24.06.202520:02:03UTC+00US Stocks Surge on Ceasefire Relief, Falling Oil Prices

Wall Street saw a notable upswing on Tuesday, supported by easing geopolitical tensions and ongoing declines in oil prices. The S&P 500 and Nasdaq climbed by 1.1% and 1.4%, respectively, approaching new record highs, while the Dow surged by 507 points. Investor confidence rose amid signs that a U.S.-mediated ceasefire between Israel and Iran was holding steady, despite some minor disruptions. Oil prices declined for a second consecutive day, with U.S. benchmarks dropping by over 6%. This decrease impacted major energy companies such as Exxon Mobil, which fell by 3%, and Chevron, which saw a 2.2% decline. Conversely, companies sensitive to fuel costs, like Delta and United Airlines, both experienced gains of 2.7%. The technology sector, particularly semiconductor stocks, spearheaded the advance, with Nvidia up by 2.6%, Broadcom rising by 3.9%, and AMD soaring by 6.8%. On the economic policy front, Federal Reserve Chair Jerome Powell delivered congressional testimony with a cautious undertone, indicating that while the central bank is not rushing to alter interest rates, it remains prepared to consider a rate cut should circumstances necessitate such an action.