S&P 500 Muted as Markets Await US-Iran Deal Details and FOMC Decision

U.S. markets opened muted as investors awaited details on the U.S.-Iran peace agreement and the Federal Reserve's interest rate decision. Oil prices fell sharply as markets priced in normalized global energy supplies following the deal to reopen the Strait of Hormuz. The Fed is expected to hold rates steady at 3.50%-3.75% under new Chair Kevin Warsh, with focus on updated projections and potential removal of forward guidance. SpaceX surged over 8% in pre-market trading following its blockbuster IPO.