US stock futures pointed higher as investors returned from the Juneteenth holiday weekend, with Nasdaq futures outperforming by rising 0.4%. The gains came amid reports that Iran said talks with the US had made major progress, though oil prices retreated after an initial jump on Strait of Hormuz closure fears, with WTI crude down $1.15 at $75.75. Markets are also pricing an 89% chance of at least one more Federal Reserve rate increase before the end of 2026, with BofA Global Research forecasting a further 75 basis points of US rate hikes this year. Deutsche Bank noted that the hawkish Fed shift under new chief Kevin Warsh has limited the market rally, pushing real Treasury yields to their highest in over a year, while the S&P 500 had already surged 16% over April and May.
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