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Stock futures are little changed after Dow posts new record close on potential U.S.-Iran deal
Stock futures traded little changed on Monday night following a strong session. The Dow Jones Industrial Average rose 468.77 points, or 0.92%, to a new record close and intraday high. The S&P 500 gained 1.65%, and the Nasdaq Composite climbed 3.07%. In Asian markets Tuesday, South Korea's Kospi advanced 0.61%, while the small-cap Kosdaq fell 1.47%. Japan's Nikkei 225 was flat and the Topix slipped 0.38%. Hong Kong's Hang Seng index futures pointed lower than its close. The rally came after President Donald Trump announced a deal between the U.S. and Iran to end the war in the Middle East. Pakistani Prime Minister Shehbaz Sharif said both sides declared the termination of military operations on all fronts, with a formal signing ceremony scheduled for Friday in Switzerland. A senior Trump administration official told CNBC that a memorandum of understanding was signed electronically on Sunday. Trump also said the key Strait of Hormuz would reopen on Friday, sending oil prices down nearly 5% on Monday. Vice President JD Vance told CNBC's "Squawk Box" that the strait would "be opened in a toll-free way for the long term." Keith Lerner, CIO and chief market strategist at Truist Wealth, said on CNBC that the market reaction was "fairly positive," noting economic resilience beneath the surface. He expects near-term choppiness but said the market has held up well since March lows. On Tuesday, investors will watch for May’s housing starts and export and import price indexes.