Wall Street’s key stock indices pared gains on Tuesday after crude oil rebounded as investors awaited confirmation that Iran will join peace talks in Islamabad.
At 11:56 a.m. EDT, the Dow Jones Industrial Average fell 0.19%, the S&P 500 dropped 0.25%, and the Nasdaq was down 0.11%.
At the open, the Dow Jones Industrial Average rose 245.8 points, or 0.50%, to 49,688.37. The S&P 500 rose 13.5 points, or 0.19%, to 7,122.64, while the Nasdaq Composite rose 60.9 points, or 0.25%, to 24,465.339.
“The demand for stocks is there this morning, with market participants clutching to good news over bad and retaining hope that the Iran war won’t have a lasting and negative impact on the global economy,” said Briefing.com analyst Patrick O’Hare.
J.P. Morgan has raised its year-end target for the S&P 500 benchmark, citing AI and tech-driven earnings.
Investors are also closely watching Middle East developments as the two-week ceasefire is set to end on Wednesday.
President Donald Trump told CNBC on Tuesday that the US would end up with a “great deal” with Iran.
However, uncertainty around the opening of the Strait of Hormuz persists.
On the economic data front, US retail sales surged by 1.7% in March from the prior month to $752.1 billion, climbing more than expected due to largely surging gasoline prices.
Key Stock Movers
Apple shares fell 0.8% after the iPhone maker announced that longtime CEO Tim Cook will step down this year and company veteran John Ternus will take over the top job.
Shares of UnitedHealth Group jumped 8.2% and RTX edged up 0.1% after the earnings results.
Stocks of Peers CVS Health and Humana rose 1.7% and 5.2%, respectively.
Amazon stock gained 2% after the firm said it will invest up to $25 billion in Anthropic.
GE Aerospace shares dropped 3.1% after the company said it was bracing for a tougher backdrop of elevated oil prices, fuel supply constraints and slower global growth.
Alaska Air stock lost 1.3% as the airline withdrew its full year profit forecast.
Crude Oil
Crude oil prices rose on Tuesday as traders await potential talks between the US and Iran.
Brent traded near $95 a barrel after jumping almost 6% on Monday. June West Texas Intermediate futures, the most active contract for the US benchmark, traded around $88.
Bullion
Gold prices fell as the US dollar edged higher.
At 9:33 a.m. EDT (1333 GMT), spot gold was down 0.9% to $4,776.49 per ounce. US gold futures for June delivery fell 0.7% to $4,795.40.
Among other metals, spot silver fell 1.6% to $78.64 per ounce, platinum lost 0.8% to $2,073.05, while palladium was up 1% at $1,566.75.
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