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Yesterday, equity indices closed higher. The S&P 500 rose by 0.44%, while the Nasdaq 100 jumped by 0.54%. The Dow Jones Industrial Average added 0.36%.
Oil prices also climbed amid choppy trading, while index futures lost momentum as investors remained cautious ahead of the deadline set by President Donald Trump for a peace deal with Iran. Preliminary ceasefire signals were tempered by the risk of renewed escalation.
Brent crude rose by 1.2% to above $111 per barrel. After Monday's gains on hopes for a ceasefire, global equity markets are under pressure as lingering uncertainty about the war keeps investors sidelined. US equity futures fell by about 0.4%. Asian indices pared earlier gains and were up 0.5%, largely led by technology stocks viewed as less exposed to the six-week Middle East conflict.
Worldwide attention remains focused on the Strait of Hormuz, the key artery for Middle East oil flows, while the US president insists any agreement must guarantee uninterrupted transit through the waterway. Against this backdrop, JPMorgan Chase & Co.'s G10 currency volatility index rose by 17 basis points on Monday to 7.98%, though it remained within its recent range.
According to AT Global Markets, market participants will remain highly sensitive to further developments in the Middle East, which continue to be the dominant factor driving sentiment. Throughout the day, all eyes will be on the news feeds, but for now, the trend appears tilted toward a de-escalation, experts estimate.
Yesterday, Trump again said that talks with Iran were going well, without specifying with whom, as Tehran publicly denies such discussions.
Elsewhere, gold oscillated between gains and losses, trading around $4,650 an ounce. The 10-year Treasury yield rose by one basis point to 4.34%. Bitcoin slid by more than 1.5%, trading around $68,700.
As for the S&P 500 technical picture, the main task for buyers today will be to overcome the nearest resistance level of $6,590. That would help the index gain upside momentum and could pave the way for a thrust to $6,603. Equally a priority for bulls will be control above $6,616, which would strengthen buyers' positions. In the event of a downside move amid reduced risk appetite, buyers must assert themselves around $6,577. A break below that level would quickly push the instrument back to $6,563 and could open the way to $6,552.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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