FX.co ★ US Futures Steady After Strong Rally

U.S. stock futures remained steady on Wednesday, following a robust day for the equity markets. Investor confidence was bolstered by a reduction in geopolitical tensions and a decrease in oil prices. On Tuesday, the S&P 500 and Nasdaq Composite rose by 1.11% and 1.43%, respectively, with both indices nearing record highs. The Dow Jones Industrial Average increased by 1.19%. These gains were largely attributed to a U.S.-mediated ceasefire between Israel and Iran, which held despite minor conflicts. Concurrently, oil prices continued their decline for the second consecutive day, now down nearly 20% from recent peaks. Regarding policy, Federal Reserve Chair Jerome Powell maintained a cautious stance during his congressional testimony, indicating no immediate necessity to adjust interest rates, yet remaining open to a potential cut should future conditions warrant it. Investors are now focusing on Powell’s forthcoming testimony before the Senate Banking Committee, in addition to upcoming data releases on new home sales. Earnings reports from General Mills, Micron, and Paychex are also anticipated to attract attention.