Wall Street rallied today, with the Nasdaq climbing 3% and the Dow marking a record-high close after the United States and Iran struck a preliminary agreement to end the Middle East war and reopen the Strait of Hormuz, leading to an easing of inflation fears as crude oil prices dropped.
The deal framework — expected to be formally signed in Switzerland on Friday — did not address key issues such as Tehran’s nuclear program and the Israel-Lebanon conflict.
Still, U.S. crude futures settled down 4.9% following the news and hit their lowest level since March, aiding shares of energy-sensitive airline and cruise stocks and hurting energy shares.
Rate-sensitive technology stocks rallied as investors were more comfortable taking on riskier bets with lower oil prices easing inflation fears.
“Markets are higher on a classic relief rally. We have a U.S.-Iran deal that’s driving oil sharply lower. This is easing inflation fears and basically pushing investors back into risk assets like technology,” said Gene Goldman, chief investment officer at Cetera Investment Management, in El Segundo, California.
The three main indexes marked their third consecutive session of gains, recovering after Middle East tensions and a pullback in AI-related stocks had put Wall Street’s record climb on pause more than a week ago.
The Dow Jones Industrial Average rose 468.77 points, or 0.92%, to 51,671.03, while the S&P 500 gained 122.83 points, or 1.65%, to 7,554.29.
The Nasdaq Composite gained 795.10 points, or 3.07%, to 26,683.94 for its strongest one-day percentage gain since March 31.
One hope among investors is that a resumption of oil flows from the Middle East and easing crude prices could give the Federal Reserve, which is grappling with inflation, room to hold interest rates steady instead of raising borrowing costs.
Along with the Iran deal, another big focus for the week is the central bank’s next policy update, which is due on Wednesday, after Chair Kevin Warsh’s first policy meeting since he took over from Jerome Powell last month. The meeting follows May inflation data that showed higher energy costs filtering into consumer prices.
Traders expect the Federal Reserve to leave interest rates unchanged this week, but are still pricing in a nearly 42% probability for a 25-basis-point hike by the end of the year, according to CME Group’s FedWatch tool.
Among the 11 major S&P 500 industry sectors, the S&P 500 tech index led the gainers with a 3.4% advance. The S&P 500 energy index was its biggest laggard, finishing down 3.6%.
In individual stocks, SpaceX shares rallied 19.6% in their second day of trading after the Elon Musk-led firm’s blockbuster IPO pushed its valuation above $2 trillion. The stock’s $192.46 close today compared with its $135 IPO price.
Investors had been relieved by its strong market debut on Friday as they hoped that its landmark Nasdaq launch would bode well for the broader market and for the highly anticipated OpenAI and Anthropic IPOs expected later this year.
Elsewhere, airlines were among the leading transport sector gainers with United Airlines rallying 3.9% on hopes for cheaper jet fuel with oil prices falling. Cruise companies also rallied, with Norwegian Cruise adding 3.7% and Carnival Corp climbing 3.2%.
The CBOE Volatility Index, Wall Street’s fear gauge, slipped for its third day in a row after rising to a more than two-month high the previous week.
The Philadelphia SE Semiconductor index finished up more than 5% for a record-high close after dropping more than 12% below its most recent record before staging a three-day comeback rally.
Big boosts today came from chip giant Nvidia, which rose 3.5%, and Micron, which soared 10.5%, after at least two brokerages sharply raised their price targets for the stock.
In other movers, shares in Fox tumbled 16.8% after the company said it would buy Roku in a $22 billion deal. Roku shares fell 1.9%.
On U.S. exchanges, 21.29 billion shares changed hands compared with the 20.82 billion average for the last 20 sessions.
Advancing issues outnumbered decliners by a 1.77-to-1 ratio on the NYSE, where there were 502 new highs and 90 new lows. On the Nasdaq, 3,034 stocks rose and 1,900 fell as advancing issues outnumbered decliners by a 1.6-to-1 ratio.
The S&P 500 posted 41 new 52-week highs and three new lows, while the Nasdaq Composite recorded 202 new highs and 89 new lows.

Several of the skydivers killed when their plane crashed moments after taking off from a Missouri airfield were experienced jumpers, including one of the nation’s leading female jumpers.
Federal investigators were at the crash site Monday, a day after the plane carrying a pilot and 11 passengers slammed into a field and burst into flames, killing all on board, authorities said.
Some family members of those who died were at the airport to watch the jump and witnessed the crash, said Bates County Sheriff Chad Anderson.
Authorities have not released the victims’ names, but friends and colleagues began paying tribute.
The United States Parachute Association, skydiving’s governing body, said its technology director, Jen Sharp, was among those killed.
“Jen was a remarkable force whose passion for the skies was matched only by her dedication to the people in our sport,” said Albert Berchtold, the organization’s executive director.
Sharp taught skydiving instructors, wrote educational materials and made 6,800 jumps since her first one in 1989, according to her website.
She once jumped into Denver’s Coors Field ballpark while dressed as the queen of England and was part of the Everest Skydive in the Himalayas, her site said.
Kevin Payne, who had jumped with seven of the skydivers on the plane, said they were all different in nearly every way, except that they were all brought together as a “sky family.”
“There is a joy and peace and freedom to what we do. That’s what most people never understand,” Payne, of Parkville, Missouri, wrote in an email. “It’s not about the adrenaline. It’s about really flying together with your family in that brief, exquisite instant that people who live their lives on the ground will never understand.”
It will be about a month before the National Transportation Safety Board issues a preliminary report, but weather did not appear to be a factor.
READ MORE: Skydiving plane crash investigations often reveal poor maintenance and weak safety oversight
Investigators have interviewed some witnesses, NTSB Vice Chairman Michael Graham said. The plane didn’t have a “black box” like those that record crash data on commercial planes, but investigators will look for other kinds of devices that could provide insights, he said.
Skydiving plane went down soon after taking off
Witnesses say the plane was roughly 100 feet (30 meters) from the ground when it made an abrupt left turn before crashing.
It appeared to be losing power, and the pilot may have been trying to reach a highway to land when the plane stalled and went down nose first, said Dennis Jacobs, acting airport manager of Butler Memorial Airport.
The plane was operated by Skydive Kansas City, he said. The crash site in the small town of Butler is roughly 65 miles (105 kilometers) south of Kansas City.
Skydive Kansas City said in a statement that its team and the skydiving community were in shock.
“This is a devastating loss for everyone connected to Skydive Kansas City and for the wider skydiving community,” the company said. “Our deepest sympathies are with the families, friends, and loved ones of all who were lost.”
Plane made multiple flights over the weekend
The Pacific Aerospace 750XL — a single-engine turboprop plane — is a popular model in skydiving because it’s designed for the sport and can quickly take parachutists to jumping altitudes while using short runways.
This particular aircraft, built in 2010, made nine successful flights in the days before the crash, including two on Sunday morning, according to FlightAware, a digital flight tracking company.
Red flags raised about skydiving oversight
Federal investigators have voiced concerns about oversight for skydiving operators in past crash investigations and have cited the need for maintenance guidelines, training for pilots and stronger aircraft inspections. The NTSB said after a crash killed 11 people in Hawaii that the Federal Aviation Administration’s regulatory system isn’t strong enough to ensure the safety of skydiving flights.
The FAA has yet to act on the NTSB’s recommendations but said Monday it recently established a committee to recommend ways to increase skydiving safety and will consider the safety board’s proposals.
“It’s always frustrating when we see things the FAA hasn’t acted on,” said Graham, of the NTSB. “And then we continue to see accidents in those arenas.”
Skydiving businesses operate under the same FAA rules that apply to any small plane owner as long as their flights don’t venture more than 25 miles (40 kilometers) away. Those rules also cover tourist helicopters and other local flights because the FAA considers those operations less complicated than a charter company or airline.
But aircraft owners are expected to follow the manufacturer’s maintenance schedule and recommendations.
The United States Parachute Association said in a statement that Skydive Kansas City adheres to the safety standards set by the largest skydiving organization in the world, including all FAA maintenance requirements.
The skydiving industry says it has a strong safety record. The association said that last year nearly 3.5 million jumps were completed and that 16 civilians died, the majority from human error.
Associated Press reporters Kristen M. Hall in Kansas City, Missouri; Cathy Bussewitz in New York; Rebecca Boone in Boise, Idaho; and Hannah Fingerhut in Des Moines, Iowa, contributed.

Several of the skydivers killed when their plane crashed moments after taking off from a Missouri airfield were experienced jumpers, including a leader at one of the sport’s biggest organizations.
Federal investigators were at the crash site, about an hour south of Kansas City, on Monday, a day after the plane carrying a pilot and 11 skydivers slammed into a field and burst into flames, killing all on board, authorities said.
Some family members of those who died were at the airport to watch the jump and witnessed the crash, said Bates County Sheriff Chad Anderson.
Authorities have not released the victims’ names, but friends and colleagues began paying tribute.
The United States Parachute Association, skydiving’s governing body, said its technology director, Jen Sharp, was among those killed.
“Jen was a remarkable force whose passion for the skies was matched only by her dedication to the people in our sport,” said Albert Berchtold, the organization’s executive director.
Sharp taught skydiving instructors, wrote educational materials and made 6,800 jumps since her first one in 1989, according to her website.
She once jumped into Denver’s Coors Field ballpark while dressed as the queen of England and was part of the Everest Skydive in the Himalayas, her site said.
Kevin Payne, who had jumped with seven of the skydivers on the plane, said they were all different in nearly every way, except that they were all brought together as a “sky family.”
“There is a joy and peace and freedom to what we do. That’s what most people never understand,” Payne, of Parkville, Missouri, wrote in an email. “It’s not about the adrenaline. It’s about really flying together with your family in that brief, exquisite instant that people who live their lives on the ground will never understand.”
It will be about a month before the National Transportation Safety Board issues a preliminary report, but weather did not appear to be a factor.
Investigators had interviewed some witnesses by Monday afternoon but not the company’s owner, NTSB Vice Chairman Michael Graham said. The plane didn’t have a “black box” like those that record flight data on commercial planes, but investigators will examine the wreckage for other clues, he said.
Skydiving plane went down soon after taking off
Witnesses say the plane was roughly 100 feet (30 meters) from the ground when it made an abrupt left turn before crashing.
It appeared to be losing power, and the pilot may have been trying to reach a highway to land when the plane stalled and went down nose first, said Dennis Jacobs, acting airport manager of Butler Memorial Airport. On Monday, Graham said investigators are only beginning to interview all those witnesses and gather photos and videos of the crash, so it’s too early to say definitively what happened.
The plane was operated by Skydive Kansas City, he said. The crash site in the small town of Butler is roughly 65 miles (105 kilometers) south of Kansas City.
Skydive Kansas City said in a statement that its team and the skydiving community were in shock.
“This is a devastating loss for everyone connected to Skydive Kansas City and for the wider skydiving community,” the company said. “Our deepest sympathies are with the families, friends, and loved ones of all who were lost.”
Plane made multiple flights over the weekend
The Pacific Aerospace 750XL — a single-engine turboprop plane — is a popular model in skydiving because it’s designed for the sport and can quickly take parachutists to jumping altitudes while using short runways.
This particular aircraft, built in 2010, made nine successful flights in the days before the crash, including two on Sunday morning, according to FlightAware, a digital flight tracking company.
Red flags raised about skydiving oversight
The NTSB has voiced concerns in past crash investigations about whether skydiving operators get enough oversight and inspections to ensure their planes are safe and their pilots are well trained.
The Federal Aviation Administration has yet to adopt the NTSB’s recommendations, but said Monday it established a committee in April that will recommend ways to increase skydiving safety and will consider the safety board’s proposals.
“It’s always frustrating when we see things the FAA hasn’t acted on,” said Graham, of the NTSB. “And then we continue to see accidents in those arenas.”
The FAA said its inspectors are required to examine certain aspects of skydiving businesses every year, including several safety items related to the aircraft and pilots. But the NTSB said previously that those inspections failed to identify a twisted wing on a skydiving plane that later crashed in Hawaii in 2019 and killed 11 people.
Skydiving businesses can operate under the same FAA rules that apply to any small plane owner as long as their flights don’t venture more than 25 miles (40 kilometers) away. Those rules also cover tourist helicopters and other local flights because the FAA considers those operations less complicated than a charter company or airline.
But all aircraft owners are expected to follow the manufacturer’s maintenance schedule and recommendations.
The United States Parachute Association said in a statement that Skydive Kansas City adheres to the safety standards set by the largest skydiving organization in the world, including all FAA maintenance requirements.
The skydiving industry says it has a strong safety record. The association said that last year nearly 3.5 million jumps were completed and that 16 civilians died, the majority from human error.
___
Associated Press reporters Kristen M. Hall in Kansas City, Missouri; Cathy Bussewitz in New York; Rebecca Boone in Boise, Idaho; and Hannah Fingerhut in Des Moines, Iowa, contributed.

President Trump wanted the Reflecting Pool at the Lincoln Memorial to look pristine. Photosynthesis had other plans.
Days after the Trump administration completed a $14.2 million project to coat the Reflecting Pool’s concrete floor with dark blue waterproofing material, clumps of algae dotted the surface on Sunday and Monday, giving parts of the pool a green hue.
The pool was gleaming last week after the work, which was meant to fix two longstanding problems, leaks and algal blooms, before the country’s 250th birthday. But after several hot and humid days, the algae returned in force.
A spokeswoman for the Interior Department, which manages the site, said the project involved the successful installation of a water-treatment system called a nanobubbler. She said the algae would be gone soon.
“Due to deploying the advanced nanobubbler technology, the algae is dead and being vacuumed up as we speak,” the spokeswoman, Katie Martin, said in an email. “We thank President Trump for fixing the Reflecting Pool for good.”
Last week, Ms. Martin had said the algae was “residual” and came from supply lines that sat dormant during the renovations.
President Trump said last month that the pool had been “filthy” and “dirty” for years. He said his changes would make the site “beautiful,” adding that the waterproofing material on its floor was a color called “American flag blue.”
To repair the pool, Mr. Trump’s administration awarded no-bid contracts to two handpicked vendors, bypassing a legally required process of seeking competitive bids because of what officials declared an urgent need. (The administration said the urgency was justified because of the nation’s 250th birthday party.)
The first no-bid contract went to a Virginia-based company, Atlantic Industrial Coatings, to seal leaky joints between the pool’s concrete slabs and coat the slabs with the dark blue waterproofing material. The second went to Ohio-based Greenwater Services to add an upgraded water-purification system.
Atlantic Industrial Coatings completed its work on June 4, and the pool was refilled soon after. Greenwater Services has also finished installing the new purification system.
On Sunday, workers with the National Park Service waded in the Reflecting Pool and appeared to skim some algae blooms off the surface. They were joined by workers with Pearl Purity Water Solutions, a Maryland-based company that has held a contract since 2021 to treat the pool’s water.
Representatives for Greenwater Services and Pearl Purity Water Solutions did not immediately respond to requests for comment.
On Monday, as Park Service workers continued to clear the algae, throngs of tourists strolled around the pool in the summer sun. Bonnie Garvin, a teacher from Monticello, Ga., said she was unbothered by the green hue.

“Disclosure Day” is upon us.
Steven Spielberg’s latest, which follows a whistleblower (Josh O’Connor) and a TV weatherwoman (Emily Blunt) on a desperate quest to expose the truth about extraterrestrials to the entire world, is in theaters now. It was the #1 movie at the box office this past weekend, with an impressive $44 million in the United States.
And if you are one of the many who watched the movie on opening weekend, you probably have some questions – particularly about the ending. Thankfully, while discussing the film with screenwriter David Koepp, one of Spielberg’s closest collaborators and creative allies, we had time to breakdown some aspects of the ending of “Disclosure Day.”
We should first issue an extreme and explicit spoiler warning. Trust us, you don’t want this stuff disclosed until after you see “Disclosure Day.”
The Device
Koepp said the biggest hurdle involving the rod-like artifacts recovered from downed UFOs, which become key tools for both Colin Firth’s villainous head of the Wardex corporation and for O’Connor and Blunt while they are on the run, was simply naming them.
“You just wanted something that didn’t sound corny, didn’t sound hard to figure out, you didn’t want something that then had to be addressed in dialog to explain what it meant. I was referring to it in the script as the Device, and Steven said, ‘Well, that’s what it is. Why don’t they just call it that?’” Koepp explained. “They can’t call it the mysterious space wand and they don’t really understand fully what it does. It is a device, so yeah, let’s call it that. It’s like when you find your title in the description in the script, you’re like, Oh, well, that’s what it should be called.”
As for what the Device did – or could do – that was baked into the screenplay too.
“It’s great because it’s allowed to be mysterious. We don’t understand it. We know it does certain things. The primary one, in terms of the story, is being able to look in another place, or look at the world through someone else’s eyes, which ties into the dark side of empathy, which is what the movie is all about,” Koepp said. “Letting it do a couple other things was great fun, but we were comfortable not understanding it fully, because the characters don’t.”
“Listen…”/The Cut to Black
One of the things we were most curious about was if the script always ended with a cut to black. Why were we curious about this? Well, because Spielberg movies so infrequently cut to black – they usually fade to black, oftentimes after a prolonged sequence with some gorgeous plate photography. In fact, since “Jurassic Park” in 1993—Spielberg and Koepp’s first collaboration—only four Steven Spielberg films have ended with a cut to black: 2022’s “The Fabelmans,” 2018’s “Ready Player One” and 2017’s “The Post,” with one, 2011’s “The Adventures of Tintin,” featuring an iris in.
Koepp said that, from the first draft, the cut to black was present, as was the final word of the script (and now, the movie) – “Listen.”
“When I was writing the last scene in the first draft, I got to the last scene, and I wrote the first word. I knew what I wanted the first word of what she said to be, because it has a lot of meaning. She’s saying not only listen, because space guy told me a lot of interesting stuff, but she’s also saying listen to one another. The script is about empathy, but also it’s the first word of a lot of Hebrew prayers, and it’s the first word of ‘Slaughterhouse-Five’ by Kurt Vonnegut,” Koepp explained. “The first sentence is, ‘Listen, Billy Pilgrim has come unstuck in time.’ And I just love the word ‘listen.’ I wrote the word, and then I just wrote a period and lifted up my hands, because I realized when one word says everything you want to say, you should stop talking.”
As for what the alien told Blunt, Koepp says he knows exactly what the creature said but wouldn’t reveal it. (O’Connor told a reporter that he also knows what the alien said.)
When we asked if it would ever be revealed, Koepp joked, “Is there money in it?”
Other Aliens
While the aliens depicted in “Disclosure Day” are primarily the little grey aliens that we have read about in countless tales of abduction (and resemble, to some degree, the guys at the end of Spielberg’s own “Close Encounters of the Third Kind”), Koepp did say that there were likely other kinds of alien visitors to the planet – and to the world of “Disclosure Day” – given how different some of the ships and technology are in the montage towards the end of the film.
And did we really think Colman Domingo would only know some grey aliens? We bet he’s encountered a whole bunch of outer space freaks.
Watching Television
Part of what makes “Disclosure Day” so bold and so emotionally satisfying is its climax. Blunt takes part in a news broadcast where she shares decades of secrets with the entire world. (An unspecified military skirmish, between Russia, the United States and Korea, has been quietly simmering in the background of the movie and we see troops on all sides stop to watch their phone.)
It’s tricky because much of that climax is people watching news footage as the various pieces click into place – Firth’s baddie shows up at the television station in Kansas and attempts to shut down the broadcast, Domingo’s character gets the alien (who had escaped Wardex facilities years earlier) into place, O’Connor races to upload all the footage.
“It was something that was hard, and they’re watching so many different things, and you have to decide which things … directing that control room sequence at NBC was a feat of concentration and projection into the future, because the footage [Spielberg] was going to put up didn’t exist, except in his head and a little bit in the script, but we were continually reworking it, but deciding what screen was up, how big, and which one would have prominence in any given shot … That there was a massive shuffling act.”