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U.S. stocks ended higher on Tuesday, buoyed by easing geopolitical tensions in the Middle East and comments from Federal Reserve Chair Jerome Powell that left the door open for potential interest rate cuts.
By the close of trading at 4:00 p.m. ET, the Dow Jones Industrial Average rose 536 points, or 1.3%, while the S&P 500 gained 1.2%, and the NASDAQ Composite advanced 1.6%.
Investor sentiment improved after U.S. President Donald Trump announced via social media that a ceasefire between Israel and Iran was “in effect,” urging both sides to honor the agreement. The ceasefire followed nearly two weeks of escalating conflict that included deadly airstrikes.
Oil prices dropped sharply on the news, as the perceived threat of supply disruptions — which had added a risk premium to crude prices — diminished. The retreat in oil also helped ease inflation concerns.
Despite initial optimism, doubts about the durability of the truce quickly emerged. President Trump criticized Israel’s immediate military response following the ceasefire agreement and accused both sides of violating the deal.
“I didn’t like the fact that Israel unloaded right after we made the deal,” Trump told reporters. “They didn’t have to unload, and I didn’t like the fact that the retaliation was very strong.”
In response, Israeli Defense Minister Israel Katz said he had ordered strikes on targets in Tehran after Iranian missile launches, which he claimed violated the ceasefire. Iran denied the accusations and asserted that Israeli strikes continued well beyond the agreed ceasefire start time.
Meanwhile, Fed Chair Jerome Powell testified before Congress, stating that “many paths are possible” for monetary policy, reinforcing the possibility of rate cuts. His remarks followed the central bank’s recent decision to hold rates steady, with updated projections showing fewer cuts forecast for 2026.
Two Fed governors — both appointed by Trump — suggested over the past week that cuts could come as early as July, citing contained inflation despite rising tariffs. Trump, for his part, has continued to push aggressively for lower interest rates.
“We should be at least two to three points lower,” he said on social media, adding that he hoped Congress would “work over this very dumb, hardheaded person,” referring to Powell.
Powell struck a cautious tone, warning that tariff increases could push prices higher and slow economic activity.
“The effects on inflation could be short-lived,” Powell noted in his prepared testimony. “But it is also possible that the inflationary effects could be more persistent. For now, we are well positioned to wait and see before making any policy adjustments.”
In corporate news:
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