-- The Nasdaq Composite extended its winning streak to a tenth consecutive session on Tuesday as oil prices tumbled amid optimism that the US and Iran could revive peace talks.
The Nasdaq climbed 2% to 23,639.1. The S&P 500 rose 1.2% to 6,967.4, while the Dow Jones Industrial Average added 0.7% to 48,536.
Most sectors were in the green, led by communication services' 3.2% jump, while energy saw the steepest decline.
West Texas Intermediate crude oil was last down 7% at $92.12 per barrel, while Brent lost 4.2% to $95.24.
The US and Iran could resume talks later this week, possibly in Pakistan, news outlets reported, citing US President Donald Trump.
Trump continues to be open to resuming in-person negotiations soon if he believes Iran is ready to submit to his demands, CNN reported, citing people familiar with the matter.
Over the weekend, US-Iran peace negotiations in Pakistan ended without a deal. Following that setback, the US navy started a blockade of Iranian ports in the crucial Strait of Hormuz. A two-week ceasefire between the US and Iran, however, still holds.
The International Energy Agency on Tuesday forecast global oil demand to turn negative this year due to the Middle East conflict, penciling in the sharpest consumption decline in the second quarter since the COVID-19 pandemic.
The International Monetary Fund lowered its global economic growth expectations for 2026 due to the Middle East conflict, cautioning that a prolonged war could drive a further slowdown.
US Treasury yields were lower, with the 10-year rate last down four basis points at 4.25% and the two-year rate dropping three basis points to 3.75%.
In company news, Amazon.com (AMZN) agreed to buy mobile satellite services operator Globalstar (GSAT) as the e-commerce giant aims to add direct-to-device services to its Leo satellite network. Amazon shares jumped 3.8%, the top gainer on the Dow, while Globalstar jumped 9.6%.
Johnson & Johnson (JNJ) lifted its full-year outlook as the healthcare products conglomerate's first-quarter results surpassed Wall Street's expectations. The company's shares rose 0.9%.
JPMorgan Chase (JPM) and Citigroup's (C) first-quarter results topped the Street's expectations, while Wells Fargo's (WFC) revenue missed market views.
Wells Fargo shares tumbled 5.7%, among the steepest declines on the S&P 500. JPMorgan shares fell 0.8%, while Citigroup rose 2.7%.
"The earnings season arrives against a backdrop where market attention has drifted away from fundamentals like earnings growth and towards geopolitical risks," Wells Fargo Investment Institute said in a report e-mailed to. "Recent volatility reflects a repricing driven by risk sentiment and geopolitics, not a deterioration in fundamentals."
In economic news, US producer prices growth steadied in March as wholesale costs of energy surged amid volatility stemming from the Iran war.
"A sizable increase in the PPI underscores the material effects of higher energy prices and the broader inflationary impact of a global price shock on the domestic economy," Stifel said in a note. "Such pressures are furthermore likely to intensify in the coming months as upstream costs work their way down the production pipeline."
Gold was last up 2.1% at $4,869.10 per troy ounce, while silver advanced 5.3% to $79.68 per ounce.