Bulls seized control on Monday and powered the S&P 500 index futures higher in a relief rally, after reports that Iran and the United States had reached a tentative deal to extend the ceasefire and reopen the Strait of Hormuz.

Buying began immediately Sunday night, setting an early low of 7542 that sat comfortably in the green. The early-morning sally slowed beneath the psychological 7600 level, but the bears were unable to initiate any major selloffs.

The regular session began near the premarket high, and a surge of buyers broke through what little resistance there was. The action turned to chop after the initial pop, but soon enough the bulls were back continuing the rally. Buying pressed on until hitting a high of 7648.75, where profit-takers and other selling resistance proved too much to overcome during the lunch hour. More sellers came in for the afternoon, but the bulls held onto most of the gains by the end of the day, as the selloff was never too consistent. The session concluded in the upper half of the day’s range at 7626.50 in the front-month contract, gaining a healthy 129 handles.

Tomorrow, market participants can look forward to May’s import price index, along with a handful of earnings reports morning and evening.

Among the top components of the index, Meta Platforms Inc (NASDAQ: META) emerged as the biggest gainer. The tech conglomerate advanced by $27.02 or 4.77% to close at $593.48 for the day.

That performance was over twice the cash index’s advance of 1.76%.

Conversely, the biggest loser ended up being Walmart Inc (NYSE: WMT). For the day, the retail giant declined by $0.22 or 0.18% to close at $120.82.