Stock Market Surges on Geopolitical Ceasefire Amid Tariff Concerns

Global equities rallied as Israel and Iran reached a ceasefire agreement, easing geopolitical tensions. The S&P 500 (SPY) and Nasdaq 100 (QQQ) saw significant gains following the de-escalation, with both nations preparing to reopen airspace as missile threats subside. Former President TRUMP claimed credit for brokering the deal via a Truth Social post: "Both Israel and Iran wanted to stop the War, equally! It was my great honor to Destroy All Nuclear facilities & capability, and then, STOP THE WAR!"

Market Optimism was tempered by persistent inflation concerns. Federal Reserve Chair Jerome Powell maintained a cautious stance, signaling no imminent rate cuts despite political pressure. The central bank remains wary of potential tariff-induced inflation resurgence in H2 2024. Consumer confidence unexpectedly dropped to 93.0 in June, reflecting growing anxiety about trade policies and labor market conditions.