Wall Street Rallies Amidst Ceasefire Hopes in Middle East

Wall Street futures climbed while the dollar softened in Asian markets on Monday, following an announcement by former U.S. President Donald Trump that Iran and Israel had agreed to a ceasefire. This development led to a significant drop in oil prices as concerns over supply disruptions eased.

Trump hinted on his Truth Social platform that the ceasefire would take effect in 12 hours, potentially marking an end to hostilities. Despite the promise of peace, both Iran and Israel persisted with missile strikes, causing investors to remain cautious.

In response, the S&P 500 and Nasdaq futures saw modest gains, though ongoing geopolitical tensions kept market optimism in check. Currency fluctuations benefited the euro and yen due to their heavy dependence on imported energy. Meanwhile, gold prices slightly decreased as the risk-on sentiment took hold.

(With inputs from agencies.)