Stock Market Today: Stocks Continue Rally, Oil Dips Below $65, Powell Speaks
Expect another busy day. The Middle East cease-fire is at risk while Fed chief Powell speaks to the Senate.
The Israel/Iran cease-fire, announced yesterday, is at risk. Israel claims that Iran killed four Israelis in a missile strike on Tuesday and responded by launching additional missiles at Iran. Trump has commanded Israel to stop, as his strategy of peace through strength is at risk.
A key remaining question: Where is Iran's enriched uranium?
But that's not the only concern. Domestically — well, globally, too — we're coming up quickly on the July 9 deadline for trade deals. Over on TheStreet Pro, Sarge Guilfoyle tells readers that Japan is setting up cabinet-level talks.
And Fed Chairman Jerome Powell kicks off his meeting with the Senate today. His prepared remarks state that the central bank is in no rush to lower rates. Rather, the Fed will take a wait-and-see position as tariffs are about to go into effect, and it wants to get a sense of their impact on inflation.
Stock futures are dropping on that news but remain solidly higher in premarket trading.
Bond-market futures, on the other hand, are lower, sending yields higher. Bomd yields and prices move in opposite directions.
The U.S. 10-year currently yields 4.35%, while the 5-year is at 3.91%. This is the widest gap since 2021.
Yield curves keep steepening as investors stay away from buying 10-year notes. The gap between US 10-year and 5-year yields is the widest since 2021. pic.twitter.com/upyl7lgyaQ— Lisa Abramowicz (@lisaabramowicz1) June 24, 2025
Crude oil is down for a second day. This morning's 4% decline has seen prices fall below the $65 support level I mentioned yesterday. The downtrend is intact. Can $65 hold today?
In economic news, April housing prices fell.
House prices fell in April
- FHFA House price index down 0.4% (estimate was flat)
- Case Shiller down 0.31% (estimates was for a decline of 0.02%)— Joe Weisenthal (@TheStalwart) June 24, 2025
