North American Morning Briefing: Stock Futures Rise as Iran Peace Deal Lifts Markets

OPENING CALL

Stock futures were rallying Monday after the U.S. and Iran agreed on an interim peace deal.

President Trump and Pakistani negotiators said a deal would be signed on Friday. Trump said the Strait of Hormuz would be reopened the same day.

"The fizz is staying in markets this morning as after 107 days and a seemingly endless number of false dawns, we finally have a deal between the U.S. and Iran to end the war and open the Strait of Hormuz," said Deutsche Bank.

Oil prices fell following the agreement, calming market fears about high energy prices and inflation risk. Brent crude declined more than 5%, while West Texas Intermediate futures were down 6%.

If oil falls below $80 in the near term, it would remove any reason for the Federal Reserve to raise interest rates, Jefferies economist Mohit Kumar said.

Later this week, Kevin Warsh will be chairing his first Fed meeting. Investors will closely watch for his views on inflation, the economic impact of the Iran war and more broadly, how he'll run the central bank.

The Fed is likely to leave interest rates unchanged this week but remove the easing bias that has been in place since the current rate-cutting cycle began in September 2024, Allianz Global Investors said. The asset manager expects the Fed to remain on hold for the rest of this year.

Meanwhile, President Trump is due to meet his counterparts at the G-7 summit in France.

Stocks to Watch

Coinbase Global, Robinhood Markets, Strategy: Shares of companies tied to cryptocurrencies rallied as bitcoin's price jumped past $65,000 for the first time since early June.

Marathon Petroleum, ConocoPhillips, Occidental Petroleum: Energy stocks fell premarket as oil prices slid to their lowest levels since the earliest days of the war.

Micron Technology, Super Micro Computer, Marvell Technology: Shares of companies tied to the AI buildout were among the biggest winners premarket as the interim deal between the U.S. and Iran sent investors piling back into stocks. Micron led the gains in the space, rising more than 7%,

SpaceX jumped 6% premarket, putting the stock on track to extend the 19% gain recorded on its trading debut.

United Airlines, Southwest Airlines, Delta Air Lines: A slide in oil prices sent airlines higher premarket as investors pared back concerns of higher jet fuel prices.

Watch For:

U.S. Industrial Production and Capacity Utilization for May; U.S. NAHB Housing Market Index for June; Canada Housing Starts for May; Canada Manufacturing Survey for April; Canada Wholesale Trade for April

Today's Top Headlines/Must Reads:

- Kevin Warsh Wants the Fed to Stop Explaining Everything

- Emboldened by SpaceX, Investors Are Piling Into All Things Space

- Work From Home Is Here to Stay-Even if Some CEOs Don't Love It

MARKET WRAPS

Forex:

The dollar fell. The currency's falls are likely to remain modest, ING said.

The euro recovered only modestly against the dollar, but remains below preconflict levels, according to LSEG.

Sterling rose

but could fall if the Bank of England dampens the prospect of raising interest rates and U.K. political concerns rise, ING said.

Bonds:

Treasury yields fell.

Energy:

Oil prices dropped

following the U.S. and Iran deal.

Although the Strait of Hormuz is on track to reopen to shipping following the U.S.-Iran deal, and the Brent spot price has fallen to $80, "massive challenges" await in normalizing oil production and transport logistics, Jyske Bank said.

Metals:

Gold futures rose more than 2% after the U.S. and Iran reached an interim deal.

Gold chart

Comex gold futures were likely eyeing resistance at $4,400

an ounce, based on the daily chart, RHB Retail Research said.

Copper

Copper prices were higher in early trade, supported by constrained supply. Import treatment charges for copper concentrate continue to fall and some smelters have already reduced production due to raw-material shortages, Dongwu Securities said.

Aluminum

Aluminum prices slide after the U.S. and Iran reached a framework deal to end hostilities and reopen the Strait of Hormuz.

The Middle East accounts for about 9% of global aluminum output and relies heavily on the Strait to export metal and import raw materials used in production.

Iron

Iron ore prices were higher in early trade amid positive sentiment after the U.S. and Iran struck a peace deal. However, iron ore prices could continue to be weighed amid strong global shipments and ample supply, Tongguan Jinyuan Futures said.

   TODAY'S TOP HEADLINES 

Anthropic Dispatches Staff to D.C., Racing to Resolve AI Export Restrictions

WASHINGTON-Anthropic is racing to resolve its latest conflict with the Trump administration, meeting with officials and dispatching top technical staff to Washington over the weekend in pursuit of a deal to end export restrictions on its most powerful artificial-intelligence models.

The Trump administration on Friday banned foreign governments, companies and individuals from using Anthropic's Fable 5 and Mythos 5 models, which prompted Anthropic to shut off access to everyone in order to comply. Anthropic said at the time that many foreign governments, companies and individuals, including some foreign-born Anthropic employees, fell under the restriction.

Mining Tycoon Gina Rinehart Buys Over $1 Billion SpaceX Stake

Gina Rinehart, Australia's richest person, has bought a more-than $1 billion stake in SpaceX, betting on founder Elon Musk and what she says is the potential for his rocket maker to shape industries for decades.

The stake in SpaceX, which last week pulled off the largest initial public offering ever, is the single largest investment outside of iron ore made by her closely held company, Hancock Prospecting, one of the world's major exporters of the steelmaking commodity.

U.K. to Ban Under-16s From Major Social Media Platforms

The U.K. plans to ban children under the age of 16 from major social-media platforms including TikTok, Snapchat and Instagram, ramping up pressure on big tech companies to shield younger users from harmful online content.

Announcing new legislation, Prime Minister Keir Starmer said the ban would restrict livestreaming and communication with strangers for under 16s not just on social media, but across other online services such as gaming sites.

Satellite Stocks Are Flying on SpaceX, Spectrum-Sale Hopes. Time Is Running Out.

Legacy satellite stocks became hot properties ahead of the SpaceX IPO, but time is running out for the companies to justify their meteoric gains.

ViaSat is up close to 500% in the past year, EchoStar has risen more than 600% and Iridium Communications has nearly tripled. What's behind it? The spectrum they own-electromagnetic frequencies used to carry signals.

Oil Plunges as U.S., Iran Reach Deal to Reopen Hormuz But Outlook Remains Uncertain

Oil prices dropped after the U.S. and Iran reached an interim deal, marking the first major step toward ending a nearly four-month conflict that has roiled global energy markets. However, uncertainty over the pace of recovery is expected to keep crude above prewar levels.

In midmorning European trade on Monday, Brent crude fell 4.9% to $83.07 a barrel, while West Texas Intermediate futures were down 5.3% to $80.38 a barrel after sliding to $79.70 earlier. Natural-gas prices also tumbled, with the front-month Dutch TTF contract-the European benchmark-down 5.3% to 44.30 euros a megawatt hour.

Eurozone Industrial Production Picked Up Again in April

Eurozone industrial output rose again in April as factories rushed to meet orders placed by customers anxious to avoid price hikes and shortages stemming from the Middle East conflict.

Industrial output rose 0.1% on month, compared with an upwardly revised 0.4% rise in March, the European Union's statistics agency Eurostat said Monday.

Is the Luxury Handbag's Heyday Ending?

Status symbols are an odd thing. Some purchases, like a mansion, have never lost their power to flaunt wealth. Pineapples-which were once so rare and expensive that they became the 17th century's equivalent of the Birkin-fell out of fashion as soon as rising supply meant the middle classes could afford them too.

A question for luxury brands and their shareholders now is whether handbags are more like expensive property or pineapples.

Trump's Iran Deal Raises Questions Set to Dominate G-7

GENEVA-President Trump is set to arrive in France on Monday having just announced a peace deal with Iran that the public hasn't seen and is set to dominate high-stakes discussions with allies.

Trump will spend three days in Evian-les-Bains for a summit of the Group of Seven leading nations nominally about technology, trade and global economic imbalances. But the high-level discussions are certain to center on the interim agreement to reopen the Strait of Hormuz, lift the U.S. blockade and pause the war for at least 60 days, leaving thornier negotiations about Tehran's nuclear work for future technical talks.

U.K. to Ban Under-16s From Major Social Media Platforms

The U.K. plans to ban children under the age of 16 from major social-media platforms including TikTok, Snapchat and Instagram, ramping up pressure on big tech companies to shield younger users from harmful online content.

Announcing new legislation, Prime Minister Keir Starmer said the ban would restrict livestreaming and communication with strangers for under 16s not just on social media, but across other online services such as gaming sites.

U.S. and Iran Have Reached a Deal to Stop Fighting, Reopen Shipping

WASHINGTON-Iran and the U.S. have agreed on an interim peace deal, the two nations announced Sunday, a potentially major breakthrough after nearly four months of fighting that created global political and economic turmoil.

(MORE TO FOLLOW) Dow Jones Newswires

June 15, 2026 06:10 ET (10:10 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.