Stock Markets rises on Iran-Israel Ceasefire, Oil Prices fall

Global stocks are jumping and oil prices are dropping after President Donald Trump announced a ceasefire agreement between Iran and Israel.

"THE CEASEFIRE IS NOW IN EFFECT. PLEASE DO NOT VIOLATE IT! DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES!" Trump posted on his Truth Social platform.

Nasdaq futures are advancing 1%, while S&P 500 and Dow Jones Industrial Average futures are up 0.8% and 0.7%, respectively. Japan's Nikkei closed up 1.1%, while Hong Kong's Hang Seng ended 2.1% higher.

Oil prices are slumping, with both Brent and West Texas Intermediate crude futures down more than 3%. The yield on the 10-year Treasury note is little changed at around 4.34%.

Investors will be watching Federal Reserve Chair Jerome Powell's testimony before Congress today and tomorrow, while Trump continued his push for interest-rate cuts.

It will be Powell's first public appearance since last week, when the central bank's policy committee decided to leave the influential federal funds rate between 4.25% and 4.5%.

"'Too Late' Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate. Europe has had 10 cuts, we have had ZERO," Trump posted on Truth Social, adding the Fed's "BOARD SHOULD ACTIVATE."