S&P futures vs fair value: +104.00.
Nasdaq futures vs fair value: +662.00.
Crude oil is currently down $4.55 (-5.4%) to $80.33 per barrel.
Equity futures point to a sharply higher opening this morning after President Trump announced on Sunday that a peace deal between the U.S. and Iran has been reached. President Trump added that the Strait of Hormuz will be reopened while the U.S. naval blockade of Iran will be lifted. The U.S. and Iran are set to sign the agreement this Friday in Switzerland.
Oil prices fell during the back half of last week amid optimism of a potential peace agreement, which helped the major averages overcome earlier choppiness and finish with modest gains.