Stock Market Live June 24: S&P 500 (VOO) Soars as Israel-Iran Ceasefire Declared

This article will be updated throughout the day, so check back often for more daily updates.

Just a couple days after dropping bombs on Iranian nuclear sites, President Trump announced a ceasefire between Israel and Iran (and the U.S.?) at 1 a.m. last night. “All planes will turn around and head home, while doing a friendly ‘Plane Wave’ to Iran,” wrote the President in a post on Truth Social. “Nobody will be hurt, the Ceasefire is in effect!”

Stock markets seem encouraged at the prospect that a Mideast war that began suddenly could end just as suddenly, less than two weeks since it began, and with little to no interruption to global oil supplies. Both Brent crude and WTI oil prices are falling steeply, down about 3.7% each.

The Vanguard S&P 500 ETF (NYSEMKT: VOO) is rising as investors turn cautiously optimistic, up 0.7% in premarket trading.

Defense stocks

The only investors that seem disappointed by the news today are investors in defense stocks. In pre-market trading, General Dynamics (NYSE: GD) is falling 0.8%, while both Lockheed Martin (NYSE: LMT) and RTX Corporation (NYSE: RTX) are down 1.2% apiece.

Earnings

In more run-of-the-mill earnings news, KB Home (NYSE: KBH) reported its fiscal Q2 financial results last night. Earnings came in at $1.50 per share, four cents better than expected, and revenue matched analyst forecasts at $1.5 billion.

Analyst calls

Roth MKM analyst Eric Handler upgraded S&P 500 component Electronic Arts (Nasdaq: EA) stock to buy this morning with a $185 price target, predicting an “elevated, multi-year growth trajectory” supported by “a new Battlefield game, the introduction of new variations of The Sims, and a handful of other games.”

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