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Key details of 14-point plan signed by U.S. and Iran. (00:16) Your next iPhone could cost more. (01:39) Starbucks supercharges India growth. (02:18)

This is an abridged transcript.

Stock index futures are higher before the opening bell.

Two items of note that are shaping sentiment: President Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding aimed at ending hostilities between the two countries.

In addition, investors are assessing Federal Reserve Chairman Kevin Warsh's policy debut. For a deeper dive into the new Fed Chair and his post meeting remarks check out Wednesday’s special edition of Wall Street Lunch.

The framework of the 14-point MoU calls for an immediate end to military operations, the reopening of key shipping routes, and negotiations on a final deal within 60 days.

The U.S. would gradually lift sanctions, unfreeze Iranian assets, and ease restrictions on Iranian oil exports, while Iran commits not to pursue nuclear weapons and to cooperate with international nuclear oversight. The agreement also includes plans for major reconstruction funding and would ultimately be backed by a binding U.N. Security Council resolution.

The market is reacting positively, the Dow is up 524 points, the S&P 500 is up 1.3% and the Nasdaq is 2.2% higher in premarket action.

Crude oil is down 2.5% at $74.

Apple (AAPL) will increase the prices for some of its products to offset the mounting costs of memory and storage chips.

CEO Tim Cook did not offer details regarding which products would be affected or what the price tags could look like. He also stopped short of providing a timeline for the price hikes.

“Unfortunately, price increases are unavoidable,” the departing CEO said in an interview with The Wall Street Journal. “We’re doing our best to mitigate the huge increases that are being passed to us, and we’ve been trying to shield our customers from the increases, but the situation has become unsustainable,” he added.

Starbucks is planning to aggressively scale its retail footprint in India by adding 50 to 100 new stores annually.

This is a 50:50 joint venture with India's Tata Consumer Products Limited (TCPL).

India now ranks as one of the fastest-growing global markets for Starbucks. The chain has more than doubled its store count over the past four to five years, currently operating over 500 locations.

The expansion will span multiple formats, including drive-throughs, highway outlets, and its premium "Reserve" stores.

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Economic calendar:

• 8:30 am Jobless Claims

• 8:30 am Philadelphia Fed Manufacturing Index

U.S. stock exchanges will be closed for observance of the Juneteenth federal holiday.