US Stock Futures Extend Rally. Nasdaq Futures up Nearly 3%; S&P 500 Eminis up 2.26%; Dow Jones Futures up 2%

US stock futures extended rally. Nasdaq futures up nearly 3%; S&P 500 Eminis up 2.26%; Dow Jones futures up 2%.

Iranian Minister of Foreign Affairs Seyed Abbas Araghchi said on X Tuesday that the country’s Supreme National Security Council agreed to cease attacks and allow “safe passage” of ships through the Strait of Hormuz coordinated by Iran’s Armed Forces for two weeks.

Just minutes earlier, President Donald Trump wrote on Truth Social that he would suspend attacks on Iran for two weeks, subject to Iran reopening of the strait.

Trump made the announcement a little more than an hour before his 8 p.m. deadline was set to expire. Pakistani Prime Minister Shehbaz Sharif, whose country is mediating talks between Iran and the U.S., had urged him to do so in a post on X earlier on Tuesday.

Trump said in his post that he had received a “workable” 10-point plan from Iran.

“Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the Agreement to be finalized and consummated,” Trump wrote in the post announcing the cease-fire. “It is an Honor to have this Longterm problem close to resolution.”