Wall Street’s main indexes rallied on Monday, with the Dow marking a record-high close after the United States and Iran struck a preliminary agreement to end the Middle East war and reopen the Strait of Hormuz, leading to an easing of inflation fears as crude oil prices dropped.

The deal framework – expected to be formally signed in Switzerland on Friday – did not address key ‌issues such as Tehran’s ⁠nuclear program ⁠and the Israel-Lebanon conflict.

Still U.S. crude futures settled down 4.9% following the news and hit their lowest level since March, aiding shares of energy-sensitive airline and cruise stocks and hurting energy shares.

Rate-sensitive technology stocks rallied as investors were more comfortable taking on riskier bets with lower oil prices easing inflation fears.

“Markets are higher on a classic relief rally. We have a US-Iran deal that’s driving oil sharply lower. This is easing inflation fears and basically pushing investors back into risk assets like technology,” said Gene Goldman, chief investment officer at Cetera Investment Management, in El Segundo, California.

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The three main indexes marked their third consecutive session of gains, recovering after Middle East tensions and a pullback in AI-related ⁠stocks had ‌put Wall Street’s record climb on pause more than a week ago. According to preliminary data, the S&P 500 gained 123.80 points, or 1.67%, to end at 7,555.26 points, while the Nasdaq Composite gained 797.79 points, or 3.07%, to 26,686.64. The ⁠Dow Jones Industrial Average rose 490.38 points, or 0.96%, to 51,684.88.
One hope among investors is that a resumption of oil flows from the Middle East and easing crude prices could give the U.S. Federal Reserve, which is grappling with inflation, room to hold interest rates steady instead of raising borrowing costs.
Along with the Iran deal, another big focus for the week is the U.S. central bank’s next policy update, which is due on Wednesday, after Chair Kevin Warsh’s first policy meeting since he took over from Jerome Powell last month. The meeting follows May inflation data that showed higher energy costs filtering into consumer prices. Traders expect the Federal Reserve to leave interest rates unchanged this week, but are pricing in a ‌42% probability for a 25-basis-point hike by the end of the year, according to CME Group’s FedWatch tool.

In individual stocks, SpaceX’s shares rallied sharply for their second day of trading after the Elon Musk-led firm’s blockbuster IPO pushed its valuation above $2 trillion.

Investors had been relieved by its strong ⁠market debut on Friday as they hoped that its landmark Nasdaq launch boded well for the broader market and for the highly anticipated OpenAI and Anthropic IPOs expected later this year.

Elsewhere, airlines were among the leading transport sector gainers with United Airlines rallying. Among cruise companies, Norwegian Cruise and Carnival Corp also climbed.

The CBOE Volatility Index, Wall Street’s fear gauge, slipped for its third day in a row after rising to a more than two-month high the previous week. The Philadelphia SE Semiconductor index rose sharply with a big boost from chip giant Nvidia and Micron, which rallied after at least two brokerages sharply raised their price targets for the stock. In other movers, shares in Fox tumbled after the company said it would buy Roku in a $22 billion deal. Roku shares also fell.

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Gold prices jumped $142.90, or 3.37%, to a fresh record high of $4,381.70 per ounce on Monday, as investors balanced relief over the US-Iran ceasefire agreement with ongoing concerns about inflation, central bank demand and long-term geopolitical risks in the Middle East.

The sharp advance extended gold’s strong performance in 2026, pushing the precious metal well above previous peaks as market participants sought to maintain exposure to a traditional safe-haven asset even as riskier assets rallied on hopes of restored stability in global energy markets. The move came despite the initial expectation that reduced tensions would diminish gold’s appeal, highlighting the metal’s complex role in portfolios amid mixed signals from the latest diplomatic breakthrough.

The US-Iran peace deal, which includes the reopening of the Strait of Hormuz and the lifting of the naval blockade, triggered a broad relief rally in equities and a decline in oil prices. However, gold found support from several factors, including continued central bank purchases, lingering questions over the durability of the agreement, and expectations that lower energy costs may not fully eliminate inflationary pressures in the near term.

Drivers Behind the Record Rally

Analysts pointed to sustained buying by central banks, particularly in emerging markets, as a key underpinning for gold’s strength. Institutions continue to diversify reserves away from traditional currencies, providing a structural bid even during periods of geopolitical de-escalation. Monday’s surge also reflected positioning ahead of key US economic data releases later in the week, with investors hedging against potential surprises in inflation or growth figures.

The peace agreement, while positive for global growth, leaves several critical issues unresolved, including the future of Iran’s nuclear program and verification mechanisms for the ceasefire. These uncertainties preserved some safe-haven demand, preventing a sharper sell-off in gold that might have been expected from a full resolution of hostilities.

Technical factors also played a role. Gold had been consolidating near previous highs, and the latest move broke through resistance levels, triggering algorithmic buying and short covering that amplified the upward momentum. Trading volumes were elevated as both institutional and retail participants adjusted positions in response to the fast-moving news flow.

Market and Economic Context

The record high comes as broader financial markets posted strong gains, with the Dow Jones Industrial Average and Nasdaq Composite reaching new peaks. The disconnect between rising equities and climbing gold prices illustrates the nuanced reaction to the Iran deal — optimism about economic stability tempered by caution over implementation risks and longer-term implications.

Lower oil prices are generally positive for gold by reducing inflationary fears and supporting real yields, but the relationship is complex. In this instance, the combination of geopolitical relief and persistent structural demand outweighed any immediate pressure from falling energy costs.

The US dollar showed modest weakness against major currencies, further supporting gold priced in the greenback. Central banks around the world have been net buyers of gold for several consecutive years, a trend that shows little sign of abating amid diversification efforts and concerns over currency reserve stability.

Investor and Industry Perspectives

Market participants offered varied interpretations of the move. Some viewed it as a vote of confidence in gold’s enduring role as a portfolio diversifier, while others saw it as a tactical response to short-term uncertainties. “Even with the ceasefire, the path to full normalization in the Middle East remains long and uncertain,” one commodities strategist noted in market commentary. “Gold continues to attract flows as investors maintain prudent hedges.”

Jewelry demand in major consuming markets like India and China has remained resilient, providing additional support. Investment products tracking gold, including exchange-traded funds, saw inflows in recent sessions as retail investors sought exposure to the metal’s upside potential.

Mining companies with significant gold production benefited from the price surge, with shares in major producers advancing alongside the physical metal. The higher prices improve margins and cash flow, potentially supporting increased exploration and development activity in the sector.

Broader Implications for Global Economy

Gold’s record run has implications beyond financial markets. For commodity-producing nations, higher prices bolster export revenues and government budgets. In developing economies, gold often serves as an inflation hedge and store of value for individuals navigating currency volatility.

Central banks’ continued accumulation reflects a broader reassessment of reserve management in a multipolar world. The metal’s performance amid shifting geopolitical dynamics underscores its role as a neutral asset less susceptible to unilateral sanctions or political risk.

The surge also highlights gold’s sensitivity to real interest rates and the US dollar. With the Federal Reserve expected to monitor incoming data closely, any signals of a more measured policy path could provide additional tailwinds for the precious metal.

Historical Perspective

Gold has experienced significant volatility in 2026, driven by fluctuating geopolitical risks, inflation trends and monetary policy expectations. Monday’s record high builds on a strong multi-year uptrend, during which the metal has benefited from its safe-haven status during periods of uncertainty while also attracting investment flows during risk-on environments due to its inflation-hedging properties.

The current price level far exceeds previous peaks, reflecting changed fundamentals including elevated central bank buying and persistent investor demand for diversification. Historical patterns suggest that such breakouts can lead to extended moves when supported by strong underlying drivers.

Looking Ahead

Market attention now turns to implementation details of the US-Iran agreement and upcoming US economic indicators. Any signs of complications in the ceasefire or unexpected inflation data could influence gold’s near-term trajectory.

Analysts remain generally constructive on gold’s outlook, citing structural demand and its role in diversified portfolios. However, sustained strength will depend on the balance between economic growth expectations and lingering uncertainties in global affairs.

For investors, the record high reinforces gold’s position as a strategic asset. Whether held physically, through ETFs or mining equities, exposure to the metal provides a hedge against various risks while offering potential upside in uncertain times.

As global markets digest the latest diplomatic developments, gold’s performance on Monday demonstrates its enduring appeal even as broader risk appetite improves. The metal’s ability to reach new highs amid shifting conditions underscores its unique characteristics in an evolving economic and geopolitical landscape.

The session serves as a reminder that while peace agreements can rapidly alter market sentiment, structural factors continue to support gold as a core holding for many investors. With prices at record levels, all eyes will remain on how the precious metal navigates the balance between relief and residual caution in the weeks ahead.

Rather than hand over their fortunes to the California state government, wealthy Californians are finding creative, tax-efficient ways to minimize potential billionaire-tax impact — including giving their money away.

Some high-net-worth residents in the Golden State are intentionally reducing their balance sheets through philanthropy or real estate strategies because they do not trust Sacramento to spend their tax dollars effectively, according to a recent Wall Street Journal report.

“People take steps to take advantage of the tax law before it changes all the time. This is just another example of that,” HCVT partner and advisor Andrew Katzenstein told The Journal, adding that he is working with multiple clients to help them navigate the proposed wealth tax.

In April, the Service Employees International Union–United Healthcare Workers West (SEIU-UHW) said it had collected more than 1.55 million signatures, according to a press release — nearly double the 875,000-signature requirement — to put a one-time tax on billionaire assets on the California ballot.

FLEEING FOR THEIR FUTURES, A CALIFORNIA EXODUS UNLEASHES A FLORIDA ‘GOLD RUSH’

The California Billionaire Tax Act would target the net worth of roughly 200 residents and impose a one-time 5% tax on the net worth of California residents with assets exceeding $1 billion. The tax would be due in 2027, and taxpayers could spread payments over five years, with interest, according to the Legislative Analyst’s Office.

If the measure is approved by voters in November, anyone who was a California resident on Jan. 1, 2026, would owe the tax.

For those who did not move their primary residence by that deadline, they and their financial teams are working to reduce client valuations below the $1 billion mark, including by ramping up charitable donations, as clients would “rather their money go to charities that… do good work than to California’s government, which [they don’t] trust to use the funds effectively,” The Journal wrote.

Other methods aimed at minimizing the tax burden include restructuring balance sheets entirely, delaying private funding rounds and pulling real estate holdings out of corporate LLCs and placing them directly under personal names or revocable trusts to legally shield their property.

Wealthy residents are also considering purchasing expensive tangible assets, such as art and yachts, while keeping them outside California for at least 270 days per year to legally avoid the tax.

“I like to tell my students this maxim of tax-planning: Pigs get fed, hogs get slaughtered,” University of Missouri law professor David Gamage told The Journal. “You can often get away with some amount of restructuring affairs, but if you go too far and get too greedy, you can get in trouble.”

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Some of the public figures who moved their residences or businesses out of California before Jan. 1, 2026, include Google co-founders Larry Page and Sergey Brin, Meta CEO Mark Zuckerberg, Peter Thiel, Steven Spielberg, Uber co-founder Travis Kalanick and car loan magnate Don Hankey.

The majority of California voters — about 54% — generally support the billionaire tax, according to a May poll by the Public Policy Institute of California.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of GOOGL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Brazilian UFC lightweight contender Mauricio Ruffy delivered a stunning first-round knockout of veteran Michael Chandler at “UFC Freedom 250” on the White House South Lawn on Sunday, then used the spotlight to declare his faith in Jesus Christ and quote Scripture before a national television audience.

The 29-year-old Ruffy stopped Chandler at 4:29 of the opening round with a flurry of strikes following a spinning heel kick and uppercuts, earning a decisive victory in one of the most high-profile cards in UFC history. Immediately after the referee waved off the bout, Ruffy turned his attention from combat to his Christian testimony.

Quoting John 3:16, Ruffy said, “For God so loved the world that he gave his one and only Son, that whoever believes in him shall not perish but have eternal life. Jesus saved my life; he wants to save your life, too. Give your life to Jesus.”

The moment, captured live on Paramount+ during an event celebrating America’s 250th anniversary and President Donald Trump’s 80th birthday, quickly went viral as viewers reacted to the fighter’s bold public expression of faith amid the celebration.

Victory and Proposal on Historic Stage

Ruffy’s performance against the respected veteran Chandler showcased his speed, length and finishing ability. After hurting Chandler with a spinning attack and body shots, he swarmed the former Bellator champion with punches until the stoppage. The win strengthened his case for a future title shot in the lightweight division.

Following the victory, Ruffy proposed to his longtime girlfriend Nadine inside the octagon. “A while ago, when I met my wife, Nadine, I really wanted to ask her to marry me, but I didn’t have the money,” he said. “And now, what better place to ask my wife to get married.” He then turned to her and said, “Nadine, I love you. Would you marry me since we’re right here at the White House?”

The emotional scenes unfolded under the eyes of Trump, who watched ringside alongside first lady Melania Trump and UFC CEO Dana White. The event drew more than 4,000 fans to a specially constructed arena on the South Lawn, blending combat sports with patriotic pageantry including a military flyover and national anthem performance.

Ruffy’s Message of Faith

In a post-fight interview, Ruffy emphasized that his greatest victory was spiritual rather than athletic. On social media, he wrote in Portuguese, “Jesus completely changed my story, and He has His arms open to transform yours too. Our greatest victory is not achieved by our own strength, but when we let Him take control of everything.”

The fighter’s public declaration resonated widely, with many praising his courage to share his beliefs on such a prominent stage. Others noted the contrast between the intensity of the fight and the peaceful message that followed.

Ruffy has spoken previously about his Christian faith shaping his life and career. Sunday’s platform at the White House amplified that testimony to millions worldwide, turning a combat sports event into a moment of spiritual reflection for some viewers.

Context of the Historic UFC Event

“UFC Freedom 250” marked the first time a major mixed martial arts event was held on the White House grounds. The card featured several American fighters, including Justin Gaethje’s upset victory in the main event. Trump and White appeared together prominently throughout the broadcast, highlighting the close relationship between the president and the UFC organization.

White described the night as a celebration of American strength and competition. Trump called the event “incredible” in a later social media post, praising the setting and the fighters.

The spectacle drew mixed reactions along partisan lines. Supporters viewed it as a unique display of patriotism and American exceptionalism, while critics questioned the appropriateness of hosting a combat sports event on the executive mansion’s lawn.

Ruffy’s Path and Rising Profile

The Brazilian contender has steadily built his reputation in the UFC with exciting performances and a well-rounded skill set. His victory over Chandler, a durable veteran known for his toughness, boosts his standing in a stacked lightweight division and positions him as a potential future title challenger.

Beyond the octagon, Ruffy’s openness about his faith has endeared him to fans seeking athletes who use their platforms for more than athletic achievement. His post-fight actions exemplified a growing trend of athletes expressing personal beliefs publicly, whether in victory or defeat.

The proposal to Nadine added a personal and romantic element to an already memorable night, further humanizing the fighter and resonating with audiences beyond hardcore MMA fans.

Broader Significance

Ruffy’s moment at the White House UFC event highlights the intersection of sports, faith and politics in contemporary American culture. As combat sports continue gaining mainstream popularity, athletes like Ruffy are using high-visibility platforms to share personal convictions, sparking conversations about religion’s role in public life.

For the UFC, the event reinforced its cultural influence and ability to stage groundbreaking spectacles. The organization’s partnership with the administration for this card generated significant attention and discussion, regardless of political perspectives.

The night also celebrated American athletic achievement, with several U.S. fighters securing victories. Gaethje’s main event upset and other strong performances contributed to a patriotic atmosphere that aligned with the event’s “Freedom 250” branding.

Looking Forward

Ruffy’s performance and message are likely to boost his profile heading into future bouts. A potential title shot would provide another major platform, allowing him to continue sharing his faith while competing at the highest level.

For the UFC, the successful execution of the White House event opens possibilities for similar large-scale collaborations. The combination of elite athletic competition and national symbolism proved compelling for viewers and participants alike.

As reactions continue to unfold, Ruffy’s first-round knockout and subsequent faith declaration stand as one of the most memorable moments from a historic night on the White House lawn. His story illustrates how personal belief and professional excellence can intersect in unexpected and powerful ways.

The Brazilian fighter’s actions reminded audiences that behind the physical demands of combat sports lie deeper motivations and convictions. Whether viewed through the lens of athletic achievement or spiritual testimony, Mauricio Ruffy’s night at the White House will be remembered as both a career highlight and a bold public expression of faith.