US stock futures inched down Wednesday night, pausing a powerful rally that was started on the news the US-Israel coalition and Iran had agreed to a two-week ceasefire.
Futures tied to the S&P 500 (ES=F) and Dow (YM=F) each edged down about 0.1%, while contracts on the Nasdaq 100 (NQ=F) dipped 0.2%.
The muted overnight action followed a sharp rebound during the regular session. The S&P 500 (^GSPC) jumped 2.5%, while the tech-heavy Nasdaq Composite (^IXIC) advanced 2.8%. The Dow Jones Industrial Average (^DJI) soared more than 1,300 points in the largest single-day performance for the index since April 2025.
The rally was driven by deescalation talks between the US and Iran. Trump announced late Tuesday that Washington would pause strikes on Iran, citing what he described as a “workable” proposal from Tehran to restart negotiations.
The tentative ceasefire hinges on a key condition: the reopening of the Strait of Hormuz, a vital global oil shipping route that has been shut for weeks amid the conflict. Iranian officials initially signaled willingness to reopen the passage temporarily, provided hostilities cease.
However, a message posted to X from Iran’s parliamentary speaker claims Israel has already broken the ceasefire with attacks on Lebanon, leading to the continued closure of the waterway.
Brent (BZ=F) and West Texas Intermediate (CL=F) crude futures have risen 2.5% and 2.8% after-hours on the news of the strait’s blockage. This is following drops of over 13% on Wednesday as oil dropped below $100 a barrel.
Looking ahead, investors are bracing for key economic data on Thursday. The latest reading of the personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, is due before the market open, alongside weekly jobless claims.
Coming soon
Stock market coverage for Thursday, April 9, 2026.
