Updated 1 min read
US stock futures rallied on Tuesday as investors assessed signs of tentative progress toward new US-Iran truce talks and weighed Tim Cook’s exit as Apple (AAPL) CEO.
Dow Jones Industrial Average futures (YM=F) led gains, up 0.6%, while those on the S&P 500 (ES=F) rose 0.3%. Contracts on the Nasdaq 100 (NQ=F) moved up 0.4% on the heels of mild closing losses for Wall Street stocks.
President Trump said US negotiators are ready to leave for Pakistan to resume talks. Earlier, Trump signaled that the US doesn’t plan to extend its temporary ceasefire with Iran, which is set to expire late Wednesday. Markets are waiting to see whether Tehran officials will join them, after Iran indicated it was reluctant to go to the table. Oil prices fell amid signals that both sides are sending teams.
Meanwhile, Wall Street is digesting the changing of the guard at Apple, which will see Cook step down and hand over the CEO role to hardware engineering head John Ternus. The iPhone maker’s stock slipped 0.5% in premarket trading after the late Monday news.
The wait is now on for the Senate confirmation hearing for Kevin Warsh on Tuesday morning. In prepared remarks, the Federal Reserve chair nominee indicated that the push-and-pull between Trump and the central bank may be coming to an end. Largely absent were any firm statements on the outlook for interest rates.
Retail sales data for March due later will shed light on the consumer and the economy as the Middle East hostilities took hold. On the earnings front, results from United Airlines (UAL) will be watched for the impact of war-stoked rising fuel costs.
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Yahoo Finance’s Myles Udland writes:
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Oil falls as negotiations between the US and Iran develop
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