I don't think anybody doubted they would sign something in Paris, and that is baked in, but the actual content wasn't known until after market close on friday.

Professional traders will have diversified away from fossil stocks due to the uncertainty, but on monday they will either jump back in, or stay even further away, depending on their take on the agreement.

And since oil prices are near 10-year lows, I think it seems the market's reacting.

Yes, crude oil is at record lows.