June 24 - U.S. stocks rose Tuesday morning, tracking sharp declines in oil prices as investors reacted to signs of a fragile ceasefire between Israel and Iran.
The Dow Jones Industrial Average climbed 305 points, or 0.7%. The S&P 500 advanced by the same margin, while the Nasdaq Composite gained 1%, with tech and airline stocks among the top movers.
U.S. crude slid more than 4%, following a steep 7% drop a day earlier. Brent benchmarks also edged lower. Airlines benefited from the retreat, with shares of United Airlines (UAL, Financial), Delta Air Lines (DAL, Financial), and Frontier up more than 2%.
President Donald Trump said Tuesday the ceasefire had begun, though both sides accused the other of violating the agreement. Israeli media reported an attack on a radar site near Tehran, but the claim remained unverified.
In Washington, Federal Reserve Chair Jerome Powell told lawmakers the central bank is in no rush to adjust interest rates. He noted ongoing uncertainty around the economic impact of tariffs.
Broadcom (AVGO, Financial) jumped 4% after HSBC upgraded the stock, citing strong ASIC sales. Nvidia (NVDA, Financial) also rose more than 2%.
The S&P 500 is now nearing its February record, as analysts see limited long-term damage from geopolitical flare-ups.
