A positive start was seen for Wall Street on Tuesday, with the Dow Jones Industrial Average climbing over 280 points or about 0.6%, just after the opening bell. The tech-heavy Nasdaq Composite increased 0.9%, gaining about 176 points.
The S&P 500 gained 0.7% to trade above 6,000 points. Among major companies, shares of Uber Tech and Advanced Micro Devices Inc. were trading over 4% higher. United Airlines Holdings and Delta Airlines were also trading in the green.
The Wall Street opened higher following the fragile truce agreed upon by Israel and Iran, which is expected to significantly reduce the tensions in the Middle East.
Following the development, stocks of US defence companies like Northrop Grumman and Lockheed Martin were edging lower.
The euro marginally changed at $1.1585, while the Bloomberg Dollar Spot Index fell 0.4%. The yield on 10-year treasuries marginally changed at 4.35%.
WTI Crude fell 5% to $65.11 per barrel. Spot gold has also slipped 1.7% to $3,311.06 per ounce.
Before Wall Street opened, Federal Reserve Chair Jerome Powell hinted at likely delayed rate cuts, saying the central bank was in no rush to lower interest rates as clarity was awaited over the impact of President Donald Trump's tariff policy.
“The effects of tariffs will depend, among other things, on their ultimate level,” Powell said Tuesday in remarks, according to Bloomberg. “For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance."
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