US stocks rally as oil slides on Iran de-escalation
US equities are sharply higher even with Nvidia down, as oil hit a 10-week low after Trump said renewed Iran strikes are 'highly unlikely', per the FT.
What we know
The FT reports oil hit a 10-week low after Trump said US strikes on Iran were 'highly unlikely'. Market news accounts report the S&P 500 up about 2% and the Nasdaq up 2.4%, and traders put the day's gain at roughly $1.5 trillion in market cap, with WTI down 3.5% and gold up 1.5%. On inflation, a market news account reports the Richmond Fed's Barkin said inflation risks remain elevated, and NY Fed data show 1-year expectations at 3.91%. An energy-markets account says the US Strategic Petroleum Reserve is at its lowest since 1982 (unconfirmed).
How the story developed
US equities are sharply higher even with Nvidia down, as oil hit a 10-week low after Trump said renewed Iran strikes are 'highly unlikely', per the FT.
Democrats won big in the midterms, including Talarico in Texas, and commentators debate moderates vs. the left. Data center ballot measures reportedly went almost entirely against industry.
Trump told the DOJ to look into Democrats' alleged threats of impeachment and punishment, as Democrats flipped SC-1.
Democrats lead House results at 244 to 155, with Alaska's Senate race slow to call. Rubio is reported to be preparing a presidential bid.
Democrats won big, including in Texas, with commentators crediting the Iran war's hit to Trump's approval, moderation, and Mamdani-era dynamics.
House Democrats plan a broader crypto market structure bill with more SEC oversight and limits on Trump's crypto activities. French Hill's race is too close to call, and he loses the committee chair either way.
Democrats flipped 7 Senate and 25 House seats, and markets rallied as futures reversed losses, gold topped $4,000 and the dollar slid. Trump canceled public appearances.
Democrats won both chambers in a result FT calls a stunning rebuke of Trump, dominating commentary across political and market accounts.
Democrats flipped both chambers, with Senate pickups in TX, OH, NC, SC, KS and IA, plus the Texas and Iowa governorships. Trump says he'll accept the results but will veto 'insane' proposals.
Crypto, finance and general accounts are all tracking midterm results, with many predicting Democratic gains while some GOP voices argue no wave is materializing. Prediction markets show Talarico at 70% in Texas.
Sources
“Oil prices slumped to a 10-week low on Monday after Donald Trump said it was 'highly unlikely' that the US would renew its attacks on Iran.”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.