The S&P 500 Index rose by 0.41%, the Dow Jones Industrial Average increased by 0.43%, and the Nasdaq 100 Index climbed by 0.66%, reaching new all-time highs as of today. This upward trend is supported by expectations of a potential peace deal between the US and Iran, which would ease crude oil prices and alleviate inflation concerns. The June E-mini S&P futures are up by 0.37%, while June E-mini Nasdaq futures have gained 0.66%.
Crude oil prices fell over 1%, hitting a five-week low, as the US and Iran tentatively agreed to a 60-day ceasefire, raising hopes for the reopening of the Strait of Hormuz. However, significant challenges remain, including the removal of mines and repairs to damaged energy infrastructure. Additionally, 84% of S&P 500 companies that reported Q1 earnings beat estimates, with projections indicating a 12% year-over-year increase in earnings.
In international markets, the Euro Stoxx 50 was up 0.29%, while China’s Shanghai Composite declined by 0.73%. Japan’s Nikkei Stock Average surged by 2.53% to reach a new record high. The chance of a 25 basis point rate cut by the Federal Open Market Committee at its June 16-17 meeting is currently estimated at 3%.
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