Pakistan's PM Announces US-Iran Peace Agreement Set for June 19 Signing

Pakistan's Prime Minister announced that the United States and Iran have reached a peace agreement, with the official signing expected in Switzerland on June 19. Following the news, S&P 500 and Nasdaq futures rose while oil prices fell. The agreement could enable the reopening of the Strait of Hormuz, potentially easing supply chain concerns and moderating inflationary pressures.

Market expectations for this week's Federal Reserve meeting are leaning hawkish, with rate cuts unlikely in the near term despite geopolitical risk easing. U.S. consumer prices rose 4.2% year over year in May, remaining well above levels that would support rate reductions.