US stock futures rallied on Wednesday after President Donald Trump postponed by two weeks his threatened strikes on Iranian civilian infrastructure, announcing what he termed a “double-sided ceasefire.” Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 were all up more than 2%.
Trump said the US had received a 10-point proposal from Iran that he described as a “workable basis for negotiations.” The two-week window is intended to allow time for a potential agreement to be finalized and put into effect.
Iran has also agreed to reopen the Strait of Hormuz for two weeks, on the condition that all attacks cease, and stated that transit through the waterway must be coordinated with Iran’s Armed Forces. Israel has reportedly agreed to the ceasefire as well.
In regular trading on Tuesday, the Dow edged down 0.18%, while the S&P 500 and the Nasdaq Composite rose 0.08% and 0.1%, respectively.
