"After it was announced that the U.S. and Iran had agreed to a Pakistan-brokered 14-day cease-fire, stocks took off and never looked back on Wednesday, as oil prices crumbled. The Dow Jones Industrials closed up 2.85% at 47,909, while the Nasdaq closed at 22,634, up 2.80%."
"For the second day in a row, yields were down across the entire Treasury curve, as buyers continued to snap up U.S government debt. The 30-year-long bond was last seen at 4.88%, while the benchmark 10-year note closed at 4.29%."
"Needless to say, the story of the day was plummeting oil prices as the ceasefire came just before the 8 PM deadline. Brent Crude finished trading on Wednesday at $96.37, down a whopping 11.81%."
"Crypto markets rallied strongly on Wednesday, with total market capitalization surging roughly 5% past $2.45 trillion."
Futures are trading lower amid skepticism about the U.S.-Iran ceasefire's durability. Following the announcement of a 14-day ceasefire, major stock indices surged, with the Dow up 2.85% and the Nasdaq up 2.80%. Treasury yields fell as safe-haven demand increased. Oil prices plummeted significantly, with Brent Crude down 11.81% and West Texas Intermediate down 14.56%. Gold and silver prices saw slight increases, while the crypto market capitalized on the situation, rising over 5% to exceed $2.45 trillion.
Read at 24/7 Wall St.
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