Even though the spot market is closed for Memorial Day and other global holidays, US stock futures are surging today as investors react to news of a possible peace agreement.
The diplomatic stalemate is ending, with reports confirming that Iran’s top negotiator and foreign minister are in Doha to work on a deal to end the conflict.
Iran is reportedly willing to send its highly enriched uranium to China, which is seen as a major breakthrough and is boosting risk assets.
This optimism is driving equity futures to new highs – Dow Jones futures have reached a record 51,000, while Nasdaq futures are approaching the 30,000 level. The S&P 500 is also extending its gains above 7,500.
As the shortened holiday futures session nears its end, momentum is slowing and traders are taking profits and waiting for regular trading hours to resume.
The coming week is expected to be important for market direction, to see if diplomatic progress continues, and if further gains are possible.
Now, let’s take a look at the intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500.
