Stock market today: Dow, S&P 500, Nasdaq futures surge on news of a two-week ceasefire
Richard Smith
US stock futures pushed higher Monday morning as markets reacted to news of a two-week ceasefire between the US-Israeli coalition and Iran, announced by Trump via Truth Social.
Futures linked to the S&P 500 (ES=F) climbed 2.5%, while Nasdaq 100 (NQ=F) contracts popped 3.2%. Dow Jones Industrial Average futures jumped roughly 2.3% (YM=F)
Late-session buying helped lift stocks off their lows after President Trump announced on Truth Social that he is looking to call a two-week ceasefire. Writing "I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double sided CEASEFIRE!"
The president also called for an immediate opening of the state of Hormuz. Iran issued a reply shortly after, stating:
"If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations.
For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran's Armed Forces and with due consideration technical limitations."
Oil prices fell on the announcement. Brent (BZ=F) crude futures fell 14.1% in after-hours trading to trade at $91 as West Texas Intermediate (CL=F) crude slipped around 15.2%, falling to just above $94 per barrel.
Trump had set an 8 p.m. ET deadline for Iran to reach an agreement with the US to reopen the waterway, warning in a post on Truth Social that “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will,” if the deadline wasn't met.
On the corporate front, Delta Air Lines (DAL) is scheduled to report earnings ahead of Wednesday’s opening bell.