S&P 500, Nasdaq, Dow Futures Retreat After Rally Fueled By SpaceX, US-Iran Deal As Fed Meeting Looms: TSLA, PLAY, FISV In Focus

The Dow index jumped to a new all-time intraday high on Monday, while the Nasdaq jumped to its best close since the end of March.

• U.S. markets on Monday were largely focused on the breakthrough U.S.-Iran deal that will end hostilities in the Middle East and reopen the Strait of Hormuz.
• SpaceX was also in focus as the Musk-led company surged on Monday, extending its post-debut rally last week. 
• Markets will be tuned into the first Federal Reserve meeting under new chair Kevin Warsh later this week.

U.S. stock futures retreated in the overnight session late Monday after jumping to records on investor optimism driven by the U.S.-Iran peace deal and SpaceX’s continued rally.

Meanwhile, markets are looking forward to the first Federal Reserve meeting under new Chair Kevin Warsh later this week to provide cues on the country’s economic health.

Dow futures were flat, S&P 500 futures fell about 0.12%, while Nasdaq 100 futures traded 0.24% lower as of 9.25 p.m ET.  

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the Invesco QQQ Trust (QQQ) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) all traded in the red.

The iShares 20+ Year Treasury Bond ETF (TLT) was trading 0.14% lower amid ‘bearish’ sentiment at the time of writing.

How Did US Markets Fare On Monday?

On Monday, all three benchmark indexes closed higher, with the Dow surging to a record and the Nasdaq jumping to its best session since March 31.

The 30-stock Dow index also jumped to a new all-time intraday high before gaining more than 460 points to close up 0.92%. Meanwhile, the S&P 500 climbed 1.65% at close, and the Nasdaq index jumped 3.07%.

Index	Move	Close
Dow Jones Industrial Average	0.92%	51,671.03
S&P 500	1.65%	7,554.29
Nasdaq Composite	3.07%	26,683.94

US Market Drivers

U.S. markets on Monday focused on the breakthrough U.S.-Iran deal that will end hostilities in the Middle East and reopen the Strait of Hormuz, easing pressure on global energy supplies.

Late Sunday, U.S. President Donald Trump confirmed in a post on Truth Social that a deal with Iran had been finalized and that the critical waterways would open soon after the official signing, expected in Switzerland on June 19. A senior official had confirmed to CNBC that the deal had already been signed electronically.

Even as stock markets jumped, oil prices declined on Monday. “Markets are higher on a classic relief rally. We have a U.S.-Iran deal that’s driving oil sharply lower. This is easing inflation fears and basically pushing investors back into risk assets like technology,” Gene Goldman, chief investment officer at Cetera Investment Management, in El Segundo, California, told Reuters.  

Meanwhile, the momentum on Elon Musk’s SpaceX (SPCX) continued on Monday following its historic debut last week. SPCX shares jumped another 20% at close, with its market capitalization breaching $2.52 trillion.

Chip stocks also surged on Monday, with AI-chip darling Nvidia Corp. (NVDA) closing up 3.54% after it said it would offer investment-grade corporate bonds for the first time in five years. Micron Technology (MU) gained nearly 11% at close, and Sandisk Corp. (SNDK) was also up 6.45%, leading gains in the red-hot memory chip stocks rally.

This week, markets will be focused on the Federal Reserve’s meeting on Wednesday, the first under Warsh, with a majority of market participants expecting the central bank to keep rates steady.

“Investors believe the decline in oil prices will reduce the need for more aggressive hikes by the developed-market central banks,” Fabio Bassi, head of cross-asset strategy at JPMorgan Chase & Co., told Bloomberg. “Investors are used to the ebb and flow of the news in the Middle East and therefore a lingering skepticism remains.”

Trending Stocks To Watch

Space Exploration Technologies Corp. (SPCX): The blockbuster aerospace company continued its rally in the overnight session, with shares jumping more than 10% after the company’s valuation crossed $2.5 trillion on Monday. However, one Wall Street analyst noted that SpaceX would need a 50x increase in revenue over the next five years to justify its valuation.

Tesla Inc. (TSLA): Musk’s electric vehicles company also jumped onto the retail radar amid growing speculation that a potential future merger with SpaceX could redefine market valuations.

Dave & Buster's Entertainment (PLAY): The company’s shares slumped more than 11% after-hours following a decline in its first-quarter profit and revenue.

Fiserv, Inc. (FISV): Shares of the fintech company slumped to their worst close since October 2025 and continued to decline in the overnight session after CEO Mike Lyons stepped down abruptly to join Truist Financial.

Global Market Trends

Oil prices edged higher in the overnight session late Monday after declining during market hours. At the time of writing, Brent crude futures expiring in August gained 0.28% to trade at around $83.40 a barrel, while WTI crude futures expiring in July were up 0.42%, trading around $81.09 a barrel.

Meanwhile, yields on the 10-year Treasury climbed to 4.473%, and gold prices climbed to around $4,314.39 an ounce.

Asian markets were trading mixed at the open on Tuesday, with South Korea's KOSPI up about 0.59%, while Japan’s Nikkei 225 and the SSE Composite index were edging lower. Australian stocks were also falling at the open.

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