The Nasdaq Composite and S&P 500 rose on Tuesday, with the former hitting a fresh all-time intraday high, as oil prices eased for another day.
The tech-heavy Nasdaq was last up 0.4%, supported by a 7% gain in shares of Sandisk following a bullish call from Rosenblatt. The S&P 500 traded up 0.1%. The Dow Jones Industrial Average shed 47 points, or 0.1%.
Oil prices moved lower after Iran reportedly offered to reopen the Strait of Hormuz within seven days. To be sure, the reports have not been independently verified by CNBC. Saudi Arabia is also reportedly planning to restart its East-West pipeline as early as this week.
Global benchmark Brent crude futures were last down 1% at roughly $98 per barrel. U.S. crude futures traded 1% lower at around $94 a barrel. Oil prices were pacing for their fifth straight day of losses.
Tuesday’s moves follow a strong session on Wall Street, with the S&P 500 posting its best day since Aug. 4 and the Nasdaq notching its first closing record since June.
A decline in oil prices fueled the stock market’s gains, while Treasury yields pulled back as well. Even prior to the Federal Reserve’s move to hike its key interest rate by a quarter point last week, Treasury yields have been trending higher as the economy contends with rising debt, elevated oil prices and stubborn inflation.
Traders’ attention will turn to this week’s summit in Washington, DC between President Donald Trump and Chinese leader Xi Jinping. Artificial intelligence, the Iran war, tariffs and rare earth metals are expected to be among the key topics covered in the meeting. Treasury Secretary Scott Bessent convened with Chinese Vice Premier He Lifeng prior to Xi’s visit to the U.S.
Heading into Tuesday, traders will watch for the Richmond Fed’s manufacturing survey, as well as speeches from New York Fed President John Williams and Richmond Fed President Tom Barkin.
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