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US STOCKS JUMP AS IRAN PACT SENDS OIL SLIDING; DOW EYES RECORD CLOSE

Wall Street's main indexes are sharply higher early on Monday after Washington and Tehran reached a preliminary agreement to end the U.S.-Israeli war on Iran and reopen the Strait of Hormuz, leading to a sharp decline in crude prices.

The framework for a deal, however, did not address key issues such as Iran's nuclear program and the conflict between Israel and Lebanon. The pact is expected to be formally signed in Switzerland on Friday.

Crude prices are tumbling more than 5% following the news and hit their lowest level since March, aiding energy-sensitive airline and cruise stocks and hurting energy shares.

A majority of S&P 500 .SPX sectors are higher with tech .SPLRCT, up more than 2.5%, posting the biggest gain. Energy .SPNY, sliding around 4%, is the weakest group.

Under the surface, gold/silver miners .XAU and chip stocks .SOX are outperformers.

Indexes on pace for record closing highs include the Dow .DJI, regional banks .KRX, mid caps .MID, small caps .SPCY, .RUT, S&P 500 Industrials .SPLRCI and chips.

Meanwhile, markets are also gearing up for the first FOMC meeting with Kevin Warsh at the helm, with results due Wednesday afternoon. According to the CME's FedWatch Tool, no change in rates is expected. Interest rate probabilities are now pricing in about 16 basis points of hikes through year-end.

Here is a snapshot of where markets stood shortly after 10 a.m. ET:

(Terence Gabriel)

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EARLIER ON LIVE MARKETS:

AI CAPEX BOOM COULD WEIGH ON SHORT-TERM ROE FOR HYPERSCALERS, GOLDMAN WARNS CLICK HERE

BULLISH REVERSAL REIGNITES S&P 500’S RUN AT RECORD HIGHS CLICK HERE

EUROPE'S DATA CENTRE BOOM HITS A POWER WALL CLICK HERE

BARCLAYS RECOMMENDS ADDING TO GOLD EXPOSURE CLICK HERE

COPPER: THE ROUTE TO $15,000/TON CLICK HERE

HORMUZ AGREEMENT DEALS A STRAIT FLUSH TO MARKETS CLICK HERE

EUROPE BEFORE THE BELL: STOCKS SET FOR BIG JUMP ON HORMUZ AGREEMENT CLICK HERE

MARKETS CELEBRATE MOU ON SOH CLICK HERE