S&P 500 futures slipped on Tuesday after the major averages staged a comeback in the previous session amid renewed hopes that a resolution may be in sight for the U.S.-Iran conflict. Futures tied to the broad market index were 0.5% lower, as were Nasdaq 100 futures. Dow Jones Industrial Average futures lost 233 points, or 0.5%. The major averages all rose more than 1% after President Donald Trump said in a Truth Social post that the U.S. and Iran have held “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.” Iranian state media reported that there were no direct talks between the two countries, however. Stocks surged, with the Dow up more than 1,100 points on the day at one point. Oil prices also cooled, lending the market rally further support. In the leadup to Trump’s announcement, the U.S. did engage with Iran in a series of closed-door discussions through Middle Eastern intermediaries, according to The Wall Street Journal, which cited people familiar with the matter. That said, the report stated that there was some doubt expressed privately by Arab mediators at the prospect of both sides quickly reaching an agreement, as they were still far apart. Additionally, confusion has grown among investors over how effective the talks to end the war were, to be sure, as Israel and Iran have since continued to exchange strikes in the wake of the president’s Monday comments. Despite Trump’s optimistic tone, Citi U.S. equity strategist Scott Chronert doesn’t believe that investors are out of the woods just yet. “We still have a lot of wood to chop in terms of where oil prices end up shaking out; how those impact underlying economic conditions. So we think we’re okay for right now with this down 5% to 10% narrative, but we have to be on the lookout that the risks are still out there and are still pretty notable,” he said on CNBC’s “Closing Bell: Overtime” on Monday afternoon. The developments came after Trump over the weekend had threatened an attack on Iranian power plants if the Strait of Hormuz wasn’t reopened. Iran, in turn, said that it would target U.S. infrastructure as a retaliatory tactic. In Tuesday’s premarket, shares of Apollo fell more than 3% on the heels of the firm revealing it will cap its private credit fund withdrawals. The 10-year Treasury note yield fell on Monday after President Donald Trump said further military strikes against Iran had been postponed after “productive” negotiations between the warring sides. The benchmark yield was down more than 4 basis points at 4.348%. Earlier in the session, the benchmark security hit its highest level since July as traders had feared the Federal Reserve wouldn’t be lowering interest rates this year and actually could hike as their next move. It then fell sharply, but then turned back to flat before moving lower once again as traders processed the news. The yield on the policy-sensitive 2-year note dropped more than 4 basis points to 3.848%. The 30-year bond yield was off 4 basis points at 4.92%. Asia-Pacific markets pared gains Tuesday as oil prices rebounded, underscoring lingering uncertainty over the Middle East conflict. South Korea’s Kospi had surged over 3% before paring some gains to close 2.7% higher at 5,553.92 while the small-cap Kosdaq was last up 2.24%, ending the trading day at 1,121.44. Japan’s Nikkei 225 rose 1.43% to close at 52,252.28, while the Topix added 2.1% to 3,559.67 after Japan’s headline inflation rate eased for a fourth straight month in February as the economy cooled on stabilizing food prices and fuel subsidies. Australia’s S&P/ASX 200 rose by 0.16% to end the trading day at 8,379.4. Hong Kong Hang Seng index advanced 2.39%, while the CSI 300 rose 1.28% to 4,474.72. Oil prices were higher on Tuesday, paring losses after falling sharply in the previous session, as energy market participants assessed developments related to the Iran war. International benchmark Brent crude futures with May delivery traded up 3.1% at $103.07 per barrel, while U.S. West Texas Intermediate futures for May traded 4.3% higher at $91.89 per barrel. The uptick follows a sharp sell-off on Monday, with Brent crude falling about 11% to around $99 per barrel after topping $112 on Friday. Spot gold prices declined 2% before recovering to trade 0.6% lower at $4,370.29 per ounce. Gold futures for April delivery were last seen 0.8% lower at $4,371.50 per ounce. The dollar index, which measures the strength of the greenback against a basket of currencies, was up 0.4% on Tuesday. A stronger dollar reduces greenback-priced bullion’s appeal by making it more expensive for holders of other currencies. Spot gold has now lost 21% since it hit a record high of $5,594.82 per ounce at the end of January, with the precious metal losing almost 10% last week in its worst showing since September 2011. The dollar index, meanwhile, has strengthened around 3% since the start of the war.