The S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) both closed higher by over 2.5% as hopes for an end to the U.S.-Iran war gained momentum.
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News That Moved the Stock Market Today
- President Trump told aides that he is willing to end the war without reopening the Strait of Hormuz, according to the Wall Street Journal. Instead, that responsibility would shift to U.S. allies and Gulf countries.
- Iranian President Masoud Pezeshkian said that Iran has the “necessary will” to end the war, although any resolution must include guarantees for the safety of Iran and its people.
- China and Pakistan proposed peace terms calling for an immediate ceasefire and renewed access to the strait.
- The Consumer Confidence Index increased by 0.8 points to 91.8 in March, topping the consensus estimate of 87.9. However, the average 12-month inflation expectation rose to its highest point since August 2025 amid rising oil and gas prices.
- Wells Fargo lowered its 2026 S&P 500 (SPX) price target to 7,300 from 7,800, driven by the U.S.-Iran war and lower-than-expected tax returns.
- Nvidia (NVDA) will invest $2 billion into Marvell Technology (MRVL) as part of a strategic partnership.
- Tesla (TSLA) CEO Elon Musk denied reports that SpaceX would exclude Robinhood (HOOD) and SoFi (SOFI) from receiving IPO shares.
- Meta Platforms (META) launched prescription glasses equipped with AI features.
- Oracle (ORCL) is laying off between 20,000 and 30,000 employees across the U.S., India, and other regions.
Today’s Best-Performing Sector
Communication services was the best-performing sector on Tuesday as risk-on sentiment returned to the market. Tech giants Meta Platforms (META) and Alphabet (GOOG) led the group to the upside, supported by easing geopolitical tensions and resilient consumer confidence.
Several communication services stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, the energy sector faced the largest drawdown as Brent crude futures (BZ), the international benchmark for oil, fell over 2% and optimism grew that the U.S.-Iran war could end soon. The decline comes after a sharp run-up in recent weeks, with Brent crude still up by 37% over the past month.
Notable energy stocks trading lower include: