US equity futures were little changed on Tuesday, consolidating a three-session rally after Washington and Tehran said they had reached an agreement to end the conflict and resume energy exports from the Persian Gulf. Futures on the S&P 500, Nasdaq 100, and Dow Jones Industrial Average were mostly flat, with the Dow hovering near a record high.
While reports differed on some of the deal’s specific terms, the US and Iran were still expected to sign the agreement on Friday, and US officials indicated that the Strait of Hormuz will reopen. Treasury yields fell further as the news eased inflation concerns ahead of the Federal Reserve’s expected decision to hold rates steady on Wednesday, although Chair Warsh may use his first meeting to continue advocating for an overhaul of the monetary policy framework.
SpaceX rose 10% in premarket trading, extending its gains to about 40% since its IPO on Friday, after it announced plans to acquire Cursor for $60 billion. In contrast, major technology stocks pared earlier advances, with Microsoft, Meta, and Alphabet edging lower.
