US futures surge as Iran ceasefire deal sends oil tumbling and tech stocks flying

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US stock futures surged on Monday after Washington and Tehran announced a ceasefire agreement that should reopen the Strait of Hormuz, sending oil prices sharply lower and lifting risk appetite at the start of a holiday-shortened week.

Nasdaq 100 futures led the advance with a gain of 2%, while S&P 500 futures rose 1.3% and Dow Jones futures climbed 1%, building on solid gains from Friday.

President Trump described the ceasefire as "complete" in a Truth Social post late Sunday, with formal signing expected in Switzerland on Friday and peace talks to begin within 60 days.