Trump is suddenly talking up a deal with Iran and a Russia-Ukraine energy truce, which looks bullish for stocks after a rough morning.

• Trump reversed his hard line on Iran, saying the US is open to a deal after weeks of insisting it could stay at war for years.
• He also said Russia and Ukraine agreed to stop hitting each other's energy sites, and blamed that war — not Iran — for high diesel prices.
• He talked up the AI data center boom as the thing holding up the economy and warned against killing it.
• Stocks bounced off the morning lows, with software and cybersecurity names leading the rebound.
• Government bond yields briefly touched 5% for the first time in three years on fear the Fed will have to raise rates, but markets may be pricing in far more hikes than actually happen.

Outlook: If the Iran conflict winds down and rate-hike fears fade, stocks could push back toward record highs before year-end.