Stock Market Rallies Amid Halt of Planned Iran Airstrikes

Market Sentiment Shifts as Trump Cancels Strikes Against Iran

Wall Street traders drove stocks higher on [date] as oil fell after President Donald Trump said he canceled scheduled strikes against Iran, fueling hopes for a diplomatic way out of the war that has rattled global markets.

The S&P 500 rose about 1% to reach session highs, with a rally in a closely watched gauge of chipmakers also rekindling optimism after a recent selloff. US oil dropped below $88 a barrel. Traders also geared up for SpaceX's historic debut in what's expected to be a major test of investor appetite for artificial intelligence-related companies.

Retail investors have submitted more than $100 billion in orders for shares in SpaceX's IPO, according to people familiar with the matter. The company is expected to allocate at least 20% of the available shares to the cohort.