U.S. equity benchmarks showed modest gains on Tuesday, with the Dow Jones Industrial Average rising 0.14% to 53,492 points and the S&P 500 advancing 0.18% to 7,667 points. The tech-focused Nasdaq 100 outperformed with a 0.45% increase to 29,152 points, recovering from early-week declines as semiconductor shares rebounded.
Oil prices extended their drop after the U.S. refrained from imposing sweeping sanctions on Iran. Crude futures fell further following a speech by U.S. Treasury Secretary Scott Bessent, who avoided announcing specific measures to isolate Tehran economically. While Washington had previously threatened a broader "economic war," Bessent’s remarks focused on potential secondary sanctions targeting buyers of Iranian oil, leaving the threat as a deterrent rather than an immediate policy shift.
Semiconductor stocks led the Nasdaq 100’s recovery. Nvidia gained 1.8% after a multi-day decline, with investors eyeing its upcoming earnings report due after the close on Wednesday. The stock is widely viewed as a bellwether for the artificial intelligence sector. Marvell Technology led advancers with a 5% rise, while Advanced Micro Devices added 4.4% and Seagate Technology climbed 2.5%.
Moderna surged nearly 14% as volatility persisted in the biotech sector. The move followed a Wolfe Research upgrade, citing a successful clinical trial for a melanoma vaccine, though shares remained below their 2023 peak reached last week. Merck & Co also hit record highs amid the sector’s strength.
In contrast, Dick’s Sporting Goods tumbled 29% after lowering its outlook due to weak performance at the acquired Foot Locker chain. The decline weighed on Nike, which fell 2.7% as the largest drag on the Dow.
