US stock futures near flat, but S&P 500 closes in on record high. Fed chair speaks again
Around 7:08 a.m. ET, futures linked to the S&P 500 edged up 0.02%, or 1.25 points, to 6,147.50, while blue-chip Dow futures dipped 0.08%, or 35 points, to 43,389.00; and tech-heavy Nasdaq futures gained 0.15%, or 33.75 points, to 22,446.50. The benchmark 10-year Treasury yield was flat at 4.293%.
Oil's slide ended, with prices last up 0.99% at $65.01 per barrel. Oil prices had dropped two days in a row as it looked like Middle East oil supplies would remain intact.
Stocks advanced during the day session after Israel and Iran agreed on a ceasefire. Though fragile -- both sides accused each other of having broken the pact within hours of it becoming effective -- investors seem to believe it will hold, or at least help keep the conflict contained and keep global oil supplies intact. As a result, oil prices slid for the second straight day.
With Mideast tensions easing, investors will turn their attention to the second day of Federal Reserve Chairman Jermome Powell's testimony to Congress. In his first appearance, he stayed on script, repeating his "wait-and-see" approach to rate cuts. He said the economy was stable enough now to see how tariffs affect inflation before deciding on any rate cuts.
Corporate news
Cryptocurrency
The New York Stock Exchange filed for a rule change to allow it to list the Truth Social Bitcoin and Ethereum ETF.
Bitcoin was last up 0.85% at $106,942.90.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
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