Wall Street Targets To Open Significantly Up On Middle East Ceasefire

(RTTNews) - Early cues from the U.S. Futures Index suggest that Wall Street might open significantly up, after announcing ceasefire between Israel and Iran.

In the Asian trading session, the dollar weakened on improved risk sentiment and gold tumbled over 1 percent to hover at $3,320 per ounce, while oil slumped.

As of 8.20 am ET, the Dow futures were surging 251.00 points, the S&P 500 futures were gaining 41.50 points and the Nasdaq 100 futures were up 210.50 points.

On the economic front, the Current Account for the first quarter will be issued at 8.30 am ET. The consensus is for deficit of $442.8 billion, while the deficit in the prior quarter was $303.9 billion.

Case-Shiller Home Price Index for April will be released at 9.00 am ET. In the prior month, the index was down 0.1 percent.

The Federal Housing Finance Agency or FIFA House Price Index for April will be published at 9.00 am ET. In the prior month, the Price Index was down 0.1 percent.

The Consumer Confidence for June is expected at 10.00 am ET. The consensus is 99.0, while in the prior month, it was 98.0.

The Richmond Fed Manufacturing Index for June will be revealed at 10.00 am ET. The consensus was minus 7, while it was minus 9 in the prior month.

The Money Supply for May will be released at 1.00 pm ET. In the prior week, M2 level was $21,862.5 billion.

Cleveland Fed President Beth Hammack will speak on monetary policy before the Barclays-CEPR Monetary Policy Forum 2025 at 10.15 am ET.

Fed Chair Jerome Powell will deliver semi-annual monetary policy report testimony before the House Financial Services Committee at 10.00 am ET.

Boston Fed President Susan Collins will speak before the "State of the Nation's Housing 2025" event hosted by the Federal Reserve Bank of Boston at 2.05 pm ET.

Federal Reserve Board Governor Michael Barr gives welcome remarks before a virtual"Fed Listens" event hosted by the Federal Reserve Bank of Kansas City, Omaha Branch.

Asian stocks rallied on Tuesday. China's Shanghai Composite Index surged 1.2 percent to 3,420.57. Hong Kong's Hang Seng Index soared 2.1 percent to 24,177.07.

Japanese markets rose sharply. The Nikkei 225 Index closed 1.1 percent higher at 38,790.56 after touching 38,990.11. The broader Topix Index settled 0.7 percent higher at 2,781,35.

Australian markets closed higher. The benchmark S&P/ASX 200 Index jumped 1.0 percent to 8,555.50. The broader All Ordinaries Index closed up 1.0 percent at 8,774.80.