Stocks Soar as Middle East Tensions Ease and Bond Yields Fall

WTI crude oil prices plunged more than -6%, after President Trump announced that Israel and Iran had agreed to a tentative ceasefire, spurring hopes for a lasting resolution to the conflict.

The Conference Board's June US consumer confidence index unexpectedly declined, and Fed Chair Powell , New York Fed President Williams , and Atlanta Fed President Bostic said they favored keeping interest rates on hold.

On Wednesday , US Mar new home sales are expected to fall -6.7% m/m to 693,000 .

On Thursday , Q1 GDP is expected to be unrevised at -0.2% (q/q annualized).

Tuesday 's $69 billion Treasury auction of 2-year T-notes was met with subpar demand and was negative for T-note prices.

Chipmakers rallied on Tuesday to lift the broader market.

Airline stocks and cruise line operators moved higher Tuesday after crude prices plunged more than -6% to a 1-1/2 week low.

German Jun IFO business climate index rose +0.9 to a 13-month high of 88.4 .

Anglogold Ashanti Plc (AU) and Gold Fields Ltd (GFI) closed down more than -4% .

Newmont ( NEM ) and Advanced Auto Parts (AAP) closed -7% to lead auto parts retailers lower after Goldman Sachs downgraded the stock to sell from neutral with a price target of $ 46 .