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The SPDR S&P 500 ETF (SPY), which tracks the S&P 500 Index, rallied nearly a percent on Monday before settling at $600.15, off its all-time high of 613.23.

President Donald Trump said in a Truth Social post, “It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE” in about six hours from the time of his posting (6:02 p.m. ET), lasting through 12 hours.

Qatar announced the temporary closure of its airspace just before the explosions were heard in Doha, following retaliation threats from Iran to the U.S.

Federal Reserve Governor Michelle Bowman’s comments echo those of Federal Reserve Governor Christopher Waller, who said last week that inflation is no longer a primary economic concern for the central bank.

While President Donald Trump says that these sites have been “obliterated,” Iran told the IAEA that there has been no increase in off-site radiation at the three facilities hit by the U.S.

Iran’s Defence Minister, Amir Hatami, said the U.S. would soon receive a “decisive response,” stating that “this time would be no different.”

Among the Main Street catalysts traders look forward to in the new week are S&P’s flash private sector activity readings for June, the personal income and spending report for May, two June consumer confidence readings, and the weekly jobless claims data.

Ives is of the view that a weakened Iran with no nuclear capacity would remove the biggest threat to the Middle East and Israel.

According to data from the Energy Information Administration, about 21 million barrels of oil passed through the Hormuz Strait each day in 2022.

Iran has reportedly planned for a strong response to the U.S. attacks and mulled closing the Strait of Hormuz through which 20% of the world’s oil flows.

The case involves two family-owned businesses, Learning Resources Inc. and hand2mind Inc., which sought to invalidate many of President Trump’s taxes on imports.

In its latest Monetary Policy Report, the central bank maintained its cautious stance on rate cuts, saying it is better to wait for more clarity on inflation and economic activity.

The report, also known as the Philly Fed Survey, pointed to weakness in manufacturing activity over the past month; its monthly manufacturing index remained flat at -4 in June, unchanged from May.

While Dow Jones futures declined by 0.16% at the time of writing, the S&P 500 futures were down 0.18%.

Speaking at the White House, Trump said Powell, whom he appointed during his first presidential term, had performed poorly and jokingly mused about taking over the Fed himself.

Major Asian indices moved in narrow ranges amid uncertainty over U.S. military decisions on Iran and the Fed’s tempered rate cut projections.