Alibaba (BABA.N) U.S. pre-market gains peaked at 12.8%.

Iranian media said Trump has officially declared the Islamabad memorandum of understanding terminated, and that it is illogical and irrational for Iran to maintain a memorandum the U.S. president has declared dead. The report said Iran should mount a clear response to Trump. It added the pact, advanced diligently by Iranian negotiators, was doomed by U.S. bad faith from the outset and last night’s declaration only formally confirmed its death.

Oil prices rose about $0.60 intraday; WTI crude at $73.71 per barrel, Brent crude at $77.81 per barrel.