Stocks jumped on Monday, buoyed by the agreement between the U.S. and Iran to end the war and reopen the Strait of Hormuz.
The S&P 500 climbed 1.66%, while the tech-heavy Nasdaq Composite saw further gains, closing the session more than 3% higher. The Dow Jones Industrial average underperformed, increasing by less than 1% but hitting a new record.
Oil prices also plummeted as a result. Brent crude, the international benchmark, dropped more than 4%, standing below $84 a barrel at 3:54 p.m. ET. West Texas Intermediate, the U.S. benchmark, saw a similar decline, hovering below $81.50 a barrel at the same time.
President Donald Trump said on Monday that the text of the memorandum of understanding with Iran will likely be released on Friday after the signing ceremony.
Speaking to press while meeting with French counterpart Emmanuel Macron, Trump said he wants the agreement's wording to be released "because it's a very powerful document."
"It's not like the Obama document, which was just a terrible document. This is a very powerful document and I want it to be released, so probably pretty soon," Trump said, in reference to the nuclear deal signed by then-President Barack Obama during his administration.
"I would say, sometime after Friday, because the strait, it's open now, but it opens completely," Trump added.
Elsewhere, an official said additional details of the agreement will be released earlier, NBC News noted.
Earlier on Monday, Vice President JD Vance said "a lot" of details still need to be negotiated with Iran to formally end the war, but claimed the U.S. holds "all the cards" in the upcoming talks.
Speaking on CNBC's Squawk Box, Vance claimed that the two most important achievements of the deal are reopening the Strait of Hormuz and getting Iran to formally commit to never pursue the development of a nuclear weapon.
Should Tehran abide by its commitments, the country will see the loosening of economic sanctions and the removal of other barriers that will allow it to be "reinvited into the world economy."
Vance went on to say that "there are a lot of very important details to figure out that we're actually going to sit at the table and discuss together and figure out a path forward on these details."
"They want access to an unsanctioned economy. We've talked about, 'OK, we're open to that,' but that would require a long-term commitment to the inspection and verification regime that I just talked about," he added, referring to a mechanism to make sure that the country is not pursuing a nuclear weapon. "A lot of these details are going to be figured out during those 60-day talks," he said.
