U.S. stocks were higher on Tuesday, while oil prices slid as traders reacted to a number of solid earnings results.
The Dow Jones Industrials index traveled higher 287.81 points to pause for lunch at 49,229.71.
The S&P 500 bounced 56.44 points to 7,257.19.
The NASDAQ climbed 245.69 points, or 1%, to 25,313.49, hitting a new all-time intraday high.
The ceasefire between the U.S. and Iran remains fragile amid fresh attacks in the Strait of Hormuz. However, Defense Secretary Pete Hegseth said Tuesday that the ceasefire “certainly holds” and that “two U.S. commercial ships, along with American destroyers, have already safely transited the strait, showing the lane is clear.”
That comes after President Donald Trump said earlier this week that the U.S. will “guide” stranded ships through the strait.
Adding to the momentum in equities were yet another batch of better-than-expected quarterly results.
Notably, Pfizer shares gained marginally after its first-quarter earnings and revenue beat expectations. The company also reaffirmed its forecast for the full year. U.S.-listed shares of Belgian brewer Anheuser-Busch InBev popped 8% following its upbeat quarterly results.
Palantir Technologies was the exception, however, as shares retreated 3% even after the company’s first-quarter results surpassed analyst expectations, with revenue seeing the fastest growth since the company debuted on the public market debut in 2020. It also raised its full-year guidance.
Prices for the 10-year Treasury gained, dropping yields to 4.41% from Monday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices faded $4.60 to $101.82 U.S. a barrel.
Gold prices hiked $58.30 to $4,591.60 U.S. an ounce.
