Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) traded higher on Tuesday, with the latter notching its tenth consecutive daily close.
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News That Moved the Stock Market Today
- Optimism is growing for a second round of U.S.-Iran negotiations. In a statement to the New York Post, President Trump said a fresh round of talks “could be happening over next two days.”
- Trump praised Pakistan Field Marshal General Asim Munir for his role as a mediator and said his presence made it more likely that the U.S. will choose Islamabad as its meeting venue again.
- Iran is weighing a temporary suspension of shipments through the Strait of Hormuz to avoid further escalation with the U.S.
- The U.S. Producer Price Index (PPI) surged 4.0% year-over-year in March, registering its highest level since February 2023 but still below the consensus estimate of 4.6%.
- The International Monetary Fund (IMF) warned that an extended war could trigger a global recession.
- Amazon (AMZN) closed higher after the e-commerce and cloud leader announced that it would acquire Globalstar (GSAT) for $90 per share.
- Wells Fargo (WFC) sank after its first-quarter revenue and interest income fell short of expectations. Morgan Stanley (MS), Bank of America (BAC), and PNC Financial Services Group (PNC) are set to report their results tomorrow morning.
- Nvidia (NVDA) denied reports that it would acquire a PC maker, sending Dell (DELL) and HP (HPQ) lower.
Today’s Best-Performing Sector
Communication services was the best-performing sector on Tuesday, driven by gains in major tech and media companies as investors rotated into growth stocks amid optimism for a second round of U.S.-Iran talks. EchoStar (SATS) was a top performer and received a boost from Amazon’s acquisition of competitor Globalstar.
Several communication services stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, the energy sector faced the largest drawdown as oil prices sank amid signs of renewed negotiations and easing tensions between the U.S. and Iran. Energy is still the best-performing sector on a year-to-date basis with a return of 27%, although an end to the war and a reopening of Hormuz could resolve the supply shock and send oil prices lower.
Notable energy stocks trading lower include: