US Markets
Equities Rise Intraday as Hegseth Says US-Iran Ceasefire Still Holds
US benchmark equity indexes were higher intraday as oil prices fell after Defense Secretary Pete Hegseth said the ceasefire agreement with Iran remains intact.The Nasdaq Composite was up 1% at 25,307.8 after midday Tuesday, while the S&P 500 rose 0.9% to 7,262.2. The Dow Jones Industrial Average advanced 0.7% to 49,283. Barring financials and communication services, all sectors were in the green, led by materials.West Texas Intermediate crude was down 4.4% at $101.73 per barrel in afternoon trading, while Brent fell 4% to $109.91."The ceasefire is not over," Hegseth said in a press briefing at the Pentagon, according to a CNBC report.The comment came a day after Tehran fired missiles and drones at the United Arab Emirates, reigniting concerns about an already fragile ceasefire between the US and Iran.The US military destroyed six Iranian boats in the Strait of Hormuz on Monday after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command. A senior Iranian military official reportedly disputed that claim.US Treasury yields were lower intraday, with the 10-year rate down 2.9 basis points at 4.41% and the two-year rate falling 2.6 basis points to 3.94%.In company news, Pinterest (PINS) shares were advancing by 9.1% in Tuesday afternoon trading. The image-sharing platform company posted better-than-expected first-quarter results late Monday and forecast up to 16% revenue growth year over year for the ongoing three-month period.Shopify (SHOP) on Tuesday issued a second-quarter revenue outlook that implied a sequential slowdown in annual growth. The stock was down 15%.PayPal (PYPL) shares were down 9.1% intraday, the third-worst performer on the S&P 500. The payments company said it was targeting at least $1.5 billion in cost cuts over the next few years, while it maintained its full-year earnings outlook.Palantir Technologies (PLTR) shares were down 6.6% intraday, among the worst performers on the S&P 500, despite the software maker raising its 2026 revenue outlook and first-quarter results topping Wall Street's expectations.Advanced Micro Devices (AMD) and Arista Networks (ANET) are expected to announce their earnings after the markets close.In economic news, two surveys released Tuesday painted a mixed picture of the US services sector in April, with Institute for Supply Management data showing a deceleration in growth and an S&P Global (SPGI) report indicating a return to expansion."The services sector continues to expand, but the sharp cooling in new orders alongside still-subdued employment momentum suggests growth may be becoming less durable," TD Economics Senior Economist Vikram Rai said in a note.On Friday, ISM and S&P surveys showed that the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict.New-home sales in the US grew past Wall Street's estimates for March, driven by a demand surge in the Northeast region, government data showed.Gold rose 0.7% to $4,566.70 per troy ounce, while silver advanced 0.4 % to $73.82 per ounce.
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