Global markets rallied after the Trump administration halted plans to escalate conflict with Iran, sending U.S. stock futures sharply higher and pulling crude prices back to around $85 a barrel. The U.S. had prepared strikes late last week but pulled back to pursue diplomacy, while officials weighed how further escalation could strain dwindling munitions supplies.

In China, memory-chip maker CXMT staged a blockbuster debut, soaring more than fivefold to become the most valuable company listed on the mainland. The surge underscores investor appetite for domestic semiconductor champions amid tech tensions.

Attention now turns to a packed earnings week featuring four of the Magnificent Seven giants, where AI spending trajectories will be scrutinized. The Fed's interest-rate decision Wednesday — one of the least predictable in years — adds another layer of uncertainty for markets navigating geopolitical and monetary crosscurrents.