The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.61%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.76%. June E-mini S&P futures (ESM26) rose +0.61%, and June E-mini Nasdaq futures (NQM26) rose +1.72%.
Stock indexes settled mostly higher on Tuesday, with the S&P 500 and Nasdaq 100 posting new all-time highs. Stocks found support as a drop in crude oil prices and bond yields fueled a rally in technology stocks after officials signaled the US was nearing a deal with Iran to reopen the Strait of Hormuz and restore oil flows. According to the Washington Post, the US and Iran have developed a memorandum that would extend the ceasefire by 60 days as the two sides seek a permanent deal, and if agreed, the Strait of Hormuz would be de-mined and reopened in the meantime. Secretary of State Rubio said negotiations will still "take a few days" as both sides discuss language in an initial document. WTI crude oil fell to a 2.5-week low on Tuesday, and the 10-year T-note yield fell to a 1.5-week low of 4.47%.
