Trump calls off Iran strikes and Wall Street futures climb as oil retreats
A cancelled strike, a promised strait, and a market that decided to believe it.
President Trump said he called off an attack against Iran in order to negotiate a deal to open the Strait of Hormuz, and traders read the reversal as de-escalation. S&P 500 and Nasdaq 100 futures each rose about 0.5% ahead of the open, Dow contracts added 0.6%, and Russell 2000 futures gained 0.80%, with the VIX at 15.97. Oil prices declined and Treasury values rose on the news. The week's real ballast arrives on a schedule: Palantir reports Monday, SpaceX posts its first quarterly results as a public company, and Friday's July jobs report is the week's most critical piece of data.
