Traders are active on the floor of the New York Stock Exchange (NYSE) in New York City.
Stock futures remained mostly steady on Monday night after the Dow Jones Industrial Average reached a new record during the day, largely due to a potential agreement between the United States and Iran.
S&P 500 futures dipped by 0.1%, while Nasdaq 100 futures were down nearly 0.2%. Dow futures experienced a minor decline of 30 points, or less than 0.1%.
During regular trading hours, the Dow Jones increased by 468.77 points, marking a 0.92% rise and hitting a new closing benchmark. The index also reached a fresh intraday high. Meanwhile, the S&P 500 climbed by 1.65%, largely driven by technology stocks, and the Nasdaq Composite surged by 3.07%.
In Asia, the Korean Kospi saw a slight drop of 1.47% after a 0.61% rise the previous day. Japan’s Nikkei Stock Average remained stable, but the TOPIX index fell by 0.38%. Hong Kong’s Hang Seng Index futures ended lower at 24,799, compared to the closing price of 24,842.67.
This reaction followed President Trump’s announcement of a deal to end hostilities in the Middle East between the U.S. and Iran.
According to Pakistan’s Prime Minister Shehbaz Sharif, both parties have agreed to suspend military operations entirely, with an official signing ceremony set for this Friday in Switzerland. A senior official in the Trump administration indicated that the memorandum of understanding had been electronically signed the prior Sunday.
The president also mentioned that the crucial Strait of Hormuz would reopen on Friday, causing a nearly 5% drop in oil prices on Monday. Vice President J.D. Vance discussed on CNBC’s “Squawk Box” that the strait would “remain free and open for the long term.”
“In summary, the market’s response has been largely positive,” said Keith Lerner, chief information officer and market strategist at Trust Wealth, during an appearance on CNBC’s “Closing Bell: Overtime.” “Although the S&P 500 hasn’t fully recovered, it shows economic resilience. I do anticipate some short-term volatility, but it’s made significant progress since the March lows and appears to be holding steady, so there’s not much to complain about.”
Looking ahead to Tuesday morning, investors will be focusing on May’s housing starts and the import/export price index.
