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US Equity Indexes Rise as Iran Ceasefire Remains Intact

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-- US equity indexes were up ahead of Tuesday's close as crude oil futures fell after Defense Secretary Pete Hegseth said the ceasefire agreement with Iran remains in force.

The Nasdaq Composite was 1.1% higher at 25,338.1, after touching a record 25,361.05 intraday. The S&P 500 climbed 1% to 7,269.8, and the Dow Jones Industrial Average advanced 0.8% to 49,349.5.

At a Pentagon briefing Tuesday, Gen. Dan Caine, chairman of the Joint Chiefs of Staff, said Iran's military actions didn't rise to the level of restarting the war, according to The Wall Street Journal. Hegseth, speaking at the same press conference, promised to press ahead with opening the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.

The statements follow Tehran's strikes in Hormuz and the United Arab Emirates amid rising tensions on Monday, fueling concern that the ceasefire was at risk.

West Texas Intermediate crude oil futures dropped 4% to $102.45, and Brent crude futures slumped 4.5% to $109.92.

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