Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 23, 2026.
Brendan McDermid | Reuters
U.S. stock futures were little changed on Tuesday morning after the major averages staged a comeback in the previous session, amid renewed hopes that a resolution may be in sight for the U.S.-Iran conflict.
S&P 500 futures were 0.1% lower, while Nasdaq 100 futures traded along the flatline. Futures tied to the Dow Jones Industrial Average lost 82 points, or 0.2%.
The major averages all rose more than 1% after President Donald Trump said in a Truth Social post that the U.S. and Iran have held “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.” Iranian state media reported that there were no direct talks between the two countries, however. Stocks surged, with the Dow up more than 1,100 points on the day at one point.
Oil prices also cooled, lending the market rally further support.
On Tuesday morning, oil prices resumed their rally, with global benchmark Brent crude futures adding 1.6% to trade at $101.55 a barrel. West Texas Intermediate crude futures jumped 2.7% to $90.52 a barrel.
Over the weekend, the president had threatened an attack on Iranian power plants if the Strait of Hormuz wasn’t reopened, while Iran in turn said that it would target U.S. infrastructure as a retaliatory tactic.
Despite the optimistic tone of Trump’s Monday comments, Citi U.S. equity strategist Scott Chronert doesn’t believe that investors are out of the woods just yet.
“We still have a lot of wood to chop in terms of where oil prices end up shaking out; how those impact underlying economic conditions. So we think we’re okay for right now with this down 5% to 10% narrative, but we have to be on the lookout that the risks are still out there and are still pretty notable,” he said on CNBC’s “Closing Bell: Overtime” on Monday afternoon.
On Tuesday morning, traders will watch out for data on the U.S. manufacturing Purchasing Managers’ Index.
