Wall Street climbed to fresh records Tuesday as investors responded to signs of possible progress in U.S.-Iran discussions that could ease pressure on global energy markets.
The Dow Jones Industrial Average rose about 1%, while the S&P 500 gained 0.8% and the Nasdaq Composite advanced 1.1%. Technology stocks led the broader market, while energy shares lagged as crude oil prices fell about 5%.
Among individual stocks, Palantir Technologies NASDAQ:PLTR jumped 20%, while Aptiv (APTV) fell 14.8%. Investors continued to monitor developments around the Strait of Hormuz, with any reopening potentially easing concerns over energy supply and transportation costs.
Treasury yields moved lower across maturities. The two-year yield declined five basis points to 4.19%, while the 10-year yield slipped four basis points to 4.63%. The 30-year yield fell two basis points to 5.19%.
Treasury Secretary Scott Bessent said the United States and Iran could reach an agreement as soon as Tuesday or Wednesday that would help reopen the Strait of Hormuz and restore commercial shipping through the key waterway.