Traders work on the floor of the New York Stock Exchange (NYSE) in New York City.
Spencer Platt | Getty Images
Stock futures were little changed Tuesday, while SpaceX built on its monster post-IPO rally, after the Dow Jones Industrial Average climbed to a fresh record during the previous session thanks to a potential deal between the U.S. and Iran.
S&P 500 futures hovered around the flatline, as did Nasdaq 100 futures. Futures tied to the Dow were up 95 points, or 0.2%.
SpaceX popped 4% in premarket trading, adding to its sharp gains since going public last week. The company priced its initial public offering at $135. It traded around $208 before the bell, 54% above.
The blue-chip Dow on Monday gained 468.77 points, or 0.92%, to set intraday and closing records. The S&P 500 jumped more than 1%, while the tech-heavy Nasdaq Composite climbed 3.1%.
In Asia, Japan’s Nikkei 225 reached hit an all-time intraday high and ended 0.13% higher, while South Korea’s Kospi jumped 2.11%. Hong Kong Hang Seng Index was the worst performer among major Asian indexes, dropping 1.64%, while mainland’s China’s CSI 300 fell 0.15%. Australia’s benchmark S&P/ASX 200 ended flat. The pan-European Stoxx 600 index traded 0.6% higher, with regional gains led by industrial and banking stocks.
The moves came after President Donald Trump announced that the U.S. and Iran had reached a deal to end the war in the Middle East.
Pakistani Prime Minister Shehbaz Sharif said that both sides have declared the termination of their military operations on all fronts, with an official signing ceremony to take place this Friday in Switzerland. A senior Trump administration official told CNBC’s Megan Cassella that the memorandum of understanding was already signed electronically on Sunday.
The president also said that the key Strait of Hormuz passageway would reopen on Friday, sending oil prices down nearly 5% on Monday. Vice President JD Vance told CNBC’s “Squawk Box” on Monday that the strait would “be opened in a toll-free way for the long term.”
“I would say overall, the market reaction was fairly positive,” said Keith Lerner, CIO and chief market strategist at Truist Wealth, on CNBC’s “Closing Bell: Overtime” on Monday afternoon. “Even though the S&P 500 hasn’t quite gotten back to where it was, underneath the surface it’s telling you one of economic resilience. I expect things to be somewhat more choppy here in the near term, but again, it’s hard to complain after we have had a pretty good move off the March lows and still hanging in there pretty well.”
