Stock Market Today: S&P 500 Futures Fall, Dow Gains Amid US-Iran Agreement, SPCX Stock Surge
U.S. stock futures were mixed on Tuesday, as the Dow Jones rose, while the Nasdaq 100 and S&P 500 declined, following Monday's rally. The Labor Department reported that U.S. import prices advanced 1.9% in May, driven by surging fuel costs. Fresh housing data painted a cooling picture of the domestic economy; May building permits ticked down 0.7% to a seasonally adjusted annual rate of 1,413,000, while housing starts plummeted 15.4% to a rate of 1,177,000, underscoring persistent headwinds in residential construction. On Monday, President Donald Trump announced a preliminary U.S.-Iran agreement aimed at ending months of conflict, though its final terms and long-term viability remain unresolved. The deal extends April’s fragile ceasefire and is expected to reopen the Strait of Hormuz, a critical global oil shipping route. However, both nations stressed that a permanent peace accord has not yet been negotiated. Iranian President Masoud Pezeshkian called the memorandum an "important step" but noted a lasting truce "has yet to take shape." Meanwhile, the 10-year Treasury bond yielded 4.45%, and the two-year bond was at 4.04%. The CME Group's FedWatch tool‘s projections show markets pricing a 98.6% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting. The SPDR S&P 500 ETF Trust (NYSE: SPY) and Invesco QQQ Trust ETF(NASDAQ: QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Tuesday. The SPY was down 0.066% at $754.33, while the QQQ declined by 0.11% to $743.18.
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Housing is fundamental. We all need a roof over our heads. We all need someplace to raise our families, cook our meals, escape from the world.
