The S&P 500 and Nasdaq notched fresh records as investors dial back worries as a U.S.-China trade deal nears and tensions ease between Iran-Israel. Microsoft and Nvidia also hit records, as Nike shares lead Dow.

The U.S. and China have reached an agreement — again — to deescalate trade tensions. China is making it easier for U.S. companies crucial magnets and rare earths materials.

A pact could end months of uncertainty about tariffs, but questions remain. Here’s what it means for business owners.