The U.S.-Iran ceasefire remains in place
Stocks bounced back on Tuesday as a pullback in oil prices and a wave of strong earnings results lifted the three major indexes. The Dow added more than 350 points, while the Nasdaq and S&P 500 settled at fresh record highs. Meanwhile, tensions in the Strait of Hormuz lingered, Defense Secretary Pete Hegseth noted that the U.S.-Iran ceasefire remains intact and confirmed that two U.S. commercial ships have passed safely through the region.
Continue reading for more on today's market, including:
5 Things to Know Today
- The U.S. Supreme Court enacted its Voting Rights Act ruling, which restricts states from using race to draw voting districts, ahead of schedule. (Reuters)
- The federal government is suing Minnesota in an attempt to turn away the state's lawsuit against Exxon Mobil (XOM). (The New York Times)
- Pinterest stock surged after a beat-and-raise.
- Paypal shares fell despite a top- and bottom-line win.
- Pharma stock testing key support levels after earnings.
Gold Bounces Back as Oil Cools Off
Oil prices took a breather on news that the U.S.-Iran ceasefire remains in place. June-dated West Texas Intermediate (WTI) shed nearly 4% to settle at $102.27 per barrel.
Gold prices are rebounding rebounded, but gains were limited as Middle East tensions and inflation fears remained in focus. June-dated gold futures added 1% to settle at $4,577.60 an ounce.