The Iran deal outweighed concerns about a rate hike: U.S. stocks rose

Major U.S. stock indices opened higher on June 18, with technology stocks leading the gains. Optimism over the peace agreement between the U.S. and Iran—which the parties signed the day before via video conference—offset concerns about a more hawkish stance by the Federal Reserve, Reuters reports.

Against this backdrop, the broad U.S. stock index, the S&P 500, gained 0.78%, the tech-heavy Nasdaq Composite rose 0.79%, the blue-chip Dow Jones index was up 0.46%, and the Russell 2000 index of small- and mid-cap companies jumped 1.61%.

Oil prices fell after the U.S. and Iran signed an interim agreement that will end the conflict, resume shipping through the Strait of Hormuz, and lift U.S. sanctions on Iranian oil. July WTI crude oil futures are down 3.7% to $73.9 per barrel. August contracts for the benchmark Brent crude are down 3% and trading at $77.

The VIX volatility index, known as the “Wall Street fear gauge,” plummeted 7.2% to 17. A level of 20 points is considered a psychologically significant threshold indicating high volatility.

Spot gold fell 0.3% to $4,244 per ounce. Silver fell 1.75% to $66.7.

This article is being updated

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