December S&P 500 E-Mini futures (ESZ26) are up +0.05%, and December Nasdaq 100 E-Mini futures (NQZ26) are down -0.02% this morning, signaling a subdued open on Wall Street as chipmakers took a breather after yesterday’s rally, while investors monitored diplomatic efforts to end the U.S.-Iran war.
WTI crude erased earlier gains and dropped about -2% on Tuesday after Japan’s Kyodo News Agency reported that Iran proposed reopening the Strait of Hormuz within seven days if the U.S. blockade is lifted. The report said Iran was seeking to break a prolonged deadlock in the conflict and that the proposal would serve as the basis for talks with mediating countries at the United Nations General Assembly. U.S. President Donald Trump is scheduled to address the UNGA later today, with traders focused on a potential meeting with his Iranian counterpart that could mark a key turning point.
