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Stocks rally and crude slumps as hopes build towards end of war - Newsquawk US Market Wrap

US and Iran are reportedly closing in on one-page memo to end war; Iran still working on its response; Iranian reports downplay reports that US & Iran are close to an agreement; Trump says that Project Freedom will be paused for a short period to see whether or not the agreement with Iran can be finalised and signed, blockade will remain; Iranian and Saudi Arabian Foreign Ministers stressed continuing diplomacy; Israeli strikes Beirut for first time in weeks; Japan is reportedly to purchase 20mln barrels of UAE oil; AMD surges on earnings beat; ADP beats
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The Most Hated Tech Trade Is Waking Up

The KWEB vs. QQQ gap has become absurd. China tech wouldn’t need to fully catch up to create a violent squeeze.

Give Peace A Chance

Channelling John Lennon, Trump indicated that progress in negotiations with Iran had convinced him to ‘give peace a chance’, but that the US blockade of Iranian ports would remain in place for now...