Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are trading higher on Tuesday on news that the U.S. and Iran could hold a second round of peace talks and an inflation update from the Bureau of Labor Statistics (BLS).
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New trading tool for QQQ bullsThe two-week ceasefire is set to expire on April 21, although both the U.S. and Iran have shown interest in another meeting before then. Last weekend, talks between the two sides fell through, stemming from disagreements surrounding the Strait of Hormuz, Iran’s enriched uranium stockpile, and its frozen assets.
PPI Undershoots Estimates as Tech Rallies and Oil Drops
Elsewhere, the U.S. Producer Price Index (PPI) rose 4.0% year-over-year in March, registering its highest level since February 2023. On the bright side, the index undershot the consensus analyst estimate of 4.6%. The PPI tracks the prices that producers charge for their goods and services and is often used as an early indicator of inflation.
Meanwhile, tech stocks are continuing to recover, led by outsized gains from Oracle (ORCL), Meta Platforms (META), and Amazon (AMZN). On the other hand, war resolution optimism has sent Brent crude oil futures (BZ) lower, easing inflation concerns.