Stock futures are rising Sunday night to kick off the holiday-shortened trading week after President Donald Trump announced that anagreement had been reachedto end the war between the U.S. and Iran.
Futures tied to theDow Jones Industrial Averageadded 342 points points, or 0.7%.SP 500 futuresclimed 0.9%, whileNasdaq 100 futurespopped 1.4%.
Trump said late Sunday on social media that the deal with Iran wasnow complete.Pakistan Prime Minister Shehbaz Sharif said an official signing ceremony would take place on Friday in Switzerland.
Trump also said he authorized the reopening of the key Strait of Hormuz passageway, sendingoil prices tumblingon Sunday.U.S. crudefell nearly 5%.
Trumps announcement came after an exchange of fire between Israel and the Tehran-backed Hezbollah in Lebanonraised uncertainty overwhether the deal would get across the finish line on Sunday.
The three major U.S. stock averages are coming off a winning week, with sentiment bolstered on Friday bySpaceXs record-settinginitial public offering. SpaceX ended Friday with a market capabove $2 trillionafter a climb of more than 19%.
A successfulSpaceXIPO is generally a positive signal for broader investor interest in innovation and technology, said Evan Schlossman, principal at SuRo Capital. Its a reflection of the demand, interest, and desire to invest in these types of companies.
Investors are watching for economic data on housing and retail sales this week. They will also closely monitor the Federal Reserve policy meeting, which Fed funds futures indicate has a more than 98% chance of ending with rates unchanged, according to CMEs FedWatch tool.
The stock market will be dark on Friday in observance of the Juneteenth holiday.