The\u00a0S&P 500 Index ($SPX) (SPY) today is up +0.27%,\u00a0the Dow Jones Industrial Average ($DOWI)\u00a0(DIA) is up +0.19%, and the\u00a0Nasdaq 100 Index ($IUXX) (QQQ) is up +0.41%.\u00a0 June E-mini S&P futures (ESM26) are up +0.37%, and June E-mini Nasdaq futures (NQM26) are up +0.54%.<\/p>\n
Stock indexes are pushing higher today, with the S&P 500 and Nasdaq 100 posting 1.5-week highs.\u00a0 Hopes for a potential ceasefire in the war in Iran are lifting stock prices today.\u00a0 Axios reported that the US, Iran, and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war.\u00a0 On Sunday, President Trump extended his previous 10-day deadline for Iran to open the Strait of Hormuz by 20 hours until Tuesday evening and threatened to unleash “all hell” on Iran if the Strait of Hormuz is not reopened to all shipping traffic by Tuesday.\u00a0 \u00a0However, Mr. Trump also said the US was in “deep negotiations” with Iran and “there is a good chance to make a deal, but if they don’t make a deal, I am blowing up everything over there.”\u00a0 However, the chances of a ceasefire appear doubtful after a spokesman for Iran\u2019s Foreign Ministry said, \u201cNo rational person\u201d would accept a ceasefire proposal.<\/p>\n
Today\u2019s US economic news was negative for stocks. \u00a0The US Mar ISM services index fell -2.1 to 54.0, weaker than expectations of 54.9.\u00a0 The Mar ISM services prices paid subindex rose +7.7 to a 3.5-year high of 70.7, stronger than expectations of 67.0.<\/p>\n
Stocks have carryover support from last Friday\u2019s US economic news, which showed strength in the labor market.\u00a0 March nonfarm payrolls rose by +178,000, stronger than expectations of +65,000 and the largest increase in 15 months.\u00a0 Also, the March unemployment rate unexpectedly fell -0.1 to 4.3%, showing a stronger labor market than expectations of no change at 4.4%.\u00a0 The markets were closed last Friday for the Good Friday holiday.<\/p>\n
Crude oil prices (CLK26) remain volatile, with today’s trading fluctuating between gains and losses amid news headlines about Iran.\u00a0 Iran rejects a ceasefire and wants a permanent end to the war.\u00a0 US and Israeli strikes on Iranian targets continued over the weekend, while Kuwait reported fires at some of its refining facilities after Iranian drone and missile attacks.\u00a0 Also, the UAE reported a petrochemical plant at Ruwais and the Habshan gas facility, the UAE’s largest natural gas processing facility, halted production following Iranian attacks.\u00a0 The New York Times, citing US intelligence reports, said Iranian personnel have been digging out underground missile bunkers and silos struck by US and Israeli bombs and returning them to operations hours after attacks.\u00a0 The International Energy Agency warned that even if the war were to end within a few weeks, it would still take time for normal flows through Hormuz to resume, as some energy infrastructure has been damaged and is facing lengthy repairs.<\/p>\n<\/p><\/div>\n