US stock markets today: Wall Street rallies, oil tumbles after US and Iran reaches deal; AI and travel stocks jump

Global stock markets surged Monday as a tentative US-Iran ceasefire agreement to reopen the Strait of Hormuz eased inflation fears and boosted oil prices. Major indices like the S&P 500 and Nasdaq saw significant gains, with AI and airline stocks leading the advance. Bond yields also eased as the likelihood of further interest rate hikes diminished.