U.S. stock futures are surging higher in premarket trading after President Donald Trump said he was suspending Iran attacks for two weeks just ahead of his 8 p.m. ET deadline. “I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump posted on Truth Social. “We received a 10-point proposal from Iran, and believe it is a workable basis on which to negotiate.”

Trump noted that the “double sided” ceasefire was contingent on Iran agreeing to an opening of the Strait of Hormuz. Iran’s Supreme National Security Council has agreed to reopen the waterway for two weeks as long as all attacks are halted, according to a statement from Iran’s Foreign Minister. Oil prices are plunging 16% near $94 a barrel after trading above $117 yesterday ahead of the ceasefire.

Falling crude prices, Yields and the U.S. Dollar are also supporting the positive equity moves. Investor focus will continue to be on the conflict and a potential resolution with Volatility falling sharply on the ‘Risk-On’ rally. 

• Oil (/CL) – Oil prices are plunging 17% near $93.40 a barrel after President Donald Trump agreed to suspend attacks on Iran for two weeks in exchange for Tehran allowing safe passage through the Strait of Hormuz. WTI could log its worst daily performance since April 27, 2020 if it settles more than 14.52% lower.

• Gold (/GC) – Gold prices are up 2.7% near $4810, after the U.S. and Iran agreed on a two-week ceasefire. Also supporting gold is a sharply lower dollar and a steep fall in Yields. 

• Bitcoin (/BTC) – The Crypto Future is up about 4.23% near 72,000 in premarket trading.

• VIX – The CBOE Volatility Index was up 6.7% on Tuesday and settled at 25.78 despite a rebound in stocks from deep early losses. The VIX is down 20% near the 20 level this morning as stocks rally.

• U.S. Dollar (/DX) – The dollar is down over 1% at about 98.7.

• Jefferies upgrades Deere (DE) to Hold from Underperform

• MoffettNathanson upgrades T-Mobile (TMUS) to Buy from Neutral

• Barclays upgrades ViaSat (VSAT) to Equal Weight from Underweight

• Seaport Research downgrades Broadcom (AVGO) to Neutral from Buy

• Barclays downgrades Coinbase (COIN) to Underweight from Equal Weight

• DBS Bank downgrades Verizon (VZ) to Hold from Buy

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