S&P 500 futures are little changed after index erases Iran war losses: Live updates – CNBC

Stocks rose on Tuesday following a strong session in which traders shrugged off a breakdown in peace talks between the U.S. and Iran, yet were optimistic that a deal between the two countries was still possible.

The S&P 500 gained 1.18% and closed at 6,967.38. The broad market index now stands less than 1% below its 52-week high. The Dow Jones Industrial Average added 317.74 points, or 0.66%, to close at 48,535.99. The Nasdaq Composite advanced 1.96% and ended at 23,639.08.

Technology stocks supported the broader market for another day. Oracle, for example, rose 4.7%, building on the more than 12% gain it saw in the prior trading day. Nvidia and Palantir Technologies also notched a winning session.

Wall Street once again proved resilient in the face of increased geopolitical uncertainty. The major averages posted solid gains to start the week even after U.S.-Iran negotiations broke down over the weekend. President Donald Trump also said Monday that, “We’ve been called by the other side.” He also said: “They’d like to make a deal very badly.”

Monday’s gains erased the S&P 500 losses suffered since the Iran war began.

“I don’t want to rule out that there could be a re-escalation and more downside from here, but I think it’s unlikely. I think the market is already pricing in some level of anxiety about Iran,” said Ross Mayfield, Baird investment strategist. “It seems that we’re back near all-time highs with a much cleaner positioning incentive and backdrop and on the heels of an earnings season that should kind of facilitate some bullishness as well.”

On Tuesday, a White House official told CNBC that a second round of negotiations between Washington and Tehran is under discussion. Nothing has been officially scheduled yet, noted the official, who asked not to be named to discuss the administration’s internal plans.

Crude prices reversed course from their gains in the prior day. West Texas Intermediate crude futures fell 7.87% to settle at $91.28 a barrel, while Brent crude shed 4.6% and settled at $94.79.

Also helping sentiment was the release of March’s producer price index reading, as the index rose much less than expected on the month.

Still, shares of some companies came under pressure after the release of fresh earnings results. Wells Fargo posted disappointing numbers, pushing the stock down more than 5%. JPMorgan Chase reported better-than-expected Q1 figures, but it cut its net interest income guidance. That sent the stock marginally lower.