The Dow still settled sharply lower
Stocks were mixed on Tuesday as the U.S. deadline for Iran to reopen the Strait of Hormuz sat mere hours away. Investors were hopeful for a deal after Pakistan’s Prime Minister Shehbaz Sharif asked President Donald Trump to delay the potential attack of Iran's power plants and bridges by two weeks in exchange of a temporary reopening of the Strait.
The tech sector demonstrated strength today, but the Dow still settled lower. The Nasdaq and S&P 500 pivoted higher in the last hour of trading to nab fifth-straight gains. Meanwhile, Wall Street's fear gauge -- the Cboe Volatility Index (VIX) -- settled back above 25.
Continue reading for more on today's market, including:
- Why Apple stock gapped lower today.
- Convenience store stock breaking records.
- Plus, chip giant making deals; Medicare buzz boosts insurance stock; and PZZA could continue to cool.
5 Things to Know Today
- Airlines are trimming their schedules, adding surcharges, and raising fares amid rising jet fuel costs, with prices nearly doubling due to the U.S.-Iran war. (CNBC)
- Intel (INTC) is partnering with Elon Musk's Tesla (TSLA) and SpaceX to operate a new ultra-high-performance chip plant in Texas. (The Wall Street Journal)
- AVGO capitalizes on Google and Anthropic partnerships.
- Insurance stock surges on proposed Medicare rate increase.
- Papa John's International stock is contending with key resistance.
There were no notable earnings reports today.
Oil Prices Climb Amid More Trump Threats
Oil prices settled higher after President Donald Trump's threats toward Iran. Front-month May-dated West Texas Intermediate (WTI), now the front-month contract, rose 54 cents to finish at $112.95 per barrel.
Gold prices fell as the U.S. deadline for Iran to reopen the Strait of Hormuz approached. April-dated gold shed 0.4% to finish at $4,664 an ounce for the day.