US stock futures pulled back on Tuesday after a strong Monday rally that was sparked by President Trump’s comments about ceasefire talks with Iran. Futures tied to the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 each fell around 0.3% in early trading.
Monday’s gains came after Trump posted on Truth Social that the US and Iran had held “very good and productive” discussions. He also said the US would delay potential strikes on Iran’s energy infrastructure for five days. That sent stocks sharply higher, with the Dow gaining more than 600 points.
But the optimism faded quickly. Iran’s state-run Mizan news agency denied that any direct talks had taken place. Overnight, Iranian missiles struck several locations in Israel. Kuwait, Bahrain, and Saudi Arabia also reported fresh strikes.
BREAKING: Arab mediators have privately "expressed skepticism" that the US and Iran could quickly reach an agreement, noting that the two sides remained far apart, per WSJ.
In a sudden turn of events, Iran is "distancing itself from talks" as Trump pushes for a peace deal.
— The Kobeissi Letter (@KobeissiLetter) March 24, 2026
“Iranian officials have repeatedly denied that talks with the US were even happening, which had contributed to markets reversing some of the initial risk-on reaction,” said Deutsche Bank macro strategist Jim Reid.
Oil prices fell sharply on Monday following Trump’s ceasefire comments, then bounced back as fighting continued. Brent crude climbed 1.6% to $101.58 a barrel on Tuesday. West Texas Intermediate rose 2.8% to $90.59 a barrel.
The rebound came after a tense weekend in which Trump threatened strikes on Iranian energy infrastructure if the Strait of Hormuz was not reopened. Iran responded with threats against US assets.
Disruptions to Persian Gulf shipping have also tightened air cargo capacity, adding pressure to global supply chains.
Bitcoin rose 0.3% to $70,911 on Tuesday. The cryptocurrency has been tracking broader risk sentiment closely during the conflict.
Gold futures edged up 0.1% to $4,412 an ounce, putting the metal on course to break a four-session losing streak. Gold had been under pressure from liquidity selling and inflation concerns in recent days.
The US dollar climbed 0.3% against a basket of major currencies. The yield on the 10-year Treasury note rose 2 basis points to 4.37%, as hopes for a short conflict eased some pressure on interest rates.
Investors are now watching US manufacturing data due Tuesday morning. GameStop is scheduled to report earnings after the market closes Tuesday, marking one of the final reports of the current earnings season.
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