June S&P 500 E-Mini futures (ESM26) are up +0.28%, and June Nasdaq 100 E-Mini futures (NQM26) are up +0.47% this morning, supported by lower oil prices as the ceasefire in the Middle East appeared to be holding.
The U.S.-Iran ceasefire has been tested after Tehran opened fire on American warships on Monday amid a U.S. initiative to restore shipping in the Strait of Hormuz. After Iran launched cruise missiles and other projectiles at U.S. warships and commercial vessels, U.S. Central Command said it deployed Apache helicopters to sink the Iranian speedboats that were disrupting traffic in the strait. President Trump said that Defense Secretary Pete Hegseth would host a press conference on Tuesday. Meanwhile, CBS reported that U.S. destroyers USS Truxtun and USS Mason passed through the strait.
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The price of WTI crude fell over -2% on Tuesday, paring some of Monday’s surge as relative calm returned to the Persian Gulf. Market participants also took comfort in the ongoing diplomatic efforts to resolve the U.S.-Iran impasse, with Iranian Foreign Minister Abbas Araghchi saying that negotiations with the Americans were “making progress.”
Investors are now awaiting a fresh batch of corporate earnings reports, comments from Federal Reserve officials, and a raft of U.S. economic data, with particular attention on job openings figures.
In yesterday’s trading session, Wall Street’s main stock indexes ended in the red. United Parcel Service (UPS) sank over -10% to lead losers in the S&P 500 and FedEx (FDX) slid more than -9% after Amazon unveiled a rival business called Amazon Supply Chain Services. Also, most chip stocks retreated, with Advanced Micro Devices (AMD) falling over -5% and Qualcomm (QCOM) dropping more than -4%. In addition, Norwegian Cruise Line Holdings (NCLH) plunged over -8% after the cruise line operator cut its full-year adjusted EPS guidance, citing “headwinds related to disruptions in the Middle East.” On the bullish side, shares of flash memory suppliers rallied, with Micron Technology…
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