Big tech stocks jumped on Monday. Micron surged nearly 10%; AMD up 7%; TSMC, Meta, Alphabet, Amazon, Oracle, SMCI up over 3%; Broadcom, Nvidia up over 2%.

The US and Iran said they reached an interim agreement to reopen the Strait of Hormuz, halting a war that killed thousands of people and setting the stage for 60 days of negotiations on the fate of Tehran’s nuclear program.

Officials from the two countries will meet in Switzerland on June 19 to formally sign the agreement, a decision that suggests aspects of the deal remain unresolved. Neither side has released a text, leaving key sticking points for the next stage of talks.