U.S. stock futures were steady early Tuesday, as investors paused after a relief rally tied to a tentative U.S.-Iran deal. The calm followed a record close for the Dow Jones Industrial Average and a fresh high for Japan’s Nikkei 225, with markets pricing in lower energy risk while waiting for details.
Highlights
- U.S. futures were flat after the Dow closed at a record.
- The U.S.-Iran deal lifted risk appetite, but details remain thin.
- Lower oil prices helped support equities.
Relief rally cools after Dow record
Futures tied to the S&P 500 and Nasdaq 100 were little changed, while Dow futures slipped 46 points, or less than 0.1%, according to CNBC. The muted move came after a strong Monday session: the Dow climbed 468.77 points, or 0.92%, to a record close and touched an all-time intraday high. The S&P 500 rose 1.65%, and the Nasdaq Composite gained 3.07%.
The rally spread through Asia, though unevenly. Japan’s Nikkei 225 rose to an intraday record high, helped by expectations that cheaper oil would ease pressure on import-heavy economies. South Korea’s Kospi advanced 1.98%, while Hong Kong’s Hang Seng fell 1.25%. Mainland China’s CSI 300 was little changed, showing that the global response to the deal remained selective rather than uniform.
Deal optimism meets unfinished details
The market move followed President Donald Trump’s announcement that the U.S. and Iran had reached a deal to end the war in the Middle East. Pakistani Prime Minister Shehbaz Sharif said both sides had declared an end to military operations, with a formal signing ceremony expected Friday in Switzerland. A senior Trump administration official said that the memorandum of understanding had already been signed electronically on Sunday.
Energy was the immediate link to equities. Trump said the Strait of Hormuz would reopen Friday, while Vice President JD Vance said the passage would be opened “in a toll-free way for the long term.” Oil prices fell nearly 5% Monday, easing concerns that fuel costs would keep pressure on inflation and corporate margins.
The next test for markets
The rally leaves investors with a narrower but still important set of questions. If the Strait of Hormuz reopens smoothly, lower crude prices could reduce inflation pressure and support earnings. If the agreement stalls, the same trade could reverse quickly.
Keith Lerner, chief investment officer at Truist Wealth, said the market reaction looked positive overall but could turn choppy near term. That caution matters after a Dow record built partly on geopolitical relief that has not yet become a final peace settlement.
Earlier, we reported that oil slips as the U.S.-Iran deal raises hopes for Hormuz reopening.
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