Stock Market's Summer Stall Is Over Thanks To The ‘OK Economy’ & FEMO

In an interview with CNBC, US Treasury Secretary Scott Bessent said the US and Iran could reach an agreement to open the Strait of Hormuz to "freedom of movement" as soon as "today or tomorrow." Following his remarks—alongside reports of ongoing regional mediation via Qatar and Oman—crude oil prices dropped significantly. Brent crude fell below $80/barrel. The US Treasury yield curve edged lower across the board. US equity markets rallied sharply on hopes of a diplomatic breakthrough.

Sunday's QT was titled "Information Technology Is On Sale." The S&P 500 Information Technology sector rose 6.6% over the past two days. It is up 12.2% since last Wednesday's close. The summer stall in the S&P 500 ended decisively today as the S&P 500 broke out to a new record high of 7,736.52.