(Sharecast News) - Major indices were in the green early on Tuesday, even as oil prices resumed their upward march.
As of 1435 GMT, the Dow Jones Industrial Average was up 0.41% at 47,136.89, while the S&P 500 advanced 0.52% to 6,734.38, and the Nasdaq Composite came out of the gate 0.61% firmer at 22,511.28.
The Dow opened 190.48 points higher on Tuesday, extending gains recorded in the previous session as oil prices eased from their recent highs.
Stocks traded higher after Donald Trump seemingly indicated that a coalition to protect shipping along the Strait of Hormuz was still being put together. However, Brent crude traded 2.41% higher at $102.63 a barrel early on Tuesday, while West Texas Intermediate was up 2.46% at $95.74 per barrel, amid ongoing fears that a prolonged shutdown of the Strait following the US amd Israel's strikes on Iran would disrupt global energy supplies.
Treasury secretary Scott Bessent said the US was allowing Iranian tankers to pass through the waterway, while Trump said some countries were "less than enthusiastic" about the idea and encouraged nations to "get involved quickly and with great enthusiasm".
"We have some that are really enthusiastic. They're coming already. They've already started to get there," Trump said. "We'll give you a list. Some are very enthusiastic, and some are less than enthusiastic, and I assume some will not do it. I think we have one or two that will not do it that we've been protecting for about 40 years at tens of billions of dollars."
Traders were also on the lookout for further developments on the conflict, particularly after Iranian security chief, Ali Larijani, was killed overnight in a series of airstrikes, according to Israeli Defense Minister Israel Katz.
Elsewhere, National Counterterrorism Center director Joe Kent resigned in protest of the Trump administration's military action against Iran. Kent said he "could not in good conscience support the ongoing war". Kent accused the president of being misled by Israel into backing the conflict. He wrote that Iran "posed no imminent threat" and claimed the war was a result of "pressure from Israel and its powerful American lobby".
On the macro front, US pending home sales rose 1.8% month-on-month in February, according to the National Association of Realtors, but were down 0.8% on a year-on-year basis. Economists had expected to see contracts falling 0.5% versus January. Regional performance was mixed, with the Midwest, West and South posting increases, while the Northeast reported a decline.
Elsewhere, market participants will be looking ahead to the outcome of the Federal Reserve two-day policy meeting on Wednesday, with expectations for rate cuts fading as inflation concerns intensified since the start of the US and Israel's assault on Iran.
In the corporate space, Lululemon Athletica and DocuSign were both slated to report earnings after the close.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Salesforce.Com Inc. (CRM) $198.34 2.86%
Boeing Co. (BA) $213.47 1.71%
Goldman Sachs Group Inc. (GS) $794.77 1.61%
Nike Inc. (NKE) $54.79 1.50%
International Business Machines Corporation (CDI) (IBM) $249.25 1.21%
Unitedhealth Group Inc. (UNH) $285.49 1.21%
Home Depot Inc. (HD) $342.58 1.05%
Procter & Gamble Co. (PG) $152.12 0.98%
Visa Inc. (V) $310.11 0.97%
JP Morgan Chase & Co. (JPM) $286.16 0.96%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $36.00 -1.69%
Amgen Inc. (AMGN) $366.25 -1.59%
Intel Corp. (INTC) $45.76 -1.27%
Apple Inc. (AAPL) $252.82 -1.11%
Verizon Communications Inc. (VZ) $50.97 -0.80%
3M Co. (MMM) $149.95 -0.67%
Walt Disney Co. (DIS) $98.66 -0.63%
American Express Co. (AXP) $298.20 -0.59%
Microsoft Corp. (MSFT) $399.95 -0.40%
Merck & Co. Inc. (MRK) $115.43 -0.16%
S&P 500 - Risers
Norwegian Cruise Line Holdings Ltd (NCLH) $19.84 5.14%
Micron Technology Inc. (MU) $441.80 5.13%
Chipotle Mexican Grill Inc. (CMG) $34.08 4.80%
Bath & Body Works, Inc. (BBWI) $20.42 4.72%
Perrigo Company plc (PRGO) $9.72 4.52%
Western Digital Corp. (WDC) $286.21 4.39%
Mondelez International Inc. (MDLZ) $57.16 4.29%
Intuit Inc. (INTU) $452.31 4.20%
Southwest Airlines Co. (LUV) $40.23 3.82%
NetApp Inc. (NTAP) $102.24 3.82%
S&P 500 - Fallers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $516.74 -9.74%
Mosaic Company (MOS) $27.67 -5.60%
CF Industries Holdings Inc. (CF) $122.33 -5.59%
Gartner Inc. (IT) $160.25 -3.89%
Vertex Pharmaceuticals Inc. (VRTX) $466.10 -3.71%
Molson Coors Beverage Co. Class B (TAP) $42.10 -3.46%
LKQ Corporation (LKQ) $28.72 -3.22%
Mattel Inc. (MAT) $15.76 -3.08%
Akamai Technologies Inc. (AKAM) $105.44 -2.93%
Celanese Corp. (CE) $56.07 -2.89%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $441.80 5.13%
Western Digital Corp. (WDC) $286.21 4.39%
Mondelez International Inc. (MDLZ) $57.16 4.29%
Intuit Inc. (INTU) $452.31 4.20%
Mercadolibre Inc. (MELI) $1,732.33 3.51%
Verisk Analytics Inc. (VRSK) $204.74 2.85%
Seagate Technology Plc (STX) $398.78 2.82%
Idexx Laboratories Inc. (IDXX) $586.37 2.54%
Dollar Tree Inc (DLTR) $114.36 1.78%
Lam Research Corp. (LRCX) $219.40 1.73%
Nasdaq 100 - Fallers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $516.74 -9.74%
Qvc Group Inc Series A (QVCGA) $3.15 -8.70%
Baidu Inc. (BIDU) $121.80 -4.66%
Vertex Pharmaceuticals Inc. (VRTX) $466.10 -3.71%
Biomarin Pharmaceutical Inc. (BMRN) $57.43 -3.69%
Broadcom Inc. (AVGO) $324.92 -2.87%
O'Reilly Automotive Inc. (ORLY) $90.46 -2.69%
Hasbro Inc (HAS) $92.85 -2.50%
Liberty Global plc Series A (LBTYA) $12.17 -2.48%
QUALCOMM Inc. (QCOM) $129.39 -2.43%
85.91 (0.83%)
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