Johnson & Johnson is betting big on America, crediting Trump tax policies, top talent and a strong investment environment for inspiring a $55 billion U.S. investment push that spotlights growing confidence in U.S. manufacturing.
“We have the best talent, we have the best investment environment and, very importantly, we have now the tax policy enacted with this administration that has enabled us to be competitive,” CEO Joaquin Duato said on FOX Business’ “Mornings with Maria” on Tuesday.
“We’re playing with a hand tied to our back compared to companies that were domiciled outside of the U.S.”
“Now we can create high-skilled jobs, we can invest in America, and we can be competitive,” he added.
Prime Minister Mark Carney says he’s seen a copy of the preliminary deal struck between the U.S. and Iran to end hostilities in the Middle East and is calling it a “game changer.”
“I have to say, it’s exceeded my expectations. We’re very pleased with the deal that’s been struck,” the prime minister said in an interview with CNN’s Kaitlan Collins on the sidelines of the G7 summit in France.
The precise terms of the deal haven’t been made public, and Carney didn’t say specifically how he came across the copy he reviewed other than “sources.” He also didn’t address criticism of the deal, namely that negotiations didn’t include Israel or Hezbollah.
U.S. President Donald Trump is also attending this week’s G7 summit, and Carney said Iran was a top priority for himself and other world leaders.
Officials have sometimes offered contradictory interpretations of what’s in it. One portion of the agreement that has been publicly reported is that negotiations over Iran’s nuclear program will need to take place over a 60-day period once the deal is signed.
Carney didn’t get into too many details of what is included in the deal in the brief interview. But he told Collins that it “sets the groundwork to ensure Iran doesn’t have a nuclear weapon.”
“The Rubicon, if I can use that metaphor, has been crossed,” the prime minister said of that portion of the agreement.
Other details, including the fate of its stockpile of highly enriched uranium, will still need to be addressed during the 60-day negotiating window.
One point of the deal on which officials have offered conflicting views is how it impacts Israel’s military presence in Lebanon. Carney said the agreement offers a groundwork for “a solution in Lebanon,” but didn’t offer any further details.
Carney also said that the G7 and larger international community should have a role in ensuring the deal remains intact.
The unpublished agreement provides for the opening of the Strait of Hormuz and lifting of the blockade, according to a senior U.S. official who spoke to reporters on condition of anonymity to discuss outlines of the agreement on Monday.
The strait is a key corridor for the world’s oil supply. Typically about 20 million barrels of oil pass through the strait every day. But that supply was cut off during the 100-day conflict, sending gas prices skyrocketing.
In the past Carney has suggested Canada could help with removing mines from the strait, but he told Collins there are other aspects with which the country can assist once the deal is signed.
“One of the big lessons here is don’t be held hostage to one choke point in the global economy,” Carney said.
“In some of these cases, we can really help with that,” he said, specifically mentioning oil, gas and critical minerals.
Part of the 60-day negotiations would address the potential lifting of sanctions.
The prime minister told Collins that Canada could also help on the “financial” portions of the agreement — specifically mentioning the unfreezing of assets.
Canada’s main stock index rose to a record high on Tuesday after U.S. President Donald Trump said at the G7 summit that Washington’s deal with Tehran was moving ahead.
At 10:42 a.m. ET, the Toronto Stock Exchange’s S&P/TSX Composite index was up 40.65 points, or 0.12 per cent, at 35,316.22.
The interim agreement would extend a tenuous ceasefire announced in April by another 60 days and reopen the Strait of Hormuz, which has been effectively blocked since February, after U.S.-Israeli strikes against Iran.
“The Middle East conflict deal is definitely supporting markets, and the rally is based on hopes that a final signing will happen, but it is more of a memorandum of understanding, not an official document, with key details still to be discussed,” said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
The materials index, which includes stocks of metal miners, was up 2.2 per cent, leading gains on the resource-heavy TSX. SSR Mining, NovaGold Resources and Seabridge Gold rose between 5.6 per cent and 10.2 per cent.
Mining stocks were also supported by a rise in gold prices as expectations of interest rate hikes from the U.S. Federal Reserve this year eased, following news of the interim U.S.-Iran deal.
Heavyweight financials rose 0.4 per cent, adding to gains.
Six of the 10 TSX sectors were in the green, with the energy sub-index being the biggest drag, down 0.8 per cent, after oil prices fell to a three-month low on the prospect of renewed supplies against weak physical demand.
“The price of oil is falling quite rapidly and if there is some sort of deal, I anticipate it going back to where it was before the conflict,” Small said.
Meanwhile, Canadian home sales rose 5.5 per cent in May, making up some ground after a slow start to the typically active spring market, and prices edged lower, data from the Canadian Real Estate Association showed.
Apparel maker Gildan Activewear (GIL-T -23.80%decrease) fell 5.1 per cent after Jehoshaphat Research said it is shorting the stock.
The blue-chip Dow touched an intraday record high on Tuesday as oil prices slid further on optimism around a U.S.-Iran peace deal, while SpaceX surpassed Amazon’s market value to become the fifth-most valuable U.S. firm.
Shares of SpaceX climbed almost 9.5 per cent, helping the company overtake Amazon’s market value.
The Elon Musk-led company said it would acquire software firm Anysphere for US$60 billion in a bid to ramp up its presence in the enterprise AI market.
Memory chip stocks rose, with Western Digital and Seagate Technology adding 9 per cent and 6 per cent, respectively.
Still, the S&P tech index was down 0.5 per cent after a sharp rally in the previous session.
Seven out of 11 major S&P 500 sector indexes moved higher as investors rotated into economically sensitive pockets of the market. Financial shares led gains with a 1.1 per cent rise.
Goldman Sachs gained 1.3 per cent, aiding the Dow, while JPMorgan and Bank of America added 1.8 per cent and 1.2 per cent, respectively.
The energy index lost 0.4 per cent as oil prices dropped to nearly a three-month low.
U.S. stocks rallied in the previous session after U.S. President Donald Trump said a preliminary agreement to end the conflict had been signed.
Still, doubts swirled around the deal as shippers said it could take weeks for confidence to return after any reopening of the Strait of Hormuz.
Markets will next turn to the Federal Reserve’s monetary policy decision on Wednesday.The central bank is widely expected to hold interest rates at the 3.50-3.75 per cent range, with investors closely watching Warsh’s comments on inflation, unemployment and the economic outlook.
“All eyes are on Warsh’s press conference, guidance and expectations for the market. But given the (U.S.-Iran) deal seems to be inked he has a little bit more latitude to be balanced,” said Thomas Hayes, chairman at Great Hill Capital.
“Historically, the market gets tested with a new Fed chair in the first year or so. There’s usually some market volatility.”
Inflation, in particular, is stuck more than a percentage point above the Fed’s 2 per cent target, and Warsh’s characterization of whether and when it is likely to fall will be a key first step in the evolution of monetary policy under his leadership.
Traders see a 42 per cent chance of a 25-basis-point rate hike in December, as per CME Group’s FedWatch tool, with rate cuts seen coming only after mid-2027.
The Dow Jones Industrial Average rose 360.77 points, or 0.70 per cent, to 52,031.80, the S&P 500 gained 7.49 points, or 0.10 per cent, to 7,561.78 and the Nasdaq Composite gained 35.07 points, or 0.13 per cent, to 26,719.01.
The benchmark S&P 500 was also near early June record highs after a slump driven by concerns about high valuations in the technology sector and the U.S.-Iran conflict.
Qualcomm rose 3.6 per cent after the Information reported that the chipmaker was in talks to acquire AI chip startup Tenstorrent for US$8 billion to US$10 billion.
Robinhood was up 1.1 per cent as the trading platform said it would cut 10 per cent of its full-time workforce and close remaining open roles.
Shares of SpaceX climbed on Monday, their first full day of trading after jumping 20% in their debut on Friday.
SpaceX completed the biggest IPO in history, raising $75 billion before underwriters exercised their overallotment.
CEO Elon Musk posted on X on Sunday that the company “might be able to reach approximately” $1 trillion revenue in 2030, up from $18.7 billion last year.
SpaceX shares climbed 20% on Monday, the first full day of trading following a record-breaking debut last week on the Nasdaq.
Roughly 244 million shares changed hands. Trading volume on Friday topped 500 million shares, approaching Facebook’s debut in 2012, when close to 580 million shares were traded.
SpaceX on Friday saw its stock closing at around $161 after being priced at $135 per share. That put the company’s market capitalization above $2 trillion, after the biggest initial public offering in history. The stock added about $31 on Monday to close at $192.50.
Elon Musk, CEO of SpaceX, posted on X on Sunday that the company “might be able to reach approximately” $1 trillion revenue in 2030.
“And I would be surprised if revenue is not greater than $1T in 2031,” Musk added in a follow-up post.
SpaceX reported $18.7 billion in revenue in 2025.
Musk’s space company operates the Starlink satellite internet service and a fleet of reusable rockets. In February, Musk merged the company with his artificial intelligence startup xAI. SpaceX lost nearly $5 billion in 2025 and the blockbuster IPO has sparked debate over whether the company’s huge valuation is justified.
Statistics Canada says manufacturing sales rose 4.2 per cent to $77.1-billion in April, as the petroleum and coal product group hit a record high.
Petroleum and coal product sales jumped 22.6 per cent to $11.8-billion, following a 25.5 per cent increase in March, helped by higher volumes as several refineries ramped up production after maintenance shutdowns.
Total manufacturing sales in constant dollars rose 1.8 per cent in April.
In a separate report, Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.6 per cent to $89.3-billion in April.
The building material and supplies subsector was up 4.3 per cent at $12.7-billion, while the mineral, ore and precious metal industry group rose 15.7 per cent to $1-billion.
In volume terms, wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, fell 0.3 per cent in April.
Oil prices slumped 5 per cent to a three-month low on Monday amid a broad selloff after the U.S. and Iran said they agreed terms to end their war and reopen the Strait of Hormuz.
Brent crude futures fell US$4.38, or 5.02 per cent, to US$82.95 a barrel by 10:54 a.m. EDT and U.S. West Texas Intermediate was at US$80.28, down US$4.60, or 5.42 per cent.
Both contracts fell to their lowest levels since March 10 on Monday after tumbling more than 3 per cent on Friday. WTI futures fell as much as US$5 during the session.
The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday, said the prime minister of Pakistan, whose country has served as a mediator. Trump said on Sunday that the Strait of Hormuz would be open “toll free” and that a U.S. naval blockade of Iranian ports would also end, though it remains in effect pending completion of the ceasefire agreement.
Iran’s semi-official Mehr news agency said the draft deal called for reopening the Strait of Hormuz within 30 days under Iranian arrangements.
“With a wall of oil supply very possibly on the way, the sell-off looks justified,” said Dennis Kissler, senior vice president of trading at Bok Financial.
The world has lost millions of barrels of oil and gas supply since the war closed the Strait of Hormuz, a chokepoint for a fifth of the world’s oil and liquefied natural gas supplies, for more than three months.
It is unclear, however, how quickly those barrels will return to market once the waterway is opened.
“Getting the vessel supply chain in place and the restarts all running smoothly within the Arab Gulf will be tough. And some vessel owners will be hesitant to ballast towards the Arab Gulf until we hear from insurers,” said Neil Crosby, head of research at Sparta Commodities.
Investors are also watching cautiously how quickly Middle Eastern producers can resume oil production and exports following damage from the war and whether more ships will enter the region.
“If we look at the pre-war range being around US$60 to US$70 in Brent, I would expect that the new price floor has moved higher from 60 back in the December/January window, perhaps as high as US$75 or US$80 going forward, with some risk to the upside,” Saxo Bank analyst Ole Hansen said.
Lower oil inventory levels, a slower process to restart production and the refilling of strategic oil inventories should support oil prices in the longer term, said UBS analyst Giovanni Staunovo.
Stockpiles in the world’s largest economies are headed toward their lowest levels since at least 2003, squeezed at a record pace due to the lost Gulf output, according to the U.S. Energy Information Administration.
More than 14 million bpd of oil output is shut, or about 14 per cent of world demand, according to the International Energy Agency’s most recent report. A full return to pre-war production and refining levels is likely to take weeks, months or even years, industry officials say.
However, Israeli Defense Minister Israel Katz said the military would remain in security zones in Lebanon, Syria and Gaza indefinitely in order to protect the border and Israeli settlements.
The fate of Iran’s nuclear program, another thorny issue, will also be addressed in those later talks, sources previously told Reuters. E4 nations, which include the UK, France, Germany and Italy, said on Sunday the countries were prepared to lift sanctions on Iran in response to steps on its nuclear program.
The U.S. and Iran agreed to a memorandum of understanding on Sunday to end their war after nearly four months.
Stocks surged, while oil prices and bond yields fell, after the agreement was announced.
The deal has not been signed, the text is unreleased and Israel is not party to the agreement.
Markets are celebrating a preliminary U.S.-Iran agreement intended to end their war that triggered a global economic downturn and lasted nearly four months. Stocks surged on Monday, as oil prices and bond yields fell.
No deal has yet been signed, though the sides have agreed to a “memorandum of understanding” and stood down militarily, and the critical Strait of Hormuz is to be reopened as part of the deal, according to U.S. President Donald Trump.
Here is what we know about what’s been agreed and what could happen next.
Did Iran sign a peace deal?
Iran’s deputy foreign minister, Kazem Gharibabadi, said the text has been finalized and will be signed on Friday in Geneva. He added, “A permanent and immediate end to the war has been declared on all fronts.” Trump also said the U.S. naval blockade of Iran would stand down.
The text of the memorandum of understanding has not, as of Monday, been released. What we know is from statements by those involved in the talks.
Is the Strait of Hormuz open?
The Strait of Hormuz isn’t officially open yet, but both Trump and Iran’s deputy foreign minister have said it would reopen Friday after the signing in Geneva.
Trump’s reaction to the agreement on Truth Social focused almost entirely on the strait, saying it would reopen without tolls.
He posted on Truth Social: “I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!”
He later posted to say the strait would open “upon the signing of the Deal on Friday, for purposes of mine removal.”
Iranian state news agency Mehr later reported the strait reopening would be subject to “Iranian arrangements.”
Qatar said Monday it welcomed the deal between the U.S. and Iran “on addressing the outstanding issues between them, including ensuring freedom of navigation in the Strait of Hormuz.”
Is the war over?
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U.S. stock futures jump on Iran deal to end the war
The U.S. and Iran have paused immediate hostilities. The agreement would extend the ceasefire for 60 days to create a framework for future negotiations about Iran’s nuclear program, sanctions and regional security.
These negotiations could create a final peace settlement. Gharibabadi said that the 60-day nuclear negotiations could only begin if the U.S. releases billionsof dollars in frozen Iranian funds. The U.S. dismissed the claim.
Trump reiterated Sunday that “Iran will never have a nuclear weapon.” He also told The New York Times that the U.S. could attack Iran again if negotiations failed to produce a resolution on its nuclear ambitions.
“The threat of renewed conflict will remain in the coming months. Pushing the most difficult issues into later negotiations prolongs uncertainty and leaves the underlying confrontation unresolved,” Torbjorn Soltvedt, principal Middle East analyst at risk intelligence company Verisk Maplecroft, told CNBC.
Crucially, Israel is not party to the agreement. The country has been a combatant since the first strikes on Feb. 28. Its attacks on targets in Lebanon have shaken the ceasefire at times. Earlier, Gharibabadi said the “permanent and immediate end to the war” he announced included Lebanon. It’s unclear whether Israel accepts that.
On Monday, Israeli Defense Minister Israel Katz said in a statement that the Israel Defense Forces would remain in the so-called security zones in Lebanon as well as Gaza and Syria, adding that Israel would retaliate if Iran attacks the country in response to events in Lebanon.
Who could attend the Geneva signing?
Tehran has not released a list of attendees, which could hint at what backing the deal has from parts of the Iranian political establishment.
Abbas Araghchi, the country’s foreign minister, was central in the negotiations mediated by Pakistan and is the most likely senior Iranian signatory.
If parliamentary speaker Mohammad Bagher Ghalibaf attends, it could signal buy-in from Iran’s conservative and security establishments. If senior security chief Mohammad Bagher Zolghadr attended, it would signal that Iran’s supreme leader approved. Zolghadr is, however, subject to sanctions.
No official U.S. delegation has been confirmed.
Vice President JD Vance was reportedly under consideration for a signing ceremony if a deal materialized. Trump could also travel there directly from the G7 summit in Évian-les-Bains, France. White House envoy Steve Witkoff, who has led much of the U.S. negotiating track with Iran, is a likely participant.
The conflict has involved many more parties and countries than just the U.S. and Iran.
One of the most important signals will be whether Saudi Arabia and the United Arab Emirates, which were both drawn into the war, send representatives from their Cabinets. That would suggest the agreement has broader backing from countries in the region.
