Iran has threatened to retaliate after U.S. forces targeted Iranian missile sites in the country's southern region and boats trying to place mines. The U.S. has described the strikes as a matter of self-defense.
Oil prices rose sharply on Tuesday. Gold prices fell toward $4,500 an ounce. Spot gold tumbled 1.2 percent to $4,516.60 an ounce.
Asian shares finished mostly up, while European shares are trading broadly higher.
Initial trends from the U.S. Futures Index suggest that Wall Street might open higher.
As of 7.50 am ET, the Dow futures were up 305.00 points, the S&P 500 futures were adding 50.50 points and the Nasdaq 100 futures were progressing 310.00 points.
On the economic front, the Chicago Fed National Activitiy Index for April will be issued at 8.30 am ET. The consensus is for a decline of 0.10, while it was down 0.20 in the prior month.
The Case-Shiller Home Price Index for March will be issued at 9.00 am ET. The consensus is for an increase of 0.1 percent, while it was reduced by 0.1 percent in the prior month.
The Federal Housing Finance Agency House Price Index or HPI for March will be released at 9.00 am ET. The consensus is 0.1 percent, while it was 0.0 percent in the prior month.
The Consumer Confidence for May will be issued at 10.00 am ET. The consensus is 92.0, while it was up 92.8 in April.
The Dallas Fed Manufacturing Survey for May will be published at 10.30 am ET. The consensus is minus 1.0, while it was minus 2.3 in the prior month.
The Fed Money Supply for April is scheduled at 1.00 pm ET. In the prior month, the M2 Level was $22.686 trillion.
Asian stocks ended mixed on Tuesday. China's Shanghai Composite index slid 0.17 percent to 4,145.37 and Hong Kong's Hang Seng index finished marginally lower at 25,599.45.
Japanese markets retreated from a record high. The Nikkei average slipped 0.25 percent to 64,996.09. The broader Topix index settled 0.10 percent lower at 3,938.46.
Australian markets ended lower to snap a three-session rally, with banks leading losses on inflation concerns. The benchmark S&P/ASX 200 dipped 0.39 percent to 8,657.80. The broader All Ordinaries index closed 0.37 percent lower at 8,882.60.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.