01 Stock Market
The S&P 500 moved within striking distance of a record on Tuesday, while the Nasdaq marked its longest winning streak in nearly five years. The S&P gained 1.2% to finish the day just a touch below its Jan. 27 closing high. The Nasdaq rallied 2%. With its 10-day winning streak, the index is riding its longest stretch of consecutive gains since 2021 and its largest 10-day gain since 2022. The Dow rose 317 points, or 0.7%.
The U.S. major indexes closed as follows: Dow Jones up 0.66% at 48,535.99; S&P 500 up 1.18% at 6,967.38; NASDAQ up 1.96% at 23,639.08.
A broad afternoon rally in technology and communication-services shares helped the benchmark gauges notch solid gains, despite lingering geopolitical and inflation concerns.
Tech and AI-centric leaders paced the unusual-move list. Memory giant Micron (MU) jumped 9.17% at $465.66 after upbeat demand signals, while chip designer NVIDIA (NVDA) climbed 3.80% at $196.51. EV bellwether Tesla (TSLA) advanced 3.34% at $364.20, helped by fresh analyst upgrades, as cloud titan Oracle (ORCL) rose 4.74% at $163.00 on a major fuel-cell power deal. Social-media heavyweight Meta (META) gained 4.41% at $662.49. Semiconductor levered ETF SOXL surged 5.90% at $85.31, while its inverse peer SOXS declined 6.11% to $21.05. Among notable laggards, Intel (INTC) fell 2.1% to $63.81, and Apple (AAPL) edged down 0.14% to $258.83.
Deal news and earnings added fuel: Amazon’s satellite acquisition and robust bank trading profits bolstered sentiment, while expectations for easing inflation supported multiple expansion in growth stocks. However, pockets of weakness in value-oriented names such as Dell and select energy shares reminded investors that geopolitical headlines and rate uncertainties remain key swing factors.
02 Other Markets
U.S. 10-year Treasury yield fell by 0.19%, latest at 4.25%.
USD/CNH fell 0.03%, at 6.85; USD/HKD was nearly flat, up 0.00%, at 7.83.
U.S. Dollar Index fell 0.02%, at 98.10.
WTI crude futures rose 0.78%, at 88.88 USD/bbl; COMEX gold futures rose 0.18%, at 4,858.70 USD/oz.
03 Top News
1. Amazon Agrees To Acquire Satellite Operator Globalstar For About $11.6 Billion. The cash-and-stock deal will bolster Amazon’s Project Kuiper low-Earth-orbit constellation as it races against SpaceX’s Starlink. Globalstar shareholders can opt for cash or Amazon stock, and the purchase accelerates Amazon’s plan to deploy roughly 3,200 satellites by 2029.
2. Bloom Energy Secures Up To 2.8 GW Fuel-Cell Supply Pact With Oracle. The expanded agreement will power Oracle’s AI-driven cloud infrastructure across the United States. Bloom says modular systems can be deployed in under three months, meeting high-density data-center demand and sending its shares up more than twenty percent.
3. Citigroup’s Quarterly Profit Soars 42% On Volatile Trading And Strong Dealmaking. Revenue hit a decade high of $24.6 billion as equities trading jumped thirty-nine percent and investment-banking fees rose. The bank’s thirteen-percent return on tangible equity keeps it on track for full-year targets, lifting shares in post-bell trade.
4. Wells Fargo Misses Net-Interest-Income Estimates, Shares Slide Over Six Percent. Successive Federal Reserve rate cuts squeezed loan yields, pulling first-quarter NII to $12.1 billion. Management highlighted resilient consumer spending but warned higher fuel costs could pressure credit trends.
5. United Airlines CEO Quietly Floats Merger Proposal To American Airlines. Talks, revealed by sources, envision creating the world’s largest carrier but face steep regulatory and labor hurdles. Speculation lifted airline shares, with American up nine percent and JetBlue up eleven percent intraday.
6. CarMax Swings To Quarterly Loss And Suspends Share Buybacks Amid Turnaround Effort. Price cuts to regain market share triggered a $121 million loss and a nearly two-percent same-store sales drop. The used-car giant may resume repurchases once cash flow improves, but shares fell more than six percent.
7. U.S. Producer Price Index Rises 0.5%, Below Forecasts, Tempering Inflation Fears. Flat service costs offset surging energy prices, suggesting limited pass-through to core inflation for now. Economists still see oil’s thirty-plus percent rally since late February as a medium-term risk for consumer prices.
8. Former President Trump Says Iran Talks Could Resume In Pakistan “Within Days.” The comment followed U.S. moves to enforce a naval blockade around Iranian ports. Hopes for diplomacy eased market anxiety, contributing to lower oil prices and firmer equity risk appetite.
9. Iran Reportedly Considers Temporary Halt To Hormuz Shipments To Facilitate Cease-Fire Negotiations. Sources indicate Tehran seeks to avoid provoking U.S. forces while logistics for new talks are set. A pause could reduce immediate supply-disruption fears, pressuring crude benchmarks.
10. Morgan Stanley Launches “Space 60” Index Highlighting Public Companies Tied To Space Economy. The list spans raw materials to satellite operators and underscores rising investor interest after NASA’s Artemis success and looming SpaceX IPO. Analysts cite Nvidia, MP Materials, and Rocket Lab among top beneficiaries.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data Disclaimer: This content is for reference only and does not constitute investment advice.
Comments