US Stocks Rally as Diplomatic Efforts to Resolve Middle East Tensions Gain Momentum, Amazon and BlackRock Lead Gains

US Stock Indices Edge Higher Amid Crude Oil Decline and Strong Bank Earnings

Major US stock indices posted gains on Tuesday, driven by a decline in crude oil prices and strong earnings from major financial institutions. The S&P 500 added 0.7%, the Dow Jones Industrial Average rose 0.4%, and the Nasdaq Composite was 1.2% higher as of 10:30 a.m. Eastern Time.

The Dow Jones Industrial Average opened at 48,272.03, while the S&P 500 rose to 6,910.2 and the Nasdaq Composite rose to 23,331.50. Pakistan is facilitating a second round of diplomatic peace negotiations between Iran and the United States, according to senior Pakistani sources cited by AFP.

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Global oil prices declined, with Brent crude, the international standard, falling 3.5% to $95.91. This decline was driven by investors' speculation on a potential ceasefire extension or a definitive peace accord. Major financial institutions JPMorgan Chase, Citigroup, and BlackRock reported increased quarterly profits, highlighting robust US consumer resilience despite escalating geopolitical tensions.

The International Monetary Fund (IMF) lowered its 2026 economic growth projections, citing the continued impact of Middle Eastern conflict. Wholesale inflation, PPI, rose to 4% in March from 3.4% the previous month. In the bond market, the yield on the 10-year Treasury edged down to 4.28% from 4.30% late on Monday.

Key Stock Movers

Shares of BlackRock gained 3.4% and Citigroup added 1% after the companies reported stronger profit and revenue than expected. JPMorgan Chase stock dipped 0.8% despite the bank delivering better-than-expected results. Its CEO Jamie Dimon said bank officials cannot predict how the "increasingly complex set of risks" will play out given so much uncertainty.

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Wells Fargo stock dropped 6% after the bank reported weaker quarterly revenue than expected. Amazon shares jumped 2.6% after the firm said it would buy mobile satellite services company Globalstar for $90 per share. Globalstar also rose 8.9%. Stocks of private asset managers Blue Owl Capital rose 5.7%, Ares Management climbed 4.3%, and Apollo Global Management surged 2.9%.

Bullion Market

Gold prices gained on Tuesday as the US dollar weakened and on hopes of a resumption in US-Iran talks. By 9:50 a.m. ET (1350 GMT), spot gold was up 1.1% at $4,791.65 per ounce. US gold futures rose 1% to $4,815.40. Among other metals, spot silver rose 3.3% to $78.09 per ounce, platinum gained 0.1% to $2,072.13, while palladium inched 1% lower at $1,558.80.