Market Updates
S&P 500 and Nasdaq Composite Approach Record Highs Amid Fragile Ceasefire Between Israel and Iran
Barry Adams
24 Jun, 2025
New York City
Wall Street indexes advanced for the second day in a row this week amid optimism about cooling tensions in the Middle East.
The S&P 500 index advanced 0.8%, and the tech-heavy Nasdaq gained 0.9%, as investors turned bullish after Iran and Israel halted aerial strikes for now.
The tentative ceasefire raised hopes that a wider war in the region could be avoided and lowered the risks to global crude oil supply through the Strait of Hormuz.
Despite the temporary cooling of tensions between Iran and Israel, war could break out any minute as both sides maneuver for an upper hand.
In early trading, crude oil prices declined more than 7% before recovering to a fall of 3% and traded at $65.72 a barrel, a level below the start of Israel's bombing strike on June 12.
Crude oil and natural gas prices are expected to test new lows this year as ample supply and a weakening demand outlook from China and Asian markets keep prices in check.
U.S. Stock Movers
Chewy Inc. decreased 2% to $42.50, and the online pet food retailer announced a Class A common stock offering of $1 billion by a selling stockholder underwritten by JPMorgan.
The company concurrently announced its plans to repurchase $100 million worth of stocks from the selling stockholder at an underwritten price of $41.95 per share.
KB Home declined 1.1% to $52.75 after the homebuilder lowered its annual revenue outlook range to between $6.3 billion and $6.5 billion from the previous range between $6.6 billion and $7.0 billion.
In addition, the company reported record quarterly revenue and earnings ahead of market expectations.
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