Markets saw a positive turnaround when Ukraine agreed to a ceasefire proposal from the Trump administration, aiming for a 30-day truce with Russia. The proposal was discussed during talks in Saudi Arabia and awaits Russia's response. In addition to the ceasefire, the U.S. will restart intelligence sharing and military aid to Ukraine, which has boosted investor confidence.

In another move bolstering market sentiment, Ontario Premier Doug Ford suspended a 25% electricity export surcharge on several U.S. states, further contributing to positive market momentum.