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Futures up: Dow 0.76%, S&P 500 0.88%, Nasdaq 1.15%

June 24 (Reuters) - U.S. stock index futures rose on

Tuesday as President Donald Trump announced a ceasefire between

Israel and Iran, bringing investors some relief after 12 days of

conflict in the Middle East hurt global risk assets and fanned

inflation concerns.

Oil prices dropped to their lowest levels in two

weeks as supply concerns triggered by the war eased, pulling

down U.S. energy stocks in premarket trade. Chevron ( CVX ) and

Exxon were down 1% and 1.7%, respectively.

Defense stocks Lockheed Martin ( LMT ) and RTX Corp ( RTX )

dipped about 1.6% each.

Trump's call for truce was a sharp turnaround after the U.S.

bombed Iran's nuclear sites over the weekend and Iran retaliated

by firing missiles at a U.S. base in Qatar.

Hours after the ceasefire declaration, however,

Israeli

Defence Minister Israel Katz said Iranian missiles were

fired in violation of the agreement and he had ordered the

military to strike Tehran in response. Iran said it had not

violated the ceasefire.

For the moment, optimism around the ceasefire was helping

support equities.

At 05:26 a.m. ET, Dow E-minis were up 326 points, or

0.76%, S&P 500 E-minis were up 53.5 points, or 0.88%.

Nasdaq 100 E-minis were up 252.75 points, or 1.15%.

The benchmark S&P 500 index remains about 2% below

its record level.

Federal Reserve Chair Jerome Powell's congressional

testimony scheduled at 10:00 a.m. ET will likely be parsed for

clues regarding the near-term interest rate trajectory, a day

after policymaker Michelle Bowman said a cut as soon as July

could be a possibility.

Six central bank officials including Fed Board Governor

Michael Barr and Fed Minneapolis President Neel Kashkari are

also scheduled to speak later in the day.

This week, focus will be on the Commerce Department's final

take on first-quarter GDP and its Personal Consumption

Expenditures (PCE) data.

Consumer confidence data for June is due at 10:00 a.m. ET.

Megacap and growth stocks were trading higher, with Tesla

shares leading gains, up 2.7%. Google-parent Alphabet

rose 1.5% while Amazon.com ( AMZN ) was up 1.8%.

Shares of crypto companies rose after bitcoin hit a one-week

high. Coinbase Global ( COIN ) was up 3.2% and Strategy

advanced 1.8%.

Package delivery firm FedEx ( FDX ) was up nearly 1% ahead

of quarterly results due after the closing bell.

(Reporting by Kanchana Chakravarty in Bengaluru; Editing by

Devika Syamnath)