Wall Street catches up to the gains made by other markets worldwide the day before
AP News • • business
Key Points:
- U.S. stock markets edged toward record highs on Tuesday, with the S&P 500 rising 0.4% and the Nasdaq up 0.8%, despite ongoing conflict in the Middle East and U.S. military strikes in southern Iran.
- Brent crude oil prices rebounded 4.1% to $100.10 per barrel after a sharp drop, while U.S. crude fell 2.8% to $93.88, reflecting market volatility amid disruptions in oil supply due to the Iran conflict.
- Shares of fuel-intensive companies like United Airlines and Carnival rose on hopes for improved oil flow, while bond yields declined, easing financial pressure on stocks and borrowing costs.
- Micron Technology surged 16.5% following an analyst upgrade forecasting strong demand for computer memory, offsetting losses from AutoZone, which reported weaker revenue than expected.
- Consumer confidence in the U.S. slightly declined in May amid inflation concerns, while international markets showed mixed results, with South Korea’s Kospi gaining 2.5% and Japan’s Nikkei slipping 0.2%.