US STOCKS-US stock futures rise after Trump announces Israel-Iran ceasefire

June 24 (Reuters) - U.S. stock index futures rose on Tuesday as President Donald Trump announced a ceasefire between Israel and Iran, bringing investors some relief after 12 days of conflict in the Middle East hurt global risk assets and fanned inflation concerns.

Oil prices LCOc1 dropped to their lowest levels in two weeks as supply concerns triggered by the war eased, pulling down U.S. energy stocks in premarket trade. Chevron CVX.N and Exxon XOM.N were down 1% and 1.7%, respectively.

Defense stocks Lockheed Martin LMT.N and RTX Corp RTX.N dipped about 1.6% each.

Trump's call for truce was a sharp turnaround after the U.S. bombed Iran's nuclear sites over the weekend and Iran retaliated by firing missiles at a U.S. base in Qatar.

Hours after the ceasefire declaration, however, Israeli Defence Minister Israel Katz said Iranian missiles were fired in violation of the agreement and he had ordered the military to strike Tehran in response. Iran said it had not violated the ceasefire.

For the moment, optimism around the ceasefire was helping support equities.

At 05:26 a.m. ET, Dow E-minis YMcv1 were up 326 points, or 0.76%, S&P 500 E-minis EScv1 were up 53.5 points, or 0.88%. Nasdaq 100 E-minis NQcv1 were up 252.75 points, or 1.15%.

The benchmark S&P 500 .SPX index remains about 2% below its record level.

Federal Reserve Chair Jerome Powell's congressional testimony scheduled at 10:00 a.m. ET will likely be parsed for clues regarding the near-term interest rate trajectory, a day after policymaker Michelle Bowman said a cut as soon as July could be a possibility.

Six central bank officials including Fed Board Governor Michael Barr and Fed Minneapolis President Neel Kashkari are also scheduled to speak later in the day.

This week, focus will be on the Commerce Department's final take on first-quarter GDP and its Personal Consumption Expenditures (PCE) data.

Consumer confidence data for June is due at 10:00 a.m. ET.

Megacap and growth stocks were trading higher, with Tesla TSLA.O shares leading gains, up 2.7%. Google-parent Alphabet GOOGL.O rose 1.5% while Amazon.com AMZN.O was up 1.8%.

Shares of crypto companies rose after bitcoin hit a one-week high. Coinbase Global COIN.O was up 3.2% and Strategy MSTR.O advanced 1.8%.

Package delivery firm FedEx FDX.N was up nearly 1% ahead of quarterly results due after the closing bell.