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U.S. STOCKS RISE ON HOPES FOR COOLING MIDDLE EAST TENSIONS, FOCUS TURNS TO RETAIL SALES

Wall Street gained ground on Monday as investors started the week with renewed risk appetite and the geopolitical shock of an escalating war between Israel and Iran was soothed by talk of a tentative truce.

All three main indexes closed higher on the day, albeit off their session highs, with solid gains from the Mag 7 MAGS.K group putting the Nasdaq .IXIC ahead of the pack.

The rally in the S&P 500 index .SPX reversed a good deal of Friday's sharp selloff, which was driven mostly by Israel/Iran tensions.

Oil prices fell by a dollar per barrel on reports that Tehran is seeking to calm hostilities as the two nations bombard each other.

On Tuesday, market participants will scrutinize the Commerce Department's May Retail Sales report, which analysts expect will show a 0.7% monthly decline. The devil will be in the details, as always. Core retail sales, most closely related to the consumer expenditures element of GDP, is seen notching a 0.3% gain.

Industrial production, capacity utilization, business inventories and homebuilder sentiment are also on Tuesday's crowded economic docket.

And, of course, the Federal Open Market Committee (FOMC) is due to hunker down to its two-day policy meeting.

Recent inflation readings and labor market data will undoubtedly be discussed, although financial markets are next-to-certain that the central bank will let its policy rate stand in the 4.25% to 4.50% range.

Here's your closing snapshot:

(Stephen Culp)

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