector led the decline as oil prices cooled off.
All of the magnificent seven stocks traded with gains. Nvidia shares rose nearly 3% shortly after opening to a high of $211, later they pared gains to trade 1.9% higher. The Jensen-Huang chipmaker announced that it is planning to raise a minimum of $20 billion in its first high-grade bond sale since 2021.
Major upside was also seen in Meta Platforms Inc. which rose 5% to $593.71, Amazon.com Inc. rose 3.42% to $246.74, and Alphabet Inc. rose over 3% to 370.54. Tesla, Microsoft, and Apple also traded in the green.
On the currencies fromt, the Dollar Spot Index weakened and fell 0.3% while euro rose 0.4% to $1.1615, British pound rose 0.2% to $1.3438, and Japanese yen was little changed at 160.11 per dollar.
Bitcoin, the largest traded cryptocurrency, jumped 4.2% to $66,667.16.
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