Stocks extended their rally on Thursday after President Donald Trump agreed to a two-week ceasefire with Iran.

Stocks moved higher on Monday as investors bet that the end to the Middle East conflict was near.

Trump noted that the "double sided" ceasefire was contingent on Iran agreeing to an opening of the Strait of Hormuz.

The latest reading of the personal consumption expenditure price index, the Fed's favored inflation gauge, is due out at 8:30 a.m. ET Thursday morning.

Stocks extended their rally on Thursday after President Donald Trump agreed to a two-week ceasefire with Iran.