U.S. stock indices climbed to fresh record levels on Tuesday, with the S&P 500 closing above the 7600-point mark for the first time in its history.
In a post on social media, former U.S. President Donald Trump refuted a news report claiming dialogue between Iran and the U.S. had ceased days ago, calling it completely false and incorrect. He stated that their conversations have been ongoing continuously, including four days ago, three days ago, two days ago, yesterday, and today. He added that while the direction of the talks is uncertain, his message to Iran remains: "In any event, it is time for you to make a deal."
U.S. Stock Markets
The Dow Jones Industrial Average gained 228.91 points, or 0.45%, to close at 51,307.79. The Nasdaq Composite edged up 7.09 points, or 0.03%, to finish at 27,093.90. The S&P 500 rose 9.94 points, or 0.13%, to settle at 7,609.90.
Shares of Microsoft (MSFT) declined by 4%, while Alphabet (GOOG) fell nearly 4%. Marvell Technology (MRVL) saw a significant surge of 32%. The Nasdaq Golden Dragon China Index closed 1.8% higher, with Alibaba (BABA) advancing more than 4%.
European Markets
Germany's DAX 30 index increased by 142.91 points, or 0.57%, to 25,137.04. The UK's FTSE 100 added 37.77 points, or 0.37%, to 10,376.72. France's CAC 40 climbed 62.50 points, or 0.77%, to 8,209.09. The Euro Stoxx 50 rose 72.80 points, or 1.21%, to 6,107.75. Spain's IBEX 35 gained 127.94 points, or 0.71%, to 18,273.54. Italy's FTSE MIB jumped 805.34 points, or 1.62%, to 50,580.50.
Asian Markets
Japan's Nikkei 225 index fell 0.3%, while South Korea's KOSPI index rose 0.15%.
Currency Markets
The U.S. Dollar Index, which measures the greenback against a basket of six major currencies, edged up 0.02% to settle at 99.219. By the end of New York trading, one euro could buy 1.1628 dollars, down from 1.1631 dollars in the previous session. One British pound traded at 1.3469 dollars, up from 1.3458 dollars. One dollar was worth 159.91 Japanese yen, up from 159.76 yen. One dollar traded at 0.7873 Swiss francs, up from 0.7864 francs. One dollar was worth 1.3832 Canadian dollars, down from 1.3842 dollars. One dollar traded for 9.3155 Swedish kronor, up from 9.3059 kronor.
Cryptocurrencies
Bitcoin briefly fell below $67,000 and was last trading around $67,280. Ethereum dropped below the $1,900 level and was last seen at approximately $1,890.22.
Commodities
July delivery West Texas Intermediate crude oil futures on the New York Mercantile Exchange rose $1.60, or 1.74%, to settle at $93.76 per barrel. August delivery Brent crude futures on the ICE Futures Europe exchange gained $1.02, or 1.07%, to close at $96.00 per barrel.
Spot gold was priced at $4,488.34 per ounce, while spot silver traded at $75.134 per ounce.
Macroeconomic Developments
U.S. Secretary of State Marco Rubio stated that negotiations with Iran are still ongoing, but he was uncertain when an agreement might be reached. Testifying before the Senate Foreign Relations Committee, Rubio noted that Iran had agreed to negotiate on some aspects of its nuclear program, which was not the case a month or even a year ago. He emphasized that any sanctions relief would be conditional on addressing the underlying issues related to Iran's nuclear activities.
Federal Reserve Chairman Christopher Warsh has appointed two external advisors, both with conservative policy backgrounds, to assist him in the initial phase of his tenure. One advisor, Paul Winfree, co-authored the Federal Reserve section of the conservative policy blueprint "Project 2025." The other, Daniel Heil, is a policy fellow at the Hoover Institution. Both will work on a temporary contract basis to aid with policy analysis and planning.
The European Union's €20 billion plan to build five large-scale AI data centers is facing setbacks due to delays and funding uncertainties, causing some potential partners to hesitate. The tender process, initially set for May, is now expected to launch in July, with funding disbursed in two phases in 2028 and 2030. Due to funding constraints, a maximum of two out of the five planned data centers may receive financing before the new EU budget cycle begins in 2028.
The Canadian government has formally proposed a 16-year extension of the United States-Mexico-Canada Agreement to avoid triggering an annual review process. In a letter to U.S. Trade Representative Jamison Greer and Mexican Economy Minister Marcelo Ebrard, Canadian Minister of International Trade Dominic LeBlanc stated that parallel discussions with the U.S. on resolving sectoral tariffs are crucial.
Corporate News
Microsoft unveiled "Project Solara," a platform designed to integrate AI agents into enterprise mobile devices, moving them beyond laptop screens. The company showcased two concept devices developed in collaboration with Qualcomm and MediaTek. One is an enhanced employee badge with connectivity features, a touchscreen, and a fingerprint reader; the other is a compact desktop device with a screen. Microsoft's CEO discussed with Qualcomm's CEO the need for new device form factors optimized for specific AI agents.
Alphabet's $80 billion equity financing initiative to fund AI infrastructure is on track to become the largest equity capital markets transaction on record, surpassing Petrobras's roughly $70 billion offering in 2010. The largest single tranche, a $40 billion "at-the-market" offering program, is expected to launch in the third quarter.
SpaceX is planning a significant initial public offering for next week, seeking a valuation of approximately $1.75 trillion, according to sources. The rocket manufacturer, led by Elon Musk, may sell less than 5% of its shares, valued between $600 billion and $800 billion. The final pricing details are expected in an updated filing Wednesday afternoon. Earlier this year, following the acquisition of AI company xAI, SpaceX was valued at around $1.25 trillion.
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