June S&P 500 E-Mini futures (ESM26) are trending down -0.04% this morning, taking a breather after a rally fueled by optimism about the prospect of a peace deal in the Middle East.
The U.S. and Iran are reportedly seeking to arrange a second round of peace negotiations. President Trump told the New York Post on Tuesday that talks could restart “over the next two days” and said in a Fox Business interview that the war was “very close to being over.” The Associated Press reported on Wednesday that mediators moved closer to extending the ceasefire between the two sides. Meanwhile, Vice President JD Vance said the U.S. aims to strike a deal with Iran that would allow its people to thrive as part of the global economy, but only if Tehran commits to not having a nuclear weapon. The price of WTI crude gained over +1% on Wednesday as the U.S. pressed ahead with a naval blockade of the Strait of Hormuz, but it remained near three-week lows.
