4:12pm: Dow, Nasdaq up
Wall Street ended the day with a broad rally, as easing geopolitical tensions and supportive economic signals fueled investor confidence. The Dow Jones Industrial Average surged 507 points, or 1.2%, to close at 43,089—its biggest one-day gain in weeks and a move that puts it within striking distance of record highs. The S&P 500 followed suit, gaining 1.1% to finish at 6,092, with strength seen across both tech giants and economically sensitive sectors.
The Nasdaq Composite led the charge, jumping 1.4% to 19,913, thanks to renewed enthusiasm for AI and semiconductor stocks. The Russell 2000, a key gauge of small-cap performance, rose an impressive 1.5% to 2,164, suggesting a return of risk appetite among investors.
Today’s gains marked a decisive shift in tone from recent volatility, as traders appeared increasingly comfortable betting on a soft landing for the economy.
Behind the rally were several tailwinds. Reports of easing tensions in the Middle East helped calm nerves, while upbeat data on jobless claims added to the sense that the U.S. economy remains on solid footing. Meanwhile, expectations that the Federal Reserve will remain patient with future rate moves have given markets room to breathe. With broad participation across sectors, today’s rally felt more durable than reactionary—a sign that confidence may be building again on Wall Street.
3:45pm: Proactive news headlines
- Baselode Energy Corp will acquire Forum Energy Metals to form Geiger Energy, a new Canadian uranium explorer focused on the Thelon and Athabasca Basins.
- Immunic Inc reported long-term trial data showing sustained benefits of its MS drug candidate, vidofludimus calcium, with over 92% of patients free from confirmed disability worsening at week 144.
- HIVE Digital Technologies launched a new NVIDIA Hopper GPU cluster in Quebec, one of three high-performance computing clusters it operates across Canada and Sweden.
- Candel Therapeutics Inc announced a $15 million stock offering to fund pre-commercialization activities and BLA submission preparations for its prostate cancer therapy CAN-2409.
- Ideal Power Inc is collaborating with a fourth global Tier 1 automotive supplier to explore its B-TRAN semiconductor tech as a contactor replacement in EVs and hybrids.
- Excellon Resources Inc completed its acquisition of Peru’s Minera CRC SAC, gaining full ownership of the permitted and previously producing Mallay Silver Mine.
- Voyageur Pharmaceuticals Ltd signed a non-binding LOI with a Latin American distributor to expand regional access to its radiology contrast media products.
- US Gold Corp engaged Micon and Halyard to lead the next engineering phase for its CK Gold Project in Wyoming following a competitive selection process.
- GoviEx Uranium Inc kicked off its 2025 field season at the Muntanga project in Zambia, aiming to grow resources and identify new mineralized zones.
- Standard Uranium Ltd highlighted progress across its portfolio and is seeking JV partners to advance several drill-ready uranium properties in the Athabasca region.
- Polarean Imaging PLC shares rose after it signed a commercial agreement with Ascend Imaging to expand U.S. sales coverage for its xenon MRI technology.
- Vinanz Ltd shares surged up to 35% after announcing a $3.85 million bitcoin purchase, boosting its holdings to 58.68 BTC.
3:20pm: Inflation still a concern
While inflation has cooled—core PCE stood at 2.5% in April—the Fed remains reluctant to cut rates, projecting only two rate reductions in 2025. Trump harshly criticized Powell, calling him a “numbskull” for not cutting rates and claimed a 2% reduction would save the government $600 billion annually. Powell countered by reaffirming the Fed’s independence and its focus on inflation and employment.
Though a rate cut would lower interest costs on about a quarter of the federal debt, mainly short-term T-bills, the actual savings would be far below Trump’s estimate. Lawrence Gillum, Chief Fixed Income Strategist at LPL Financial, explained, “A 2% drop in the fed funds rate would reduce effective yields on T-bills by a similar amount, but the savings would likely be in the $125 to $150 billion range—substantial, but well short of the $600 billion figure.” Gillum also noted that the current market does not expect rates to fall much below 3.5% without a significant economic downturn.
3:05pm: Stocks on the move
- Carnival Corp shares surged 9% after the cruise giant reported it beat financial targets 18 months ahead of schedule and recorded its highest-ever customer deposits.
- Uber Technologies jumped over 7% after launching a fully autonomous robotaxi service in Atlanta in partnership with Waymo.
- Immunic Inc reported positive long-term data showing sustained benefits of its RRMS drug, vidofludimus calcium, with over 92% of patients avoiding confirmed disability worsening at week 144.
- HIVE Digital Technologies unveiled a new NVIDIA Hopper GPU supercomputing cluster in Quebec, expanding its high-performance computing infrastructure.
- Candel Therapeutics announced a $15 million stock offering to support launch readiness and a potential 2026 BLA submission for its prostate cancer therapy, CAN-2409.
- Polarean Imaging shares rose 6% after it signed a U.S. sales partnership with Ascend Imaging to expand market reach for its xenon-based MRI technology.
2:40pm: Fed faces crosswinds
US home prices and consumer sentiment both weakened in the latest data, adding to signs that the economy is losing momentum.
The S&P CoreLogic Case-Shiller 20-City Home Price Index fell 0.3% in April, with March data also revised downward. Meanwhile, more timely housing measures like the Zillow House Value Index and existing home sales data suggest continued softness into May.
“House prices are falling, consumer confidence is weak, and jobs data point to less labor demand,” said Bill Adams, Chief Economist at Comerica Bank. Existing home sales remained sluggish in May, while inventory increased and the listings-to-sales ratio hit its highest since 2016.
Consumer confidence also disappointed in June, falling to 93—below both the market consensus and Comerica’s forecast. The Conference Board’s Labor Differential, a key gauge of perceived job market strength, dropped to its lowest level since early 2021.
While some Fed officials, including Governor Waller and Vice Chair Bowman, have signaled support for a rate cut, Fed Chair Jerome Powell has maintained a cautious stance, citing uncertainty around the inflationary effects of tariffs.
Comerica continues to expect the Federal Reserve will hold rates steady through the second half of 2025, as policymakers weigh weaker demand against ongoing cost pressures and the broader implications of fiscal and immigration policy.
1:20pm: Powell: no rush to cut
Federal Reserve Chair Jerome Powell told lawmakers Tuesday that the central bank remains in wait-and-see mode on interest rates, reinforcing a cautious stance just days after policymakers held rates steady.
“For the time being, we are well positioned to wait to learn more before considering any adjustments to our policy stance,” Powell said in prepared remarks to the House Financial Services Committee. He also warned that recent tariff increases could lift prices and weigh on economic activity.
Despite mounting political pressure, including renewed calls from former President Donald Trump for looser monetary policy, Powell maintained that rate cuts are unlikely until inflation shows clearer signs of sustained cooling. “Our obligation is to keep longer-term inflation expectations well anchored,” he said.
Markets responded to the Fed’s firmer tone. U.S. Treasury yields edged higher, stocks seesawed throughout the session, and interest-sensitive assets like gold and high-growth equities came under pressure amid recalibrated expectations for rate cuts before 2025.
12:32pm: Oil continues to slide
Stocks powered higher in the early afternoon, buoyed by a tentative US-brokered ceasefire between Israel and Iran.
Federal Reserve chair Jerome Powell’s congressional testimony also captured investor attention. Powell told lawmakers the Fed could afford to wait on rate cuts, but noted that signs of “contained” inflation could see rates cut “sooner rather than later.”
The Nasdaq added 1.4% at 19,905 points, while the S&P 500 added 1% at 6,089 points and the Dow Jones was up 1% at 43,024 points.
Oil prices continued to slump, with crude oil down more than 5.8% trading just shy of $65 per barrel.
"Hopes of de-escalation in the Middle East following US President Trump's announcement of a ceasefire led to a second day of sharp losses in the oil price but propped stock markets up", IG senior technical analyst Axel Rudolph said.
“Risk on sentiment provoked a near 2% fall in the gold and silver price as flight to safety inflows were unwound and led to a strong rally in global equity markets. Stocks rallied despite US Fed Chair Jerome Powell ignoring President Trump's calls for lower interest rates and instead reiterating that there is no rush to cut rates."
The US dollar also moved lower. "The US dollar resumed its downward trajectory as safe haven inflows were reversed, the US current account gap widened in Q1 and house prices rose the least in 20 months,” Rudolph said.
11:35am: Confidence drops across all demographics
June’s consumer confidence report was a mixed, but mostly negative, assessment of the mindset of consumers, anaysts at Wells Fargo believe.
After a modest rebound in May, confidence declined by 5.4 points, marking the second-lowest reading in the past three years and reinforcing concerns that recent gains in sentiment may have been fleeting.
“The deterioration was not concentrated in one group or key demographic,” analysts wrote. “In fact, June’s drop in confidence was shared by all age groups and most income groups.” They added that the retreat was also shared across all political affiliations, with the largest decline among Republicans.
“Consumers remain worried about tariffs and the impact they will have on prices and the economy more broadly,” they wrote.
Looking ahead, Wells Fargo noted that its forecast still calls for a stall in spending in the second half of this year, “a view that frankly gets little support in the hard data at the moment.”
“We have been making the case that what looks like resilience in retail spending in recent months may in fact be an indication of pulled-forward demand ahead of the full price impact of tariffs and that those outlays are apt to be curtailed in coming months,” they wrote.
10:25am: Consumer confidence falls
US consumer confidence declined sharply in June, with the Conference Board’s index falling to 93 from a revised 98 in May, well below economists’ expectations of 99.8.
The drop suggests growing consumer concerns about the economic outlook amid persistent inflation and interest rate uncertainty.
9.55am: Nasdaq surges to highest since Feb
Wall Street stocks have opened higher, led by the giants of the tech sector, sending the Nasdaq Composite index surging 1.15%.
The S&P 500 and Dow Jones have gained 0.8% in initial trading.
Amazon shares are up 2.3%, with Alphabet and Meta Platforms also around 2%, though semiconductor groups are topping the Nasdaq leaderboard, with AMD and Broadcom rising almost 4%, with Nvidia up 1.5%.
Palantir is down 0.7%, while defence firms Northrop Grumman and L3Harris and Lockheed Martin are also in the red, down between 1% and 3%.
Oil companies also fell, with Exxon Mobil down 1.1%, Chevron and ConocoPhillips dropping 0.5% and 0.4%.
8am: Nasdaq seen extending rally after Iran ceasefire announced
US stock futures are set to extend their gains on Tuesday, after Donald Trump oversaw a ceasefire deal agreement between Israel and Iran that sent oil prices tumbling.
Futures contracts for the S&P 500 were up 0.7%, while those for the tech-heavy Nasdaq gained almost 1% and Dow Jones futures were up 0.6%.
The previous day, the three major US stock indexes all rallied around 0.9% as Iran launched missiles at a US air base in Qatar but made sure the attack was well telegraphed, with Qatar given notice to allow air traffic to be suspended.
With no casualties on the US base, President Trump thanked Iran for "giving us early notice" of the strikes.
Two hours after the closing bell in New York, Trump posted that a "complete and total ceasefire" had been "fully agreed by and between Israel and Iran" approximately six hours later, once ongoing missions had wound down, "at which point the war will be considered ended".
Oil prices plunged, with WTI falling almost 13% from $74 a barrel before the announcement to $64.48 early on Tuesday morning, with gold falling 1.5% and Treasury yields down to their lowest levels since early May.
Shares in Exxon Mobil and Chevron were down 1.7% and 1.4% respectively in premarket trading.
Reports from Israel that Iran had violated the ceasefire, with two missiles fired after the agreed truce deadline, were intercepted by its 'Iron Dome' defence system and denied by Iran.
This triggered a small rebound in oil, gold and bond yields, but President Donald Trump posted that Israel must "not drop those bombs. If you do it is a major violation" and soon after it was reported that Israel would make only a "symbolic strike" and Trump said "Nobody will be hurt, the ceasefire is in effect!"
European stocks were on the front foot, with London's FTSE 100 up 0.3% as gains for travel, retail and bank stocks were offset by falls for oil and defence companies. The German DAX gained 1.7% and French CAC 40 was up 1.1%.
Falls for defence companies in Europe were echoed in Wall Street's pre-market trading, with Lockheed Martin down 1.4%, with Northrop Grumman down 0.8%.
"Trump has flipped a switch, and the market is responding," said market analyst Kathleen Brooks, although she notes that "risk sentiment is sensitive to headline risk".
The rapid oil price decline was "a sign that the market is taking this agreement as a done deal", but she adds that "if there are more signs that the ceasefire is not holding, we could see the oil price resume its uptrend".
The question now, Brooks said, is what will the market focus on next?
"With geopolitical risks expected to moderate from here, the focus could shift to Q2 earnings season that will start in a few weeks, and US trade tariffs.
"If we assume that tariffs will be sewn up in the coming weeks, then the focus could shift to the AI trade and a cruisy summer for volatility."
Trump has turned his attention to Federal Reserve chair Jerome Powell, who will be in Congress today in order to explain the central bank's recent policy decisions.
"Europe has had 10 cuts, we have had ZERO. No inflation, great economy - we should be at least two to three points lower," said Trump.Nvidia stock was up 0.9%, while chief executive Jensen Huang has started selling company shares under a trading plan that could see him offload up to $865 million by the end of 2025.
Alphabet rose 1.4% premarket despite reports that the UK’s competition authority is proposing tighter regulation of Google, which could force the tech giant to offer users greater choice in search services.