A two-week US-Iran ceasefire and the reopening of the Strait of Hormuz sent markets surging on Wednesday, with US crude plunging over $20 to below $93 a barrel and triggering a massive rally in fuel-sensitive sectors like airlines and cruise lines, while energy stocks like Chevron and ExxonMobil lagged. The ceasefire shifted Fed rate cut odds to over 40% for December, Delta and Levi Strauss both beat earnings estimates, and memory chip makers soared on renewed AI optimism. All three major indices closed sharply higher, led by the Nasdaq up nearly 3%, while Bitcoin broke $70,000 on reports Iran wants its proposed Strait toll paid in cryptocurrency.

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