Stock market today: Dow, S&P 500, Nasdaq futures surge on news of two-week US-Iran ceasefire

US stock futures surged on Wednesday, while oil prices cratered amid relief as the US and Iran agreed to a two-week ceasefire that could lead to a reopening of the Strait of Hormuz to shipping. S&P 500 futures (ES=F) leapt 2.5%, while those on the tech-heavy Nasdaq 100 (NQ=F) rocketed up 3.3%. Dow Jones Industrial Average futures (YM=F) jumped 2.4%, or around 1,100 points. Wall Street stocks came off overnight lows after President Trump said on Truth Social that he was looking to call a two-week suspension in hostilities, just hours before the expiry of his 8 p.m. Tuesday deadline to launch a massive bombing campaign on Iran. He wrote: “I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double sided CEASEFIRE!” The president also called for an immediate opening of the Strait of Hormuz. Iran issued a reply shortly after, stating: “If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations. For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration technical limitations.” Oil prices plunged below $100 a barrel as investors welcomed the news. Brent crude futures (BZ=F) sank 14% to just below $94, while West Texas Intermediate crude (CL=F) dived almost 15% to about $96. On the corporate front, Delta Air Lines (DAL) is scheduled to report quarterly results before the opening bell. Investors are watching for signs of the impact of the Iran war after flights were halted and jet fuel prices jumped. LIVE 2 updates Today at 3:56 AM UTC Gold rises as Tump and Iran agree to two-week ceasefire Bloomberg reports: Read more here. Tue, April 7, 2026 at 11:34 PM UTC Oil prices plummet as US and Iran reach ceasefire deal