The S&P 500 Index ($SPX) (SPY) today is up +0.19%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.50%. June E-mini S&P futures (ESM26) are up +0.21%, and June E-mini Nasdaq futures (NQM26) are up +0.60%.
Stock indexes are climbing, and crude oil prices are falling today amid reports of efforts to secure a potential ceasefire in the war in Iran. Axios reported that the US, Iran, and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war. On Sunday, President Trump extended his previous 10-day deadline for Iran to open the Strait of Hormuz by 20 hours until Tuesday evening and threatened to unleash "all hell" on Iran if the Strait of Hormuz is not reopened to all shipping traffic by Tuesday. However, Mr. Trump also said the US was in "deep negotiations" with Iran and "there is a good chance to make a deal, but if they don't make a deal, I am blowing up everything over there." However, the chances of a ceasefire appear doubtful after a spokesman for Iran’s Foreign Ministry said, “No rational person” would accept a ceasefire proposal.
