Nasdaq likely to extend rally after Trump hails Israel-Iran ceasefire, sending oil prices tumbling

Market Reaction - US stock futures are set to extend gains, with S&P 500 futures up 0.7%, Nasdaq futures gaining almost 1%, and Dow Jones futures up 0.6% following a ceasefire agreement between Israel and Iran [1] - The three major US stock indexes rallied around 0.9% the previous day after Iran launched missiles at a US air base in Qatar, which resulted in no casualties [2] Oil and Commodity Prices - Oil prices plunged significantly, with WTI falling nearly 13% from $74 to $64.48 per barrel after the ceasefire announcement [3] - Gold prices fell by 1.5%, and Treasury yields dropped to their lowest levels since early May [3] Company Performance - Shares of Exxon Mobil and Chevron decreased by 1.7% and 1.4% respectively in premarket trading [4] - Defence companies in Europe, including Lockheed Martin and Northrop Grumman, saw declines of 1.4% and 0.8% respectively in pre-market trading [6] Geopolitical Impact - Reports of Iran violating the ceasefire by firing two missiles were intercepted, leading to a small rebound in oil, gold, and bond yields [5] - Market analysts noted that the rapid decline in oil prices indicates that the market is treating the ceasefire agreement as a solid deal, but further violations could reverse this trend [7] Future Market Focus - With geopolitical risks expected to moderate, the market may shift focus to Q2 earnings season and US trade tariffs in the coming weeks [7] - Attention may also turn to the AI sector and volatility trends as summer approaches [8] Individual Company Updates - Nvidia stock rose by 0.9%, while CEO Jensen Huang is set to sell up to $865 million in shares by the end of 2025 [9] - Alphabet's stock increased by 1.4% despite potential tighter regulations from the UK's competition authority [10]