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Stock Market Live June 24: S&P 500 (VOO) Soars as Israel-Iran Ceasefire Declared
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Key Points
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President Trump advised that Israel and Iran have called a ceasefire in their two-week-old war, easing fears of an oil supply crisis.
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Defense stocks are falling on worries their services won’t now be as in-demand.
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Tuesday Wrap-up
The Vanguard S&P 500 ETF closed at 559.44 Tuesday, up 1.1%.
Microsoft Enters the Meta-verse
Microsoft (Nasdaq: MSFT) and Meta (Nasdaq: META) are teaming up to market a new “Meta Quest 3S Xbox Edition” console. The limited edition release retails for $399.99, and offers virtual reality display gaming, with controls in the form of “Touch Plus” controllers, a Meta Quest Elite Strap, and a limited-edition Xbox Wireless Controller.
Carnival to Celebrate Another Great Year
Analysts at Stifel bank are congratulating Carnival for having “handily beat” expectations in Q2, predicting the cruise company’s report will “calm investors’ fears (for now) given the heightened uncertainty that is out in the marketplace.”
Carnival noted its cruise bookings for 2026 are in line with “record” bookings secured for 2025 at this time, last year. Q3 2025 adjusted earnings are forecast to fall just short of analyst predictions, but earnings for all of 2025 could be as much as a dime above analyst forecasts for $1.87 per share.
Carnival Stock Surges
Cruise operator and S&P 500 component company Carnival Corporation (NYSE: CCL) stock is surging 9.2% after beating on top and bottom lines in its Q2 earnings report this morning. Carnival reported $0.35 per share in adjusted earnings on $9.3 billion in revenue, both numbers well ahead of expectations.
The Vanguard S&P 500 ETF is gaining steam as well, now up 0.9%.
This article will be updated throughout the day, so check back often for more daily updates.
Just a couple days after dropping bombs on Iranian nuclear sites, President Trump announced a ceasefire between Israel and Iran (and the U.S.?) at 1 a.m. last night. “All planes will turn around and head home, while doing a friendly ‘Plane Wave’ to Iran,” wrote the President in a post on Truth Social. “Nobody will be hurt, the Ceasefire is in effect!”
Stock markets seem encouraged at the prospect that a Mideast war that began suddenly could end just as suddenly, less than two weeks since it began, and with little to no interruption to global oil supplies. Both Brent crude and WTI oil prices are falling steeply, down about 3.7% each.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) is rising as investors turn cautiously optimistic, up 0.7% in premarket trading.
Defense stocks
The only investors that seem disappointed by the news today are investors in defense stocks. In pre-market trading, General Dynamics (NYSE: GD) is falling 0.8%, while both Lockheed Martin (NYSE: LMT) and RTX Corporation (NYSE: RTX) are down 1.2% apiece.
Earnings
In more run-of-the-mill earnings news, KB Home (NYSE: KBH) reported its fiscal Q2 financial results last night. Earnings came in at $1.50 per share, four cents better than expected, and revenue matched analyst forecasts at $1.5 billion.
Analyst calls
Roth MKM analyst Eric Handler upgraded S&P 500 component Electronic Arts (Nasdaq: EA) stock to buy this morning with a $185 price target, predicting an “elevated, multi-year growth trajectory” supported by “a new Battlefield game, the introduction of new variations of The Sims, and a handful of other games.”
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