Dow futures leap 600 points, S&P 500 poised for record after Bessent says Hormuz deal is close: Live updates

The S&P 500 pushed toward record territory in futures trading following Treasury Secretary Scott Bessent's comment that a deal to secure the Strait of Hormuz is "close," signaling potential relief from Middle East tensions that have threatened oil supply routes. Dow futures jumped 600 points on the news.

The major averages rallied Monday, with the Dow closing at a record high. Amazon crossed $3 trillion in market capitalization for the first time, joining an elite club of mega-cap tech companies.

Tuesday's session extended gains as Palantir Technologies and Caterpillar both reported quarterly results that fueled investor optimism. Oil prices declined alongside the positive momentum on the Iran deal, with traders betting reduced geopolitical risk would ease pressure on energy markets and inflation. The Strait of Hormuz handles roughly one-fifth of global oil supply, making any diplomatic progress a significant catalyst for both equity and commodity markets.

The combination of strong corporate earnings and easing geopolitical tensions provided a dual tailwind for risk assets, with the macro backdrop shifting favorably as oil volatility subsided.