This was the relief rally markets had been waiting for since June 9. Every major catalyst that had whipsawed stocks over the past week — the helicopter incident, the CPI shock, the PPI shock, Thursday’s threat-then-settlement — all pointed toward one outcome: a resolution to the Iran conflict. On Sunday night, that resolution arrived in full. Trump’s declaration that the deal is “now complete,” combined with explicit confirmation that the Strait of Hormuz will reopen without tolls, gave markets the green light to price out the entire geopolitical risk premium that had built up since early June.

The Nasdaq’s 3.07% gain was the standout number of the day — its best single-session performance since March 31, and a sharp reversal from the index’s choppy, often-negative path over the prior week (down 0.97% on Tuesday, down 0.62% on Wednesday). Technology stocks, which had been the primary battleground for the AI-financing-divide narrative all week, rallied broadly as the macro overhang lifted. With inflation data (CPI 4.2%, PPI 6.5%) both driven almost entirely by Iran-related energy costs, a genuine Hormuz reopening removes the primary justification for further Fed hawkishness — a critical input heading into Wednesday’s FOMC decision.

The Dow’s record close was its second of the month — the index had also closed at a record on June 4 (51,561.93) before the mid-week selloff. Thursday’s 929-point Iran-driven surge had already pushed the Dow back toward record territory; Monday’s additional 468.77-point gain (+0.92%) pushed it to a new intraday all-time high before settling at 51,671.03. Gains were broad-based — Goldman Sachs, Verizon, and JPMorgan were among the standout performers in Friday’s session and continued contributing to Monday’s strength, while Nike, Apple, and Merck lagged.

SpaceX wasn’t done. After Friday’s historic 19.34% debut-day pop to $161.11 and a $2 trillion-plus valuation, SPCX continued climbing Monday, rising another 5.3% in pre-market trading to $169.48. The most notable development: Australia’s wealthiest person, mining magnate Gina Rinehart, was revealed via Hancock Prospecting to hold a stake of more than $1 billion in SpaceX — a significant institutional validation just one trading day after the IPO. Zacks’ Brian Mulberry noted the stock’s behavior “seems to be much more orderly than what I expected… this is not some type of meme stock right out of the gate.” Renewed investor interest also lifted Rocket Lab and Planet Labs, suggesting the space sector’s earlier “rotation out of rivals” dynamic (seen Friday) may be reversing into a broader sector tailwind.

Gold and silver both rallied sharply — gold gained 2.81% to $4,357.70 and silver jumped 4.16% to $70.81 — which is notable given that “peace dividend” days typically see safe-haven assets sell off as risk appetite improves. The simultaneous rally in equities, precious metals, and risk assets like Bitcoin suggests Monday’s move was as much about a broad liquidity wave and renewed risk-taking across all asset classes as it was a narrow “flight from safety” trade.