Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, traded higher ahead of Tuesday's open. The stock market rallied Monday, as Wall Street digested the impact of U.S. strikes on Iran and Iran's response, while Federal Reserve Chairman Jerome Powell will speak Tuesday and Wednesday in front of Congress.
Cathie Wood stocks Circle Internet and Tesla were among the winners on the stock market today, as the Dow Jones Industrial Average rallied more than 370 points.
Stablecoin issuer Circle continued to surge, with a near-10% advance Monday. Shares closed 750% above the 31 IPO price. Circle stock added another 1.8% late Monday.
Finally, Tesla stock soared 8% Monday following the launch of its robotaxi — a driverless vehicle powered by artificial intelligence — in Austin, Texas, over the weekend. Wedbush analyst Dan Ives hailed the service Sunday, calling it a "very impressive" experience. Shares are approaching an early entry at 367.71, the high price on May 29. Tesla stock rose 1.3% in evening trade.
As of June 23, Tesla is the No. 1 position in Cathie Wood's ARKK portfolio, while Circle is No. 3, with respective weightings of 10% and 7.5%.
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Stock Market Today: U.S.-Iran News, Powell Speech
Late Monday, President Donald Trump announced a ceasefire plan on Truth Social, saying "CONGRATULATIONS TO EVERYONE! It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE (in approximately 6 hours from now, when Israel and Iran have wound down and completed their in progress, final missions!), for 12 hours, at which point the War will be considered, ENDED!"
But Iran's Foreign Minister Seyed Abbas Araghchi denied claims that Iran had agreed to a U.S.-brokered ceasefire deal with Israel in a post on X.
Trump thanked Iran in a Truth Social post Monday afternoon, saying "I am pleased to report that NO Americans were harmed, and hardly any damage was done. Most importantly, they've gotten it all out of their 'system,' and there will, hopefully, be no further HATE. I want to thank Iran for giving us early notice, which made it possible for no lives to be lost, and nobody to be injured."
In economic news this week, key releases include the Fed's primary inflation rate and weekly jobless claims. The personal income and outlays report for May, out Friday from the Bureau of Economic Analysis, includes the core Personal Consumption Expenditures price index.
The PCE is expected to rise a tame 0.14% on a monthly basis, though the Fed's key gauge of core inflation is expected to tick up to 2.6% on a 12-month basis, according to economists polled by FactSet. Jobless claims are due out Thursday.
Set for 10 a.m. ET, Fed Chair Powell will give his semiannual monetary policy report Tuesday in front of the House Financial Services Committee. On Wednesday, Powell will speak before Senate Committee on Banking, Housing, and Urban Affairs.
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Dow Jones Futures Today: Oil Prices, Treasury Yields
On Monday, the Dow Jones Industrial Average rallied 0.9%, or 374 points, while the S&P 500 gained 1% and the Nasdaq climbed 0.9%.
Ahead of Tuesday's opening bell, Dow Jones futures rose 0.5% as S&P 500 futures gained 0.6%. Tech-heavy Nasdaq 100 futures were up 0.9%. Remember that overnight action in Dow Jones futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
On Monday, the 10-year U.S. Treasury yield ticked lower to 4.32%. And oil prices tumbled, as West Texas intermediate futures settled near $68.30 a barrel.
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What To Do Now As Market Rally Continues
Following the ongoing bullish stock market action, now is an important time to read IBD's The Big Picture column. With the stock market in rally mode, investors should be methodically putting their capital to work by buying strong breakouts past correct entries. Check out the latest Big Picture column for today's updated recommended exposure level.
On Monday's "IBD Live" show, the team discussed the current trading conditions of the stock market action.
An essential resource for daily breakouts is IBD MarketSurge's "Breaking Out Today" list. It shows MarketSurge Growth 250 stocks that are breaking out past buy points. Meanwhile, the MarketSurge "Near Pivot" list shows more stocks nearing buy points in bases.
To find more stock ideas, check IBD Stock Lists like the IBD 50, Big Cap 20 and Stocks Near A Buy Zone. These features identify bullish patterns and buy points and are available to check every day.
Be sure to follow Scott Lehtonen on X/Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
