Stocks Surge as Middle East Tensions Ease

The stock market is showing gains this morning as investors react to the de-escalation of tensions in the Middle East. The Dow Jones Industrial Average has risen by +559 points, while the Nasdaq and S&P 500 have also seen increases of +221 and +6 respectively.

Oil prices have receded following reports that a deal between the US and Iran may be reached to reopen the Strait of Hormuz. Spot oil prices are currently at $77 per barrel for WTI and $81 per barrel for Brent crude.

Caterpillar, McDonald's, BP, and Archer Daniels Midland all reported their quarterly earnings this morning. Caterpillar beat expectations with a +30.72% earnings surprise, while McDonald's came in 6 cents above estimates but saw revenue fall short of projections. BP's earnings also exceeded forecasts, although its shares are currently down -1.4%. Archer Daniels Midland added to its strong performance with a +29.6% earnings beat.