US stock indices inched higher on Tuesday, as investors wrapped up a quarter that delivered the strongest gains for major equity benchmarks in several years.
As of 10:05 a.m. Eastern Time, the rose 0.3%, the Dow Jones Industrial Average was up 0.1%, and the Nasdaq Composite was 0.7% higher.
At the open, the Dow Jones Industrial Average fell 14.6 points, or 0.03%, to 52,168.18. The S&P 500 fell 0.8 points, or 0.01%, to 7,441.27, while the Nasdaq Composite rose 4.3 points, or 0.02%, to 25,824.474.
“For the most part the equity market shrugged off the war and focused primarily on earnings, and estimates continued to rise through the quarter,” said Jack Ablin of Cresset Capital.
Ablin sees Thursday’s monthly jobs report for June as a major focus for the market, with investors cognizant that worries about inflation have lifted the odds of interest rate hikes.
“We’re looking for certainly a modestly positive report, but anything too strong could rattle investors,” he added.
In the bond market, the yield on the 10-year Treasury edged up to 4.39% from 4.38% late Monday.
Crude oil prices moved slightly higher in early Tuesday trading after fresh military strikes involving the United States and Iran over the weekend renewed concerns about the durability of a recently reached memorandum of understanding aimed at ending hostilities.
The renewed tensions have injected fresh uncertainty into energy markets, with traders closely monitoring geopolitical developments in the Middle East despite recent signs of improving global oil supply.
Diplomatic efforts, however, remain underway. US officials are meeting with Qatari mediators in Doha on Tuesday to discuss the next phase of negotiations involving Iran. The talks are seen as part of broader efforts to ease tensions and preserve the fragile understanding reached between the two sides.
Despite the ongoing diplomatic engagement, Iran has maintained that there are no plans for direct negotiations with the United States, underscoring the challenges facing any lasting breakthrough.
Key Stock Movers
Nvidia shares rose 1%.
Concentrix stock shed 17.7% after the technology company reported quarterly profit and revenue that fell short of analysts’ expectations.
AeroVironment equity surged 22%, following a jump in quarterly revenue.
Morgan Stanley shares lost 1% after brokerage Oppenheimer downgraded major Wall Street investment banks.
Bullion
declined on Tuesday and remained on course to register their sharpest quarterly loss in 13 years, as persistent inflation concerns linked to the Middle East conflict bolstered expectations that the US Federal Reserve could raise interest rates in the coming months.
By 08:59 a.m. ET (1258 GMT), spot gold dropped 0.2% to $4,008.94 per ounce. Prices slid 11.3% in June so far.
USgold futures dipped -0.4% to $4,022.70 per ounce.
Among other metals, spot silver slid 0.8% to $58.2585 per ounce, platinum dropped 0.7% to $1,564.34, and palladium rose 0.2% to $1,215.94.