Stocks Jump, Oil Prices Drop on Trump's Announcement

S&P 500 futures climbed by 1.3% and futures tracking Brent crude fell by 5.4% to $103.42 a barrel after President Trump announced an extension of Iran's deadline by two weeks. The president noted that the extension is “subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz Iran.”