Market Overview
Wall Street futures were largely unchanged on Tuesday, with Dow futures flat, S&P 500 futures slipping 5 points (‑0.1%) and Nasdaq 100 futures gaining 20 points (+0.1%) as investors awaited further details on a preliminary peace agreement between the United States and Iran.
SpaceX Share Surge
Shares of SpaceX, Elon Musk’s reusable‑rocket company, continued their rally in extended‑hours trading, extending a 19% jump recorded on its second day of public trading. The surge lifted SpaceX’s market capitalization to a level comparable with long‑standing heavyweights such as Alphabet (Google), Apple and Nvidia.
Oil and Geopolitical Context
Brent crude futures fell 1.7% to $81.72 a barrel, extending a decline that had pushed the contract to three‑month lows. The price drop follows President Donald Trump’s statement that the Strait of Hormuz would be fully reopened by Friday, although The Wall Street Journal cited senior U.S. officials saying normal shipping could take up to two weeks. The interim peace memorandum is expected to extend the cease‑fire by 60 days and lift the U.S. blockade of Iranian ports.
Central Bank Policy Landscape
Attention shifted to the Federal Reserve, which was expected to keep the policy rate unchanged during its two‑day meeting, with markets focusing on post‑decision commentary from new Fed Chair Kevin Warsh. Meanwhile, the Bank of Japan raised its policy rate by 25 basis points and signaled a slowdown in its monthly bond‑purchase programme. The Reserve Bank of Australia announced it would leave borrowing costs unchanged, warning that headline and underlying inflation remain too high.
Summary of Key Figures
- Dow futures: flat
- S&P 500 futures: –0.1%
- Nasdaq 100 futures: +0.1%
- SpaceX share increase: 19%
- Brent crude: $81.72 per barrel (‑1.7%)
- BOJ rate hike: +25 bps
- Fed rate decision: expected no change