Dow futures jump 600 points, oil tumbles after Trump suspends Iran attack for two weeks: Live updates

U.S. stock futures jumped after President Donald Trump said he was suspending Iran attacks for two weeks just ahead of his 8 p.m. ET deadline.

Futures tied to the Dow Jones Industrial Average rose by 718 points, or 1.5%. S&P 500 futures added 1.6%, and Nasdaq 100 futures climbed 1.7%.

Oil prices also declined in extended trading. West Texas Intermediate crude futures slid about 9%.

“I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump posted on Truth Social. “We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate.”

Trump noted that the “double sided” ceasefire was contingent on Iran agreeing to an opening of the Strait of Hormuz.

During the regular session, the S&P 500 eked out a gain of 0.08%, while the Nasdaq Composite inched 0.10% higher. The Dow lost 85.42 points, or 0.18%.

Stocks came off their session lows in the final hour of Tuesday’s trading session after Pakistan’s Prime Minister Shehbaz Sharif asked Trump to extend by two weeks his deadline for striking Iran’s bridges and power plants. In a post on social media platform X, Sharif also requested Tehran open the Strait of Hormuz for two weeks “as a goodwill gesture.”

White House press secretary Karoline Leavitt said that Trump “has been made aware of the proposal, and a response will come.”

Trump had previously set a deadline for 8 p.m. ET Tuesday for Iran to reach a deal with the U.S. to reopen the key waterway. He threatened to attack the nation’s power plants and bridges, as well as wipe out its “whole civilization,” if such terms were not met.

“A whole civilization will die tonight, never to be brought back again. I don’t want that to happen, but it probably will,” the president wrote in a Truth Social post from Tuesday morning. “However, now that we have Complete and Total Regime Change, where different, smarter, and less radicalized minds prevail, maybe something revolutionarily wonderful can happen, WHO KNOWS? We will find out tonight, one of the most important moments in the long and complex history of the World.”

While ramping Middle East tensions have weighed on stocks in recent weeks, investors such as Adam Crisafulli, founder and president at Vital Knowledge, believe that more upside may be ahead if a ceasefire is reached.

“There’s still a lot of anxiety out there in the marketplace about the war continuing and the fallout from the war. We’re already going to see a pretty substantial fallout, just in the last five weeks, even if things ended today,” he said on CNBC’s “Closing Bell: Overtime” on Tuesday afternoon.

“But I think that if you were to actually see that adopted — a two-week ceasefire, reopening of Hormuz, and then presumably more negotiations — I think you’d see a pretty powerful rally over the coming days,” he added.

Delta Air Lines is set to report earnings before Wednesday’s opening bell.