After opening in positive territory, both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed lower on Tuesday after Iran announced it would not participate in a second round of peace talks.
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- Vice President J.D. Vance was scheduled to depart for Islamabad, Pakistan, this morning to lead the U.S. negotiation team. However, his trip has been postponed indefinitely, according to Axios.
- Iran informed Pakistan that it will not send officials to Islamabad for peace talks, according to the semi-official Tasnim news agency. Prior to the decision, officials were divided over whether to first demand that the U.S. lift its blockade on vessels entering and leaving Iranian ports before beginning negotiations.
- President Trump said in a Truth Social post that the U.S. will extend its ceasefire with Iran “until such time as their leaders and representatives can come up with a unified proposal.” In the meantime, the U.S. will hold off on direct attacks while continuing to blockade Iranian vessels.
- Apple (AAPL) faced pressure after announcing that CEO Tim Cook would step down from his role and become Executive Chairman. John Ternus, Senior Vice President of Hardware Engineering, will become Apple’s new CEO starting on September 1.
- JPMorgan (JPM) raised its year-end S&P 500 (SPX) price target to 7,600 from 7,200. The firm expects a strong first-quarter earnings season driven by the tech and AI sectors.
- AMD (AMD) closed higher after Stifel raised its price target to $320 from $280, citing strong demand for chips and computing capacity.
- UnitedHealth Group (UNH) led the healthcare sector to the upside after reporting a beat on its first-quarter revenue and adjusted EPS.