Market reaction to Iran war ceasefire

What happened: President Trump extended the U.S.-Iran ceasefire, citing a "seriously fractured" Iranian government. This extension comes as the previous two-week ceasefire was set to expire. Meanwhile, U.S. stocks pulled back from record highs, with a rise in oil prices potentially contributing to the market's downturn ahead of the ceasefire's expiration.

Market impact: Energy stocks and oil prices were affected, with the latter rising ahead of the ceasefire's expiration. The broader market also saw a pullback, with major averages ending the day just off their record highs. The CNBC Investing Club with Jim Cramer noted the oil price rise as a possible culprit for the market's downturn.

What to watch next: Investors should monitor the evolution of U.S.-Iran relations, as any changes could impact oil prices and energy stocks. Additionally, Capital One's earnings report tonight could influence the broader market, given the bank's role in the financial sector. Lastly, upcoming economic data releases, such as the U.S. GDP report on Thursday, may provide further direction for the market.