U.S. stocks climbed Tuesday as oil prices pulled back and Iran signaled it may send a negotiating team to Pakistan for talks with the U.S., with a ceasefire between the two countries set to expire Wednesday evening.
S&P 500 and Nasdaq were both up about 0.3% at market open, while Dow Jones Industrial Average futures rose over 350 points, or 0.72%. Oil retreated, with WTI crude dropping 0.73% to just under $89 a barrel and Brent crude off 0.7% to just under $95.
The moves follow a down day for stocks Monday, when the Nasdaq snapped a 13-day winning streak — its longest since 1992, according to The Wall Street Journal — after tensions over the Iran war rose again over the weekend.
The ceasefire situation remains fluid. President Donald Trump posted to Truth Social on Tuesday that Iran "Violated the Cease Fire numerous times!" The Journal reported that Trump is not inclined to extend the cease-fire past Wednesday evening, though talks appear to be on track.
First-quarter earnings from UnitedHealth beat analyst forecasts, sending the health insurer's shares up more than 7% and prompting the company to lift its full-year profit guidance.
Investors will also watch Washington on Tuesday, as the Senate Banking Committee is holding a confirmation hearing for Kevin Warsh, Trump's nominee to lead the Federal Reserve. Warsh's prepared remarks, released before the hearing, called for the central bank to keep politics at arm's length while concentrating on its core responsibilities.
"The Fed must stay in its lane," Warsh will say. "Fed independence is placed at greatest risk when it strays into fiscal and social policies where it has neither authority nor expertise."