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Stock market today: Dow, S&P 500, Nasdaq futures soar after US and Iran agree peace deal
US stock futures surged on Monday as investors welcomed a breakthrough deal to end US-Iran hostilities and reopen the Strait of Hormuz at the start of a holiday-shortened trading week.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) led the advance, soaring 2.1%, while S&P 500 futures (ES=F) jumped 1.3%. Dow Jones Industrial Average futures (YM=F) climbed 1% on the heels of Friday's solid gains for Wall Street stocks.
The US announced late Sunday that it had reached a ceasefire deal with Iran, with President Trump calling the agreement "complete" in a post to Truth Social. Talks on a final peace deal are expected to begin within 60 days.
The provisional agreement should restore oil shipping through the crucial Strait of Hormuz waterway, but a return to normal flows is seen as months away. The two sides are set to meet on Friday in Switzerland to formally sign the deal, but a lack of detail about its terms is keeping tanker owners and other operators wary.
Oil prices tumbled roughly 5%, with global benchmark Brent crude futures (BZ=F) hovering just above $83 a barrel. West Texas Intermediate (CL=F) futures fell to around $80 barrel as concerns over supply disruptions eased.
Wall Street enters the week with momentum following SpaceX's (SPCX) blockbuster public debut on Friday. Shares of the Elon Musk-led company rose almost 7% in premarket trading, after rocketing up over 19% in their first trading session to push the company's market value above $2 trillion.
Looking ahead, the highlight is the Federal Reserve's policy decision, seen as highly important as hot inflation readings spur debate about the odds of an interest rate hike this year. Traders are pricing in better than a 98% probability that the Fed leaves rates unchanged on Wednesday, per CME FedWatch data.
The NYSE and Nasdaq will both be shuttered for trading on Friday in observance of the Juneteenth holiday.
US stock futures surged on Monday as investors welcomed a breakthrough deal to end US-Iran hostilities and reopen the Strait of Hormuz at the start of a holiday-shortened trading week.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) led the advance, soaring 2.1%, while S&P 500 futures (ES=F) jumped 1.3%. Dow Jones Industrial Average futures (YM=F) climbed 1% on the heels of Friday's solid gains for Wall Street stocks.
The US announced late Sunday that it had reached a ceasefire deal with Iran, with President Trump calling the agreement "complete" in a post to Truth Social. Talks on a final peace deal are expected to begin within 60 days.
The provisional agreement should restore oil shipping through the crucial Strait of Hormuz waterway, but a return to normal flows is seen as months away. The two sides are set to meet on Friday in Switzerland to formally sign the deal, but a lack of detail about its terms is keeping tanker owners and other operators wary.
Oil prices tumbled roughly 5%, with global benchmark Brent crude futures (BZ=F) hovering just above $83 a barrel. West Texas Intermediate (CL=F) futures fell to around $80 barrel as concerns over supply disruptions eased.
Wall Street enters the week with momentum following SpaceX's (SPCX) blockbuster public debut on Friday. Shares of the Elon Musk-led company rose almost 7% in premarket trading, after rocketing up over 19% in their first trading session to push the company's market value above $2 trillion.
Looking ahead, the highlight is the Federal Reserve's policy decision, seen as highly important as hot inflation readings spur debate about the odds of an interest rate hike this year. Traders are pricing in better than a 98% probability that the Fed leaves rates unchanged on Wednesday, per CME FedWatch data.
The NYSE and Nasdaq will both be shuttered for trading on Friday in observance of the Juneteenth holiday.
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