U.S. stock index futures rose Tuesday as President Donald Trump announced a ceasefire between Israel and Iran, bringing investors some relief after 12 days of conflict in the Middle East hurt global risk assets and fanned inflation concerns.
Oil prices dropped to their lowest levels in two weeks as supply concerns triggered by the war eased, pulling down U.S. energy stocks in premarket trade. Chevron and Exxon were down 1% and 1.7%, respectively.
Defense stocks Lockheed Martin and RTX Corp dipped about 1.6% each.
Trump’s call for truce was a sharp turnaround after the U.S. bombed Iran’s nuclear sites over the weekend and Iran retaliated by firing missiles at a U.S. base in Qatar.
Hours after the ceasefire declaration, however, Israeli Defence Minister Israel Katz said Iranian missiles were fired in violation of the agreement and he had ordered the military to strike Tehran in response. Iran said it had not violated the ceasefire.
For the moment, optimism around the ceasefire was helping support equities.
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Author: Faith Novak
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