Will Today’s Spending Data Justify a 3% Nasdaq Surge?

U.S. equity futures surged into Tuesday’s open with Nasdaq-100 futures up 3.2% and S&P 500 futures ahead 2.1%, even as the Federal Reserve begins its two-day June meeting with rates expected to hold steady at 3.50%–3.75%. The 10-year Treasury yield held in a range of 4.43%–4.50% as markets absorbed a packed 8:30 AM ET data slate including personal income, consumer spending, and employment cost data. Geopolitical optimism tied to an anticipated U.S.–Iran peace agreement expected to be signed in Switzerland on Friday is providing additional support to risk assets.