[MARKET UPDATE]: Crude tumbles with stocks, bonds and gold rallying after US President Trump said that over the last two days, both US and Iran had "very good, and productive" conversations regarding a complete and total resolution of hostilitites
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[MARKET UPDATE]: Crude tumbles with stocks, bonds and gold rallying after US President Trump said that over the last two days, both US and Iran had "very good, and productive" conversations regarding a complete and total resolution of hostilitites
US President Trump posts on Truth Social that he is pleased to report that the US and Iran have had "very good and productive" conversations regarding a complete and total resolution of our hostilities in the Middle East;postpones strikes for 5 day period
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On the Newsquawk feed at , 20 minutes before this page.
- He has also instructed Dept. of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for five days.
- Oil prices tumbled in response, Brent crude futures (May 26) fell from c. USD 113/bbl to lows of 96/bbl.
- 10-Year T-note futures (June 26) surged from 110-02 to 111-04; 2-year T-note futures rose from 103-09+ to 103-23.
- E-mini S&P futures (Jun 26) surged from 6,515 to 6750.
- Gold rose from 4,280 to 4,460.
- USD/JPY fell from 159.60 to 158.50.
- Money market pricing has also moved dovishly with rate hike bets being unwound.
Context
The market reaction indicates a significant shift in geopolitical sentiment as President Trump's announcement of productive talks with Iran led to a sharp decline in crude prices while boosting stocks and bonds. This suggests that the market is interpreting the possibility of reduced tensions as a positive signal for risk assets, while the dovish adjustment in rate hike expectations reflects fears that the Fed may need to respond to slower economic momentum if geopolitical risks ease.
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