12:33 PM EDT, 06/24/2025 (MT Newswires) -- US equity indexes rose as a sharp sell-off in crude oil futures alleviated concerns that inflation could spike because of the Middle East conflict, and after Federal Reserve Chair Jerome Powell left the door open for a sooner-than-anticipated easing in monetary policy.

The Nasdaq Composite gained 1.4% to 19,915.1, the S&P 500 advanced 1.1% to 6,089.6, and the Dow Jones Industrial Average traded 1.1% higher at 43,065.8 after midday Tuesday. Financials, technology, and communication services led the gainers, while energy and consumer staples were the twin decliners intraday.

West Texas Intermediate crude oil futures sank 4.6% to $65.36 a barrel, extending its decline from around $75 on Monday when Iran fired missiles at US assets in Qatar. Iran's move was, reportedly, telegraphed and did not cause any casualties.

US President Donald Trump spoke to Israeli Prime Minister Benjamin Netanyahu Tuesday morning and was "exceptionally firm and direct," CNN cited a White House source about what needed to happen to sustain the Iran-Israel ceasefire. The source told CNN that Netanyahu understood the severity of the situation and Trump's concerns.

"ISRAEL is not going to attack Iran," Trump said in a message on Truth Social. "All planes will turn around and head home, while doing a friendly 'Plane Wave' to Iran. Nobody will be hurt, the Ceasefire is in effect!"

Gold futures slumped 2.2% to $3,320.05 per ounce.

Meanwhile, addressing the House Financial Services Committee as part of his two-day testimony to Congress, Fed Chair Powell said "many paths are possible" for monetary policy, Bloomberg reported. Should inflation ease more than forecast or the labor market deteriorate, Powell reportedly said the Fed could cut interest rates sooner.

Most US Treasury yields fell, with the 10-year down 2.3 basis points to 4.3% and the two-year rate 1.9 basis points lower at 3.81%.