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US stocks rose on Monday morning as investors welcomed easing oil prices and growing optimism that tensions between Washington and Tehran couldcool in the coming days.
The Dow Jones Industrial Average (^DJI) fell 0.2%, while the S&P 500 (^GSPC) rose 0.5% after regular trading was paused on Monday for the Memorial Day holiday.
The tech-heavy Nasdaq Composite (^IXIC) led gains, rising 0.8%, as Micron (MU) stock surged 17%, hitting a $1 trillion market capitalization for the first time.
Investor sentiment improved after President Trump said negotiations withIran were “moving along well,” signaling that diplomatic efforts may still prevent further escalation in the conflict.
Trump also cautioned that the US remained prepared to act militarily should talks collapse.
Stocks remained higher after the US and Iran exchanged fire in the Strait of Hormuz, with the US saying it conducted self-defense strikes in southern Iran, and the Islamic Revolutionary Guard Corps.
West Texas Intermediate (CL=F) crude futures fell 3% to $93 per barrel, extending the recent pullback in energy prices.
Brent (BZ=F) crude fell by roughly 4% to trade at $96 per barrel.
Lower crude prices also helped fuel last week’s rally.
US oil fell 8.4% over the period, itssteepest weekly decline since mid-April.
Still, elevated energy costs have complicatedexpectations for Federal Reserve rate cuts.According toCME Group’s FedWatch tool, traders are now pricing in an 8.5% chance of a Fed rate hike in July, up sharply from just 0.9% one month ago.
Redwire (RDW) shares surged 26% on Tuesday as a broader rally in space and aerospace companies continued after Elon Musk-led SpaceX filed to go public last week.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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