US Markets
Equities Fall Intraday, Oil Jumps Amid Uncertainty Around US-Iran Talks
US benchmark equity indexes were lower intraday, while oil prices rose amid uncertainty around the prospects of a fresh round of negotiations between Washington and Iran.The S&P 500 was down 0.4% at 7,084.3 after midday Tuesday, while the Nasdaq Composite fell 0.3% to 24,337.3. The Dow Jones Industrial Average shed 0.2% to 49,339.2. Barring energy and consumer discretionary, all sectors were in the red, led by real estate.West Texas Intermediate crude oil was up 4.7% at $93.80 per barrel, while Brent rose 4.2% to $99.52.The blockade of the crucial Strait of Hormuz by the US has contributed to the ongoing uncertainty around a second round of discussions between Washington and Iran, as the deadline for a recently announced ceasefire looms, CNN reported Tuesday, citing sources. US Vice President JD Vance, who was expected to leave for Pakistan earlier in the day, was still in Washington for meetings, unnamed sources told the news outlet.The US is "going to end up with a great deal" with Iran to end the war, CNBC reported, citing President Donald Trump. He reportedly doesn't expect to extend the ceasefire due to expire Wednesday.US Treasury yields were higher intraday, with the 10-year rate up 4.4 basis points at 4.29% and the two-year rate rising 6.3 basis point to 3.78%.In economic news, US retail sales last month logged the largest rise since March 2025 amid a surge in spending at gasoline stations as the Middle East conflict boosted energy prices, official data showed."We expected that the headline (figure) would be gaudy due to the increase in gas prices and a pickup in unit auto sales, but the strength in other categories was surprising," Jefferies said in a note. "There is no evidence here that higher gasoline prices have motivated the consumer to tighten the belt elsewhere just yet."US pending home sales increased more than expected in March despite higher mortgage rates, data from the National Association of Realtors showed."Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand," NAR Chief Economist Lawrence Yun said. "A greater supply of inventory will help translate that demand into more home sales."In company news, Apple (AAPL) shares were down 2.6%, among the worst performers on the Dow. The iPhone maker said late Monday that Tim Cook will step down as chief executive and become executive chairman, with hardware engineering veteran John Ternus set to succeed him as CEO.Tractor Supply (TSCO) shares tumbled nearly 11% intraday Tuesday, the steepest decline on the S&P 500. The retailer logged first-quarter results that missed Wall Street's projections amid a below-average performance of its companion animal product business.UnitedHealth Group (UNH) raised its full-year earnings outlook, as the health insurance giant recorded an unexpected annual increase in its first-quarter results. The company's shares were up 8.9%, the biggest gainer on the S&P 500 and the Dow.D.R. Horton's (DHI) fiscal second-quarter results came in better than expected, though the homebuilder tempered its full-year revenue outlook. The company's shares jumped 7.2%, among the best performers on the S&P 500.Gold was down 2.1% at $4,730 per troy ounce, while silver dropped 4.1% to $76.74 per ounce.
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