The S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed in the green for the second consecutive trading day ahead of the Fed rate decision on Wednesday.
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News That Moved the Stock Market Today
- Brent crude futures (BZ) rose by 3% as the Strait of Hormuz remains effectively closed. President Trump’s efforts to gather countries to join the Hormuz Coalition have run into a speed bump, with several European countries indicating they are unlikely to join.
- Iran has continued to target key oil infrastructure sites in the Middle East including the Shah gas field in the United Arab Emirates and Iran’s Majnoon oil field.
- Trump noted that his meeting with Chinese President Xi Jinping would be delayed by “about five weeks.”
- The Fed will likely hold rates steady tomorrow, with the CME FedWatch tool assigning 99.1% odds to the scenario.
- Nvidia (NVDA) CEO Jensen Huang said the company is restarting production of H200 chips for shipment to China.
- Amazon (AMZN) announced a deal with OpenAI that will provide government agencies with AI models through Amazon Web Services (AWS).
- Mastercard (MA) agreed to acquire BVNK for up to $1.8 billion to expand its presence in the stablecoin industry.
- Qualcomm (QCOM) approved a $20 billion share repurchase program and hiked its dividend by three cents to 92 cents.
Today’s Best-Performing Sector
Energy was the best-performing sector on Tuesday as rising oil and gas prices supported gains across production and refining stocks. These companies led the sector higher as ongoing disruptions to the Strait of Hormuz continue to limit energy supply.
Several stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, healthcare was the worst-performing sector, marked by a notable decline in pharma giant Eli Lilly (LLY). HSBC lowered its price target on LLY stock to $850 from $1,070, citing a high valuation and increased competition. Elsewhere, investors rotated out of the healthcare industry and into energy and technology stocks amid rising oil prices, strong tech earnings, and optimism from Nvidia’s (NVDA) GTC 2026 conference.
Notable stocks trading lower include: