U.S. stock futures rose on Tuesday following Monday’s positive close. Futures of the major benchmark indices were higher amid the ongoing Iran-U.S. conflict.
Monday’s rebound came as President Donald Trump said that the U.S. campaign against Iran could be nearing its endpoint, saying Tehran’s military capacity has been heavily degraded.
The most dramatic action occurred in the options market. By 2:10 p.m. ET, oil prices were near $120 a barrel, and the S&P 500 was down over 2%. However, by 3:30 p.m. ET, the $675 strike SPY call options jumped 24,650% from $0.02 per contract to $4.95, in roughly 80 minutes.
Meanwhile, the 10-year Treasury bond yielded 4.10%, and the two-year bond was at 3.54%. The CME Group’s FedWatch tool‘s projections show markets pricing a 97.4% likelihood of the Federal Reserve leaving the current interest rates unchanged in March.
| Index | Performance (+/-) |
| Dow Jones | 0.38% |
| S&P 500 | 0.40% |
| Nasdaq 100 | 0.55% |
| Russell 2000 | 0.42% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Tuesday. The SPY was up 0.47% at $681.44, while the QQQ advanced 0.60% to $611.40.
Stocks In Focus
Lumentum And Coherent
- Shares of Lumentum Holdings Inc. (NASDAQ:LITE) and Coherent Corp. (NYSE:COHR)rose 4.47% and 4.03%, respectively, following the announcement on Friday that the companies would be added to the S&P 500 later this month. This follows Nvidia Corp.‘s (NASDAQ:NVDA) $2 billion investments in both companies.
- LITE maintains a strong price trend in the short, medium, and long terms, with a poor value ranking, as per Benzinga’s Edge Stock Rankings.
Full story available on Benzinga.com
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