Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 5, 2026.
Brendan McDermid | Reuters
Stock futures rose on Tuesday night after President Donald Trump said that “Great Progress” has been made toward reaching an agreement with Iran.
S&P 500 futures advanced 0.4%, while Nasdaq 100 futures climbed 0.8%. Futures tied to the Dow Jones Industrial Average rose 120 points, or 0.2%.
Big movers in extended trading session included chipmaker Advanced Micro Devices which popped nearly 15% after the company issued a rosy outlook for the second quarter, calling for about $11.2 billion in revenue. AMD also beat expectations on the top and bottom lines in the first quarter. Server maker Super Micro Computer rose 18% on better-than-expected guidance in the fiscal fourth quarter.
The broad market S&P 500 added 0.81% on Tuesday, while the tech-heavy Nasdaq popped 1.03%. Both indexes reached new intraday and closing records. The Dow gained 356.35 points, or 0.73%.
The moves came after traders digested a number of solid earnings results. Around 85% of the S&P 500 companies that have already reported earnings so far have delivered a beat, while 77% have delivered a revenue surprise to the upside.
Also buoying investors’ hopes on Tuesday were comments from Defense Secretary Pete Hegseth that the ceasefire between the U.S. and Iran “certainly holds” and that “two U.S. commercial ships, along with American destroyers, have already safely transited the strait, showing the lane is clear.”
Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said on CNBC’s “Closing Bell: Overtime” on Tuesday afternoon that stocks appear to be “climbing a wall of worry.”
“I think maybe perhaps people in the geopolitical world don’t understand what’s happening with the AI trade and earnings and how much of a buffer that is for S&P 500 EPS. So we’re continuing to see rates of upward revisions that are positive on that AI-related trade,” Calvasina said. “I’m not saying there’s a ton of room before we have a little bit of a breather, and we don’t think markets move up in a linear fashion. But I don’t think we’re overheated right now.”
Walt Disney, CVS Health, Kraft Heinz, Marriott and Uber Technologies will report earnings before Wednesday’s opening bell. Traders will also watch for ADP’s private payrolls report for April.
All 11 of the S&P 500 sectors end Tuesday higher
On Tuesday, all 11 of the GICS sectors ended the session higher.
Gains were led by materials and information technology stocks. The sectors respectively rose 1.67% and 1.63%.
On the other hand, the utilities and financials sectors both eked out increases of just 0.01%.
— Lisa Kailai Han
