Dow jumps 500 points, oil prices tank as investors bet Israel-Iran truce will hold: Live updates – CNBC

Stocks closed higher on Tuesday while oil slid, with investor appetite for risk growing on the heels of a ceasefire between Iran and Israel.

The S&P 500 added 1.11% to finish the session at 6,092.18, while the Nasdaq Composite climbed 1.43% to 19,912.53. The Dow Jones Industrial Average advanced 507.24 points, or 1.19%, to close at 43,089.02.

Oil tumbled 6%, extending a slide from Monday.

— Brian Evans

The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise interest rates in March as it focuses on fighting inflation, in Washington, D.C., on Jan. 26, 2022.

Joshua Roberts | Reuters

A weakening in the labor market could give the Federal Reserve ample ammunition to cut interest rates in the fall, according to Pantheon Macroeconomics senior U.S. economist Oliver Allen.

“The FOMC’s hesitation to commit to a particular course on monetary policy is understandable given the big uncertainties that remain around tariffs and their economic impact,” Allen wrote on Tuesday. “But we think the evidence of a marked deterioration in the labor market will be stark enough by September to convince the Fed to resume easing policy, despite lingering worries about inflation.”

— Brian Evans

Oil prices could slide further if the current range of $64 per barrel to $65 is breached, according to Piper Sandler.

“The overnight news of a ceasefire between Israel and Iran resulted in Oil retreating further to $64-$65, and testing new support at last week’s breakout point,” chief market technician Craig Johnson wrote wrote in a Tuesday note. “If it fails to hold here, then a further decline below $60 is likely.”

— Brian Evans

Nasdaq 100 YTD chart

The index would reach this record if it closes above 22,175.60, its closing level on Feb. 19, 2025.

The Nasdaq 100’s current intraday all-time high of 22,222.61 is also from this date.

— Nicholas Wells, Lisa Kailai Han

On Tuesday, 18 stocks in the S&P 500 traded at new 52-week highs.

Of these names, 14 tickers reached new all-time highs. Some stocks that hit this milestone included:

• Netflix trading at all-time high levels back to its IPO in May 2002
• Take-Two Interactive trading at all-time high levels since its IPO in April 1997
• Royal Caribbean trading at all-time high levels back to its IPO in April 1993
• JPMorgan trading at all-time high levels back to its IPO in 1983
• Nasdaq Inc trading at all-time high levels back to April 2003
• GE Vernova trading at all-time highs back to its spin-off from GE in April 2024
• Howmet Aerospace trading at all-time highs back to its Alcoa spinoff in November 2016
• Broadcom trading at all-time high levels back through Avago history and its IPO in August 2009
• International Business Machines trading at all-time highs back to when it began publicly trading on the NYSE in January 1962
• Microsoft trading at all-time high levels back to its IPO in March 1986

— Christopher Hayes, Lisa Kailai Han

Broadcom shares hit a new intraday 52-week high on Tuesday, trading at a new all-time high of $265.87. The stock was last higher by more than 3%.

The latest move comes after HSBC upgraded the semiconductor stock to buy from hold, saying it’s confident in the company’s Application-Specific Integrated Circuits (ASICs) business. ASICs are chips customized to specific tasks, especially used in high-speed computing.

Broadcom, over one day

Microsoft hit a record high on Tuesday.

Shares of Microsoft are now up more than 16% year to date, and the company has a market cap above $3.6 trillion.

Microsoft’s outperformance has done little to dent its high approval rating on Wall Street. According to LSEG, 55 of the 62 analysts covering the stock give it either a strong buy or buy rating.

— Jesse Pound

New York Federal Reserve Bank President John Williams speaks to Economic Club of New York, in New York City, U.S., May 30, 2024. 

Andrew Kelly | Reuters

New York Fed President John Williams said Tuesday he expects inflation to hit 3% this year while economic growth stays positive but slides to about 1%, putting the central bank in a position to be patient on interest rate policy.

Williams said during a speech in Albany that he agreed with the decision last week to hold the central bank’s key policy rate steady. Central bankers “need to be vigilant in analyzing the totality of the data to see how conditions evolve,” he added.

The Federal Open Market Committee kept the fed funds rate in a range between 4.25%-4.5%, and Chair Jerome Powell said earlier in the day Tuesday that the Fed is “well-positioned to wait” before adjusting rates.

“Maintaining this modestly restrictive stance of monetary policy is entirely appropriate to achieve our maximum employment and price stability goals,” Williams said. “It allows for time to closely analyze incoming data, assess the evolving outlook, and evaluate the balance of risks to achieving our dual mandate goals.”

—Jeff Cox

GDX and SIL, 1-day

Click here to read CNBC’s live coverage of the Israel-Iran conflict.

— Alex Harring

JPMorgan

Geopolitical tensions may be running hot, but it’s not cooling consumers’ wanderlust, according to Carnival’s CEO.

After the cruise line turned in better-than-expected second-quarter results and raised its full year forecast, CEO Josh Weinstein told investors on an earnings call that cruises are an “incredibly stupid value” and consumers realize that. He said demand remains robust despite the world being “a fairly unpredictable place of late.”

Carnival shares are soaring 8% in trading and lifting the stocks of its rivals as well. Norwegian Cruise Line rose more than 5%, while Royal Caribbean and Viking Holdings each climbed about 3%.

Tuesday’s gains help put Carnival shares on better footing year to date. Prior to the day’s advance, the stock was up less than 4% in 2025.

Enthusiasm over artificial intelligence will continue to help push the Nasdaq 100 higher, outperforming the S&P 500 and Russell 2000, according to Wolfe Research.

The index is up 4% year to date, outpacing the other U.S. indexes, analyst Chris Senyek said in a note Tuesday. The S&P 500 has gained 2.4% so far this year, while the Dow Jones Industrial Average is nearly flat and the Russell 2000 is down 4%.

“With AI spending among the Mag 7 expected to grow ~35% Y/Y and investors embracing secular growth stocks again in a slower U.S. GDP environment, we believe that the NDX will continue to outperform the SPX/RTY as investors pay up for companies perceived to be either secular growers and/or AI winners,” he wrote.

“With that said, the current NDX valuation is at the upper end of its recent historical range and suggests that earnings growth expectations will be the primary driver of stock price performance over the remainder of 2025,” Senyek added.

—Michelle Fox

FILE PHOTO: The Persian Gulf Star gas condensate refinery in Bandar Abbas, Iran, on Jan. 9, 2019.

Ali Mohammadi | Bloomberg | Getty Images

Oil prices fell sharply Tuesday after President Donald Trump said China can keep buying oil from Iran, a sign that the U.S. is easing its maximum pressure campaign on the Islamic Republic in the wake of a ceasefire with Israel.

Global benchmark Brent fell $3.34, or 4.67%, to $68.14 per barrel by 11:12 a.m. ET. U.S. crude oil was last down $3.11, or 4.54%, to $65.40 a barrel. Prices closed 7% lower on Monday as the oil market bet that the conflict in the Middle East was winding down.

“China can now continue to purchase Oil from Iran,” Trump said in a post on his social media platform Truth Social. “Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!”

— Spencer Kimball

U.S. Federal Reserve Chair Jerome Powell testifies before a House Financial Services Committee hearing on “The Semiannual Monetary Policy Report to the Congress,” on Capitol Hill in Washington, D.C., U.S., June 24, 2025.

Kevin Lamarque | Reuters

Fed Chair Jerome Powell said it’s still unclear the extent to which President Donald Trump’s tariffs will show up in consumer prices.

Thus far, Powell said he’s heard from CEOs that inventory accumulated before the tariff implementation is still being burned off and inflation related to the duties “just isn’t showing up yet.”

“We do expect tariff inflation to show up more. But I want to be honest, we really don’t know how much of that’s going to be passed through the consumer,” Powell told members of the House Financial Services Committee.

Powell earlier told the committee that he advocates a patient approach before cutting rates again to see the impact the tariffs will have on prices.

—Jeff Cox

Institutional investors joined the retail cohort in buying the dip stocks, according to Bank of America’s client flow data.

Big investors led the buying in U.S. equities last week with the first weekly inflows in seven weeks, according to the data. Buying was concentrated in tech stocks with institutional purchase ranking in the 98th percentile, the firm said.

Retail clients continued their buy-the-dip mentality, as they have been buyers for five straight weeks and 27 of the past 28 weeks, which is a record buying streak in the firm’s data history.

— Yun Li

The Conference Board’s consumer confidence index fell 5.4 points to 93 for June. That was also below a Dow Jones estimate of 99.5.

“The decline was broad-based across components, with consumers’ assessments of the present situation and their expectations for the future both contributing to the deterioration. Consumers were less positive about current business conditions than May. Their appraisal of current job availability weakened for the sixth consecutive month but remained in positive territory, in line with the still-solid labor market,” Stephanie Guichard, senior economist of global indicators at The Conference Board, said in a statement.

The Board added that the decline was seen across all age groups and political affiliations.

— Fred Imbert

Carnival Miracle, a 88,500 GT Spirit-class cruise ship operated by Carnival Cruise Line, sails the Tagus River after departure from the cruise terminal on June 3, 2025, in Lisbon, Portugal.

Horacio Villalobos | Corbis News | Getty Images

Shares of Carnival moved sharply higher on Tuesday.

Carnival reported 35 cents in adjusted earnings per share on $6.33 billion of revenue. Analysts were expecting 25 cents per share and $6.21 billion of revenue, according to FactSet.

The company also raised its full-year guidance for several metrics.

“We also remain on track for a strong 4 percent net yield growth in the second half, consistent with what we forecasted back in December which was before the complex macroeconomic and geopolitical backdrop we have all experienced in the last few months. Combined, this has enabled us to raise full year guidance again,” CEO Josh Weinstein said in a press release.

— Jesse Pound

The S&P 500 has struggled to gain new ground in May, but the fact that it has suffered “minimal technical damage” despite macro and geopolitical concerns is a positive sign, according to Wolfe Research technical analyst Rob Ginsberg

“It now looks poised to reaccelerate from this recent consolidation and make a run at the highs,” Ginsberg said note to clients.

The S&P 500’s record closing high is 6,144.15 from Feb. 19.

The S&P 500 has not hit a new closing high since February.

Stocks opened higher on Tuesday as oil fell, with investor risk appetite growing on hopes that the ceasefire between Israel and Iran will hold.

The S&P 500 added 0.6%, while the Nasdaq Composite gained 0.9%. The Dow Jones Industrial Average climbed 282 points, or 0.6%.

— Brian Evans

Piotr Swat | Lightrocket | Getty Images

Broadcom shares jumped 2.5% in premarket trading Tuesday after HSBC upgraded the semiconductor stock to a buy rating from hold.

The Wall Street firm said it has become bullish on its business in Application-Specific Integrated Circuits (ASICs). 

“We turn positive on Broadcom as we now believe its ASIC revenues will significantly beat market expectations from better ASIC project visibility as well as ASP pricing power,” HSBC said in a note to clients.

The firm also hiked its price target drastically to $400 from $240 previously. The new forecast represents a whopping 58% upsize from the stock’s Monday close of $253.77.

— Yun Li

US Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing on “The Federal Reserve’s Semi-Annual Monetary Policy Report” on Capitol Hill in Washington, DC on June 24, 2025.

Saul Loeb | Afp | Getty Images

Federal Reserve Chair Jerome Powell indicated Tuesday he is in no hurry to cut interest rates as central bank officials wait for the impact of tariffs on inflation to play out.

Policymakers are “well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” the central bank leader said in remarks he will present to two congressional committees this week.

“Policy changes continue to evolve, and their effects on the economy remain uncertain,” Powell said amid ongoing criticism from President Donald Trump, who wants the Fed to cut rates aggressively.

Powell will present the speech then take questions from the House Financial Services Committee starting at 10 a.m. ET.

—Jeff Cox

Check out the companies making headlines before the bell:

Carnival — The cruise line added nearly 3% ahead of its anticipated second-quarter financial report. Analysts are expecting earnings of 24 cents per share on revenue of $6.21 billion, according to FactSet.

Chewy — The pet-focused ecommerce retailer dropped 1.5% after a secondary sale of $1 billion in new Class A shares through JPMorgan. Chewy also authorized the repurchase $100 million of its stock.

Defense stocks — Defense stocks fell after U.S. President Donald Trump said Tuesday a ceasefire in the Iran-Israel conflict is in effect. Shares of Lockheed Martin and RTX dipped more than 1% each.

Read the full list here.

— Sarah Min

Goldman Sachs doesn’t see much more room in Dollar General‘s recovery run.

Analyst Kate McShane downgraded the value retailer to neutral from buy. McShane’s $116 price target implies 0.9% in upside over Monday’s close.

“DG’s management team has worked hard to improve the company’s positioning through its Back to Basics program, which has resulted in better comp trends and improved margins,” McShane wrote to clients. “While we think the company still has room for margin improvement over the long term, we think the stock is now pricing in its better fundamentals.”

Dollar General shares have rallied more than 30% in the second quarter, brining its year-to-date gain above 50%. That comes after the stock dropped more than 44% in both 2023 and 2024.

Shares ticked about 1% lower before the bell on Tuesday following the downgrade.

— Alex Harring

US President Donald Trump exits the White House before boarding Marine One in Washington, DC, US, on Tuesday, June 24, 2025. T

Francis Chung | Bloomberg | Getty Images

President Donald Trump said he’s “unhappy” with the deteriorating ceasefire between Iran and Israel, which was breached merely hours after its initial agreement.

“I’m not happy with them. I’m not happy with Iran either but I’m really unhappy if Israel is going out this morning,” Trump told a reporter pool while en route to the NATO summit in the Hague.

Follow live updates here.

— Brian Evans

President Donald Trump took another shot Tuesday at Federal Reserve Chair Jerome Powell ahead of the central bank leader’ testimony this week on Capitol Hill.

In an early morning post on Truth Social, Trump said he hoped “Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come.”

A Trump appointee, Powell has come under the president’s criticism for his leadership at the Fed, which has held its key interest rate in a target range of 4.25%-4.5% since December. Trump contends that with tariffs seeming to have little impact on inflation, the Fed should be cutting aggressively.

However, Powell last week said policymakers believe they have time to watch as conditions develop in coming months.

“No inflation, great economy – We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make,” Trump said.

—Jeff Cox

Despite a ceasefire being put in place, equity markets may not be in the clear, according to Barclays.

“Middle East conflict poses acute risks; markets could react sharply to Iran-Israel escalation, which could then spark Vol Control/CTA de-risking,” strategist Venu Krishna wrote. “Vol Control funds have steadily doubled up their equity exposure from Apr lows to ~45% now. While it still pales in comparison to the YTD highs of 80+%, the spillover of macro shocks from the Middle East into higher equity volatility presents a clear risk.”

— Fred Imbert

Mon, Jun 23 20256:58 PM EDT

In an aerial view, the LyondellBasell Houston refinery is seen on June 18, 2025 in Houston, Texas.

Brandon Bell | Getty Images News | Getty Images

The energy sector fell 2.51% on Monday, making it the only one to end the session negative. Oil prices fell as investors appeared to look past a retaliatory strike from Iran on a U.S. military base in Qatar.

All of the 10 other sectors rose on Monday, led by consumer discretionary, which added 1.75%.

The consumer discretionary, energy, materials and health care sectors all remain more than 10% off their 52-week highs.

— Christopher Hayes, Lisa Kailai Han

Mon, Jun 23 20256:41 PM EDT

U.S. President Donald Trump speaks to media ahead of boarding Marine One to depart to attend the NATO Summit in The Hague, Netherlands, from the South Lawn at the White House in Washington, D.C., U.S., June 24, 2025.

Kevin Lamarque | Reuters

Stock futures took a leg higher after President Donald Trump took to social media to announce a ceasefire timeline he said will begin around midnight Tuesday and end the war between Israel and Iran.

“It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE (in approximately 6 hours from now, when Israel and Iran have wound down and completed their in progress, final missions!), for 12 hours, at which point the War will be considered, ENDED!” the president wrote in a Truth Social post. “On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, ‘THE 12 DAY WAR.'”

Representatives for Israel and Iran did not immediately appear to confirm the agreement.

Prior to Trump’s announcement, stock futures had been trading around the flatline.

— Kevin Breuninger, Lisa Kailai Han

Mon, Jun 23 20256:21 PM EDT

The logo for Chewy Inc. is displayed on the trading floor on the morning of the company’s initial public offering at the New York Stock Exchange on June 14, 2019.

Andrew Kelly | Reuters

These are the stocks moving the most in extended-hours trading:

• KB Home — The homebuilding stock slipped 2% after KB Home lowered its full-year housing revenues guidance to the range of between $6.3 billion to $6.5 billion. Previously, the company had predicted a range of between $6.6 billion to $7 billion. Shares fell despite KB Home posting a second-quarter earnings and revenue beat.
• Chewy — Shares fell 3% after the pet food and products retailer announced an underwritten public offering of $1 billion of its Class A common stock through JPMorgan. Concurrently, Chewy also agreed to a $100 million share repurchase program.

— Lisa Kailai Han

Mon, Jun 23 20256:03 PM EDT

Stock futures traded near flat Monday night.

Futures tied to all three major averages were trading around the flatline shortly after 6 p.m. ET.

— Lisa Kailai Han

Stocks closed higher on Tuesday while oil slid, with investor appetite for risk growing on the heels of a ceasefire between Iran and Israel.

The S&P 500 added 1.11% to finish the session at 6,092.18, while the Nasdaq Composite climbed 1.43% to 19,912.53. The Dow Jones Industrial Average advanced 507.24 points, or 1.19%, to close at 43,089.02.

Oil tumbled 6%, extending a slide from Monday.

— Brian Evans

The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise interest rates in March as it focuses on fighting inflation, in Washington, D.C., on Jan. 26, 2022.

Joshua Roberts | Reuters

A weakening in the labor market could give the Federal Reserve ample ammunition to cut interest rates in the fall, according to Pantheon Macroeconomics senior U.S. economist Oliver Allen.

“The FOMC’s hesitation to commit to a particular course on monetary policy is understandable given the big uncertainties that remain around tariffs and their economic impact,” Allen wrote on Tuesday. “But we think the evidence of a marked deterioration in the labor market will be stark enough by September to convince the Fed to resume easing policy, despite lingering worries about inflation.”

— Brian Evans

Oil prices could slide further if the current range of $64 per barrel to $65 is breached, according to Piper Sandler.

“The overnight news of a ceasefire between Israel and Iran resulted in Oil retreating further to $64-$65, and testing new support at last week’s breakout point,” chief market technician Craig Johnson wrote wrote in a Tuesday note. “If it fails to hold here, then a further decline below $60 is likely.”

— Brian Evans

Nasdaq 100 YTD chart

The index would reach this record if it closes above 22,175.60, its closing level on Feb. 19, 2025.

The Nasdaq 100’s current intraday all-time high of 22,222.61 is also from this date.

— Nicholas Wells, Lisa Kailai Han

On Tuesday, 18 stocks in the S&P 500 traded at new 52-week highs.

Of these names, 14 tickers reached new all-time highs. Some stocks that hit this milestone included:

• Netflix trading at all-time high levels back to its IPO in May 2002
• Take-Two Interactive trading at all-time high levels since its IPO in April 1997
• Royal Caribbean trading at all-time high levels back to its IPO in April 1993
• JPMorgan trading at all-time high levels back to its IPO in 1983
• Nasdaq Inc trading at all-time high levels back to April 2003
• GE Vernova trading at all-time highs back to its spin-off from GE in April 2024
• Howmet Aerospace trading at all-time highs back to its Alcoa spinoff in November 2016
• Broadcom trading at all-time high levels back through Avago history and its IPO in August 2009
• International Business Machines trading at all-time highs back to when it began publicly trading on the NYSE in January 1962
• Microsoft trading at all-time high levels back to its IPO in March 1986

— Christopher Hayes, Lisa Kailai Han

Broadcom shares hit a new intraday 52-week high on Tuesday, trading at a new all-time high of $265.87. The stock was last higher by more than 3%.

The latest move comes after HSBC upgraded the semiconductor stock to buy from hold, saying it’s confident in the company’s Application-Specific Integrated Circuits (ASICs) business. ASICs are chips customized to specific tasks, especially used in high-speed computing.

Broadcom, over one day

Microsoft hit a record high on Tuesday.

Shares of Microsoft are now up more than 16% year to date, and the company has a market cap above $3.6 trillion.

Microsoft’s outperformance has done little to dent its high approval rating on Wall Street. According to LSEG, 55 of the 62 analysts covering the stock give it either a strong buy or buy rating.

— Jesse Pound

New York Federal Reserve Bank President John Williams speaks to Economic Club of New York, in New York City, U.S., May 30, 2024. 

Andrew Kelly | Reuters

New York Fed President John Williams said Tuesday he expects inflation to hit 3% this year while economic growth stays positive but slides to about 1%, putting the central bank in a position to be patient on interest rate policy.

Williams said during a speech in Albany that he agreed with the decision last week to hold the central bank’s key policy rate steady. Central bankers “need to be vigilant in analyzing the totality of the data to see how conditions evolve,” he added.

The Federal Open Market Committee kept the fed funds rate in a range between 4.25%-4.5%, and Chair Jerome Powell said earlier in the day Tuesday that the Fed is “well-positioned to wait” before adjusting rates.

“Maintaining this modestly restrictive stance of monetary policy is entirely appropriate to achieve our maximum employment and price stability goals,” Williams said. “It allows for time to closely analyze incoming data, assess the evolving outlook, and evaluate the balance of risks to achieving our dual mandate goals.”

—Jeff Cox

GDX and SIL, 1-day

Click here to read CNBC’s live coverage of the Israel-Iran conflict.

— Alex Harring

JPMorgan

Geopolitical tensions may be running hot, but it’s not cooling consumers’ wanderlust, according to Carnival’s CEO.

After the cruise line turned in better-than-expected second-quarter results and raised its full year forecast, CEO Josh Weinstein told investors on an earnings call that cruises are an “incredibly stupid value” and consumers realize that. He said demand remains robust despite the world being “a fairly unpredictable place of late.”

Carnival shares are soaring 8% in trading and lifting the stocks of its rivals as well. Norwegian Cruise Line rose more than 5%, while Royal Caribbean and Viking Holdings each climbed about 3%.

Tuesday’s gains help put Carnival shares on better footing year to date. Prior to the day’s advance, the stock was up less than 4% in 2025.

Enthusiasm over artificial intelligence will continue to help push the Nasdaq 100 higher, outperforming the S&P 500 and Russell 2000, according to Wolfe Research.

The index is up 4% year to date, outpacing the other U.S. indexes, analyst Chris Senyek said in a note Tuesday. The S&P 500 has gained 2.4% so far this year, while the Dow Jones Industrial Average is nearly flat and the Russell 2000 is down 4%.

“With AI spending among the Mag 7 expected to grow ~35% Y/Y and investors embracing secular growth stocks again in a slower U.S. GDP environment, we believe that the NDX will continue to outperform the SPX/RTY as investors pay up for companies perceived to be either secular growers and/or AI winners,” he wrote.

“With that said, the current NDX valuation is at the upper end of its recent historical range and suggests that earnings growth expectations will be the primary driver of stock price performance over the remainder of 2025,” Senyek added.

—Michelle Fox

FILE PHOTO: The Persian Gulf Star gas condensate refinery in Bandar Abbas, Iran, on Jan. 9, 2019.

Ali Mohammadi | Bloomberg | Getty Images

Oil prices fell sharply Tuesday after President Donald Trump said China can keep buying oil from Iran, a sign that the U.S. is easing its maximum pressure campaign on the Islamic Republic in the wake of a ceasefire with Israel.

Global benchmark Brent fell $3.34, or 4.67%, to $68.14 per barrel by 11:12 a.m. ET. U.S. crude oil was last down $3.11, or 4.54%, to $65.40 a barrel. Prices closed 7% lower on Monday as the oil market bet that the conflict in the Middle East was winding down.

“China can now continue to purchase Oil from Iran,” Trump said in a post on his social media platform Truth Social. “Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!”

— Spencer Kimball

U.S. Federal Reserve Chair Jerome Powell testifies before a House Financial Services Committee hearing on “The Semiannual Monetary Policy Report to the Congress,” on Capitol Hill in Washington, D.C., U.S., June 24, 2025.

Kevin Lamarque | Reuters

Fed Chair Jerome Powell said it’s still unclear the extent to which President Donald Trump’s tariffs will show up in consumer prices.

Thus far, Powell said he’s heard from CEOs that inventory accumulated before the tariff implementation is still being burned off and inflation related to the duties “just isn’t showing up yet.”

“We do expect tariff inflation to show up more. But I want to be honest, we really don’t know how much of that’s going to be passed through the consumer,” Powell told members of the House Financial Services Committee.

Powell earlier told the committee that he advocates a patient approach before cutting rates again to see the impact the tariffs will have on prices.

—Jeff Cox

Institutional investors joined the retail cohort in buying the dip stocks, according to Bank of America’s client flow data.

Big investors led the buying in U.S. equities last week with the first weekly inflows in seven weeks, according to the data. Buying was concentrated in tech stocks with institutional purchase ranking in the 98th percentile, the firm said.

Retail clients continued their buy-the-dip mentality, as they have been buyers for five straight weeks and 27 of the past 28 weeks, which is a record buying streak in the firm’s data history.

— Yun Li

The Conference Board’s consumer confidence index fell 5.4 points to 93 for June. That was also below a Dow Jones estimate of 99.5.

“The decline was broad-based across components, with consumers’ assessments of the present situation and their expectations for the future both contributing to the deterioration. Consumers were less positive about current business conditions than May. Their appraisal of current job availability weakened for the sixth consecutive month but remained in positive territory, in line with the still-solid labor market,” Stephanie Guichard, senior economist of global indicators at The Conference Board, said in a statement.

The Board added that the decline was seen across all age groups and political affiliations.

— Fred Imbert

Carnival Miracle, a 88,500 GT Spirit-class cruise ship operated by Carnival Cruise Line, sails the Tagus River after departure from the cruise terminal on June 3, 2025, in Lisbon, Portugal.

Horacio Villalobos | Corbis News | Getty Images

Shares of Carnival moved sharply higher on Tuesday.

Carnival reported 35 cents in adjusted earnings per share on $6.33 billion of revenue. Analysts were expecting 25 cents per share and $6.21 billion of revenue, according to FactSet.

The company also raised its full-year guidance for several metrics.

“We also remain on track for a strong 4 percent net yield growth in the second half, consistent with what we forecasted back in December which was before the complex macroeconomic and geopolitical backdrop we have all experienced in the last few months. Combined, this has enabled us to raise full year guidance again,” CEO Josh Weinstein said in a press release.

— Jesse Pound

The S&P 500 has struggled to gain new ground in May, but the fact that it has suffered “minimal technical damage” despite macro and geopolitical concerns is a positive sign, according to Wolfe Research technical analyst Rob Ginsberg

“It now looks poised to reaccelerate from this recent consolidation and make a run at the highs,” Ginsberg said note to clients.

The S&P 500’s record closing high is 6,144.15 from Feb. 19.

The S&P 500 has not hit a new closing high since February.

Stocks opened higher on Tuesday as oil fell, with investor risk appetite growing on hopes that the ceasefire between Israel and Iran will hold.

The S&P 500 added 0.6%, while the Nasdaq Composite gained 0.9%. The Dow Jones Industrial Average climbed 282 points, or 0.6%.

— Brian Evans

Piotr Swat | Lightrocket | Getty Images

Broadcom shares jumped 2.5% in premarket trading Tuesday after HSBC upgraded the semiconductor stock to a buy rating from hold.

The Wall Street firm said it has become bullish on its business in Application-Specific Integrated Circuits (ASICs). 

“We turn positive on Broadcom as we now believe its ASIC revenues will significantly beat market expectations from better ASIC project visibility as well as ASP pricing power,” HSBC said in a note to clients.

The firm also hiked its price target drastically to $400 from $240 previously. The new forecast represents a whopping 58% upsize from the stock’s Monday close of $253.77.

— Yun Li

US Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing on “The Federal Reserve’s Semi-Annual Monetary Policy Report” on Capitol Hill in Washington, DC on June 24, 2025.

Saul Loeb | Afp | Getty Images

Federal Reserve Chair Jerome Powell indicated Tuesday he is in no hurry to cut interest rates as central bank officials wait for the impact of tariffs on inflation to play out.

Policymakers are “well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” the central bank leader said in remarks he will present to two congressional committees this week.

“Policy changes continue to evolve, and their effects on the economy remain uncertain,” Powell said amid ongoing criticism from President Donald Trump, who wants the Fed to cut rates aggressively.

Powell will present the speech then take questions from the House Financial Services Committee starting at 10 a.m. ET.

—Jeff Cox

Check out the companies making headlines before the bell:

Carnival — The cruise line added nearly 3% ahead of its anticipated second-quarter financial report. Analysts are expecting earnings of 24 cents per share on revenue of $6.21 billion, according to FactSet.

Chewy — The pet-focused ecommerce retailer dropped 1.5% after a secondary sale of $1 billion in new Class A shares through JPMorgan. Chewy also authorized the repurchase $100 million of its stock.

Defense stocks — Defense stocks fell after U.S. President Donald Trump said Tuesday a ceasefire in the Iran-Israel conflict is in effect. Shares of Lockheed Martin and RTX dipped more than 1% each.

Read the full list here.

— Sarah Min

Goldman Sachs doesn’t see much more room in Dollar General‘s recovery run.

Analyst Kate McShane downgraded the value retailer to neutral from buy. McShane’s $116 price target implies 0.9% in upside over Monday’s close.

“DG’s management team has worked hard to improve the company’s positioning through its Back to Basics program, which has resulted in better comp trends and improved margins,” McShane wrote to clients. “While we think the company still has room for margin improvement over the long term, we think the stock is now pricing in its better fundamentals.”

Dollar General shares have rallied more than 30% in the second quarter, brining its year-to-date gain above 50%. That comes after the stock dropped more than 44% in both 2023 and 2024.

Shares ticked about 1% lower before the bell on Tuesday following the downgrade.

— Alex Harring

US President Donald Trump exits the White House before boarding Marine One in Washington, DC, US, on Tuesday, June 24, 2025. T

Francis Chung | Bloomberg | Getty Images

President Donald Trump said he’s “unhappy” with the deteriorating ceasefire between Iran and Israel, which was breached merely hours after its initial agreement.

“I’m not happy with them. I’m not happy with Iran either but I’m really unhappy if Israel is going out this morning,” Trump told a reporter pool while en route to the NATO summit in the Hague.

Follow live updates here.

— Brian Evans

President Donald Trump took another shot Tuesday at Federal Reserve Chair Jerome Powell ahead of the central bank leader’ testimony this week on Capitol Hill.

In an early morning post on Truth Social, Trump said he hoped “Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come.”

A Trump appointee, Powell has come under the president’s criticism for his leadership at the Fed, which has held its key interest rate in a target range of 4.25%-4.5% since December. Trump contends that with tariffs seeming to have little impact on inflation, the Fed should be cutting aggressively.

However, Powell last week said policymakers believe they have time to watch as conditions develop in coming months.

“No inflation, great economy – We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make,” Trump said.

—Jeff Cox

Despite a ceasefire being put in place, equity markets may not be in the clear, according to Barclays.

“Middle East conflict poses acute risks; markets could react sharply to Iran-Israel escalation, which could then spark Vol Control/CTA de-risking,” strategist Venu Krishna wrote. “Vol Control funds have steadily doubled up their equity exposure from Apr lows to ~45% now. While it still pales in comparison to the YTD highs of 80+%, the spillover of macro shocks from the Middle East into higher equity volatility presents a clear risk.”

— Fred Imbert

Mon, Jun 23 20256:58 PM EDT

In an aerial view, the LyondellBasell Houston refinery is seen on June 18, 2025 in Houston, Texas.

Brandon Bell | Getty Images News | Getty Images

The energy sector fell 2.51% on Monday, making it the only one to end the session negative. Oil prices fell as investors appeared to look past a retaliatory strike from Iran on a U.S. military base in Qatar.

All of the 10 other sectors rose on Monday, led by consumer discretionary, which added 1.75%.

The consumer discretionary, energy, materials and health care sectors all remain more than 10% off their 52-week highs.

— Christopher Hayes, Lisa Kailai Han

Mon, Jun 23 20256:41 PM EDT

U.S. President Donald Trump speaks to media ahead of boarding Marine One to depart to attend the NATO Summit in The Hague, Netherlands, from the South Lawn at the White House in Washington, D.C., U.S., June 24, 2025.

Kevin Lamarque | Reuters

Stock futures took a leg higher after President Donald Trump took to social media to announce a ceasefire timeline he said will begin around midnight Tuesday and end the war between Israel and Iran.

“It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE (in approximately 6 hours from now, when Israel and Iran have wound down and completed their in progress, final missions!), for 12 hours, at which point the War will be considered, ENDED!” the president wrote in a Truth Social post. “On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, ‘THE 12 DAY WAR.'”

Representatives for Israel and Iran did not immediately appear to confirm the agreement.

Prior to Trump’s announcement, stock futures had been trading around the flatline.

— Kevin Breuninger, Lisa Kailai Han

Mon, Jun 23 20256:21 PM EDT

The logo for Chewy Inc. is displayed on the trading floor on the morning of the company’s initial public offering at the New York Stock Exchange on June 14, 2019.

Andrew Kelly | Reuters

These are the stocks moving the most in extended-hours trading:

• KB Home — The homebuilding stock slipped 2% after KB Home lowered its full-year housing revenues guidance to the range of between $6.3 billion to $6.5 billion. Previously, the company had predicted a range of between $6.6 billion to $7 billion. Shares fell despite KB Home posting a second-quarter earnings and revenue beat.
• Chewy — Shares fell 3% after the pet food and products retailer announced an underwritten public offering of $1 billion of its Class A common stock through JPMorgan. Concurrently, Chewy also agreed to a $100 million share repurchase program.

— Lisa Kailai Han

Mon, Jun 23 20256:03 PM EDT

Stock futures traded near flat Monday night.

Futures tied to all three major averages were trading around the flatline shortly after 6 p.m. ET.

— Lisa Kailai Han