Dow hits record as US-Iran peace deal sparks 4.7% oil slide and broad rally

President Donald Trump said the U.S. and Iran reached a peace agreement, easing Middle East risk and boosting expectations that the Strait of Hormuz will reopen. U.S. crude oil futures fell 4.7% on the day to around $80 a barrel, while the Dow rose to a record high and the S&P 500 and Nasdaq gained 1.5% and 2.3%. Markets also priced in the idea that lower oil could curb inflation and reduce the likelihood of further Fed hikes. CME FedWatch showed the probability of rates staying unchanged by year-end at more than 98%.