Stocks are likely to move to the upside in early trading on Tuesday, adding to the strong gains posted in the previous session. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.7 percent.
The upward momentum on Wall Street comes after President Donald Trump announced a ceasefire between Israel and Iran is now in effect.
“On the assumption that everything works as it should, which it will, I would like to congratulate both countries, Israel and Iran, on having the stamina, courage, and intelligence to end what should be called ‘THE 12-DAY WAR,'” Trump wrote on Truth Social.
While Israel has accused Iran of violating the ceasefire, traders appear to remain optimistic about easing tensions in the Middle East.
The futures remained firmly positive even as Federal Reserve Chair Jerome Powell indicated the central bank will remain on hold despite pressure from Trump to lower interest rates.
“For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell said in prepared remarks before the House Financial Services Committee.
Not long after the start of trading, the Conference Board is due to release its report on consumer confidence in the month of June. The consumer confidence index is expected to inch up to 99.0 in June from 98.0 in May.
After some early indecision, investors rallied late in the day to push Wall Street higher on Monday. The major averages all finished the day firmly in positive territory.
For the day, the Dow jumped 374.96 points or 0.9 percent to finish at 42,581.78, while the Nasdaq rallied 183.56 points or 0.9 percent to close at 19,630.97 and the S&P 500 climbed 57.33 points or 1.0 percent to end at 6,025.17.
In overseas trading, stock markets across the Asia-Pacific region moved sharply higher during trading on Tuesday. Japan’s Nikkei 225 Index shot up by 1.1 percent, while Hong Kong’s Hang Seng Index surged by 2.1 percent.
The major European markets have also moved to the upside on the day. While the German DAX Index is up by 1.9 percent, the French CAC 40 Index is up by 1.2 percent and the U.K.’s FTSE 100 Index is up by 0.4 percent.
In commodities trading, crude oil futures are plunging $2.59 to $65.92 a barrel after plummeting $5.33 to $68.51 a barrel on Monday. Meanwhile, after climbing $9.30 to $3,395 an ounce in the previous session, gold futures are ¬tumbling $68.70 to $3,326.30 an ounce.
On the currency front, the U.S. dollar is trading at 144.95 yen compared to the 146.15 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is trading at $1.1608 compared to yesterday’s $1.1578.
Business News
U.S. Stocks May See Further Upside On News Of Israel-Iran Ceasefire
2025-06-24 12:49:37
