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US stocks jumped Tuesday, with the Nasdaq Composite (^IXIC) and S&P 500 (^GSPC) closing at their highest levels since February, putting both indexes within range of new record highs.
The Nasdaq 100 (NQ=F), which tracks many of the market’s most influential tech names like Nvidia (NVDA), Microsoft (MSFT), and Apple (AAPL), notched a fresh closing high, underscoring renewed momentum in megacap tech.
The rally came as optimism grew around a fragile US-brokered ceasefire between Israel and Iran, raising hopes for a more lasting end to regional hostilities.
Markets were also focused on Fed Chair Jerome Powell’s testimony to Congress, where he signaled the central bank could cut interest rates “sooner rather than later” while maintaining flexibility to wait and assess the inflationary impact of new tariffs.
The tech-heavy Nasdaq Composite (^IXIC) led the gains, rising about 1.4%, while the S&P 500 (^GSPC) added 1.1%. The Dow Jones Industrial Average (^DJI) also rallied, jumping over 500 points, or roughly 1.2%.
A relief rally has been building amid hopes for a lasting end to the 12-day-old Middle East conflict, which has spooked markets with its risks of squeezed oil supply and escalation into full-blown war. On Monday, US stocks rose as Iran’s response to US attacks signaled a desire to deescalate tensions.
On Tuesday, President Trump said that the pause in hostilities had begun. Meanwhile, Israel confirmed it had agreed to a truce brokered by the US and announced by Trump late on Monday.
But just hours later, Israel accused Iran of breaching the ceasefire. Trump lashed out at both sides, though the fragile truce ultimately appeared to hold up for now.
Oil prices continued a descent as the prospect of a lasting truce eased worries about disruption to the supply of crude, centered on the risk that Iran would block the key Strait of Hormuz conduit for tankers. Brent (BZ=F) and West Texas Intermediate (CL=F) futures both moved toward levels seen before the outbreak of the conflict.
Meanwhile, Powell’s testimony before the House Financial Services Committee came as Trump turns up the pressure on the Federal Reserve chair to cut interest rates.
In prepared remarks, Powell reiterated his stance that the central bank can afford to hold interest rates steady for now, saying, “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.”
LIVE 20 updates
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FedEx shares drop after Q1 earnings forecast misses expectations
FedEx (FDX) shares fell roughly 5% in after-hours trading Monday after the company issued a weaker-than-expected earnings forecast for the current quarter, as investors continue to weigh soft demand and tariff-related concerns.
For its fiscal first quarter, FedEx expects adjusted earnings between $3.40 and $4.00 per share, falling short of the $4.03 analysts had anticipated, according to Bloomberg estimates.
The company said the guidance reflects its current economic outlook and assumes no further deterioration in global trade or geopolitical conditions.
Citing an “uncertain global demand environment,” FedEx also said it will not provide full-year guidance.
Despite the cautious outlook, FedEx reported stronger-than-expected results for its fiscal fourth quarter, with adjusted earnings of $6.07 per share, above the $5.81 average analyst estimate.
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S&P 500, Nasdaq near records
US stocks surged Tuesday, with the tech-heavy Nasdaq Composite (^IXIC) and benchmark S&P 500 (^GSPC) closing at their highest levels since February, nearing record highs.
The Nasdaq 100 (NQ=F) hit a new all-time close, driven by strength in megacap tech like Nvidia (NVDA), Microsoft (MSFT), and Apple (AAPL).
The Nasdaq rose 1.4% while the S&P gained 1.1% and the Dow Jones Industrial Average (^DJI) jumped over 500 points.
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How US oil resilience softened the blow of Iran tensions
Yahoo Finance’s Ben Werschkul reports:
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Crypto stocks surge after report of coming regulatory framework
Crypto stocks surged Tuesday after CNBC reported that two Republican senators are planning to debut the framework for a major bill defining the regulation of cryptocurrencies.
Strategy (MSTR), the largest corporate holder of bitcoin, jumped 3.5%, while crypto trading platforms Coinbase (COIN) and Robinhood (HOOD) soared 11.9% and 6.9%, respectively. Bitcoin miners also jumped, with Riot Platforms (RIOT) gaining 6.7% and MARA Holdings (MARA) adding 4.6%.
Cryptocurrencies themselves also surged. Bitcoin (BTC-USD) jumped nearly 3% to trade around $105,900. Ethereum (ETH-USD) rose 6.6%, XRP (XRP-USD) gained 7.4%, and Solana (SOL-USD) was up 4.1%.
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Oil drops 6% as Trump attempts to maintain Israel-Iran truce in place
Oil futures extended declines to drop 6% on Tuesday after President Trump furiously sought to maintain an increasingly fragile ceasefire between Israel and Iran.
West Texas Intermediate (CL=F) fell as much 6% to trade near $65 per barrel, while Brent crude (BZ=F), the international benchmark, also tumbled to hover above $67 per barrel.
Crude prices are now near levels back before the Israel-Iran conflict started more than a week ago.
On Tuesday morning Trump wrote on social media, “ISRAEL is not going to attack Iran. All planes will turn around and head home, while doing a friendly “Plane Wave” to Iran. Nobody will be hurt, the Ceasefire is in effect!”
Earlier on Tuesday morning, Trump urged Israel to stop its strikes on Iran after Tel Aviv accused Tehran of breaching the truce that had gone into effect just hours earlier.
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Nvidia nears record close as chip stocks rally
Nvidia (NVDA) shares jumped over 2% Tuesday to $147.40, putting the stock on track to end the trading session at its highest level since its record close in January.
Nvidia notched a record closing price of $149.41 on Jan. 6, but the AI chipmaker’s shares have struggled in the months following that high as Trump’s trade war and AI competition in China rattled the markets.
Nvidia has risen more than 12% in the past month alone, roughly double the tech-heavy Nasdaq Composite’s (^IXIC) 6.3% gain.
Chip stocks rallied across the board Tuesday. Intel (INTC) climbed 6.5%, AMD (AMD) climbed 6.2%, and Broadcom (AVGO) rose 3.2%. US-listed shares of Nvidia’s Taiwan-based contract manufacturer TSMC (TSM) soared 4.3%.
Meanwhile, the Nasdaq 100 (NQ=F) was set to hit a fresh record close Tuesday, trading above 22,400. The index hit its last record close of 22,175.60 on Feb. 19.
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Uber stock jumps as it launches robotaxi rides with Waymo in Atlanta
Uber (UBER) stock jumped 8% midday Tuesday as the ride-hail platform launched robotaxi rides in partnership with Alphabet’s (GOOGL, GOOG) Waymo in Atlanta.
Alphabet stock was up nearly 2%.
Uber and Waymo have partnered to offer robotaxi rides in Phoenix and Austin, as well. Waymo last week applied for a permit to test its self-driving cabs in New York City.
“UBER would be a natural strategic partner for Waymo in NYC,” Jefferies analyst John Colantuoni wrote in a note to clients on June 20.
Uber and Alphabet’s gains come as Tesla (TSLA) stock fell after incidents involving its own robotaxis caught the attention of regulators.
Also last week, Uber unveiled a new AI platform, which offers its data to help train AI models for other companies. RBC Capital Markets analyst Brad Erickson said the move was”somewhat eyebrow raising for how outside of the core business it might seem but there’s certainly good logic for UBER leveraging the combo of highly unique datasets for model training.”
Uber shares are up 52% in 2025.
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Nvidia, Amazon lead ‘Magnificent 7’ higher as tech outperforms market
Nvidia (NVDA) and Amazon (AMZN) led the “Magnificent Seven” Big Tech stocks higher midday Tuesday. Nvidia shares jumped 1.8%, while Amazon rose 2.3%
Meta (META) and Google (GOOG) climbed 1.3% and 1.8%, respectively. Microsoft (MSFT) rose about 1%, and Apple (AAPL) traded roughly flat.
The gains came as tech stocks outperformed the broader market on Tuesday. The Technology Sector (XLK) rose 1.6%, ahead of the S&P 500’s (^GSPC) roughly 1% climb. The sector climbed 3% over the past 10 trading sessions, while the broader index is up 1.3%.
Bank of America (BAC) analysts wrote in a note to clients Tuesday morning that tech inflows last week reached their highest level since June 2024.
Meanwhile, Tesla (TSLA) fell 1.6% after incidents involving its robotaxis caught the attention of regulators.
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Powell reiterates Fed independence amid Trump criticism
In remarks made on Capitol Hill early Tuesday, Federal Reserve Chair Jerome Powell brushed aside political criticism and reaffirmed the Fed’s commitment to its mission: delivering a strong and stable economy for the American people.
When asked about recent name-calling and public pressure from political leaders, including accusations from President Trump of being “too late” on rate cuts, Powell made it clear that such distractions don’t influence the Fed’s work.
“We’re focused on one thing,” Powell said at the start of his two-day testimony. “And that is we want to deliver a good economy for the benefit of the American people. That’s it. Anything else is kind of a distraction.”
Powell didn’t reference any specific criticism or comments but underscored his approach to the job, saying, “We always do what we think is the right thing to do. And, you know, we live with the consequences. I don’t know how else to do the job.”
Pressed again on whether the American people should be concerned about political attacks swaying the Fed’s independence, Powell added, “I care about doing the job for the American people. The things we do matter a lot for people’s lives, and that really concentrates the mind.”
“You want to just stay focused on that task as long as you’re sitting in these chairs that we occupy. Focus on that task. Do what you think is the right thing and take the consequences.”
‘Well-positioned to wait’
Earlier in his testimony, Fed Chair Jerome Powell reiterated that the central bank can afford to hold interest rates steady for now. In prepared remarks to the House Financial Services Committee, he said, “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.”
Beyond addressing political pressure, Powell also spoke to broader economic challenges facing the Fed, including the impact of tariffs and rising geopolitical tensions in the Middle East.
On inflation, he acknowledged the potential effects of trade: “At this time all forecasters are expecting pretty soon that that some significant inflation will show up from tariffs” Powell said, referencing the Fed’s latest projections of higher inflation and slower economic growth compared to March’s forecast.
As for the conflict between Israel and Iran, Powell urged caution: “It’s too early to know what any economic implications might be. I would not want to speculate. Like everyone else, we are, of course, watching the situation.”
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Circle stock falls, snapping monster rally as Wall Street flags rising risk of stablecoin competition
Yahoo Finance’s Ines Ferré reports:
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Consumer confidence slips in June
Consumer confidence retreated in June after a large increase seen the month prior amid President Trump’s various tariff delays.
The latest index reading from the Conference Board was 93 in June, below the 98.4 seen in May and the 99.8 economists had expected. After seeing its largest one-month increase since May 2009 in the month prior, the expectations index decreased to 69 in June, down from 73.6 in May.
“Tariffs remained on top of consumers’ minds and were frequently associated with concerns about their negative impacts on the economy and prices,” Stephanie Guichard, senior economist of global indicators at The Conference Board, said in the release. “Inflation and high prices were another important concern cited by consumers in June.”
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Stocks extend rally at the open
US stocks jumped on Tuesday after President Trump told Israel to halt its strikes on Iran, amid hopes that a fragile US-brokered ceasefire between the two will hold and lay the groundwork for a more permanent end to hostilities.
The Dow Jones Industrial Average (^DJI) popped about 0.6%, or roughly 275 points, while the S&P 500 (^GSPC) added 0.7%. The tech-heavy Nasdaq Composite (^IXIC) led the advance, gaining about 1%.
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Hims & Hers stock edges higher after brutal sell-off Monday
Hims & Hers Health (HIMS) stock rose modestly in premarket trading Tuesday after plummeting nearly 35% on Monday. The stock gained 0.4% just ahead of the opening bell.
Shares sold off Monday after Novo Nordisk (NVO) announced it would no longer make its blockbuster weight-loss drug, Wegovy, available on the Hims & Hers telehealth platform. Novo Nordisk accused Hims of breaking the law by continuing to sell copycat versions of its drug alongside Wegovy.
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Tesla, Google stocks rise as race for robotaxi expansion heats up
Robotaxi competition is heating up, as two Big Tech firms vying for autonomous driving dominance announced competing rollouts this week.
Following fast on Tesla’s (TSLA) heels, Waymo announced on Tuesday it is rolling out its robotaxi service in Atlanta as part of its partnership with Uber (UBER).
In addition to the Atlanta geography, the more established Alphabet-backed (GOOG, GOOGL) autonomous driving startup now offers self-driving rides in Los Angeles, Austin, Phoenix, and San Francisco and is expected to begin operating in Miami and Washington, D.C., next year.
But Alphabet shares, which rose a little over 1% on Tuesday morning, haven’t received the same investor excitement as Tesla shares.
Tesla stock extended gains in premarket trading on Tuesday after launching its robotaxi service in Austin, Texas, over the weekend. Investors generally viewed the rollout as successful, despite some reported hiccups, boosting the stock over 8% on Monday. Tesla shares were up 2% Tuesday morning.
Meanwhile, ride-hailing companies Uber and Lyft (LYFT) also gained premarket. Uber shares were up 3% on the Waymo rollout, while Lyft stock popped 5% after TD Cowen upgraded the stock.
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Wall Street has a short memory for global crises
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Fed’s Powell faces Congress as Trump rate pressure intensifies
Federal Reserve Chair Jerome Powell heads to Capitol Hill today, where he will be grilled by lawmakers on interest rate policy during his semiannual testimony.
Powell faces intensifying pressure from the White House and some of his fellow central bank policymakers, who have recently stated their support for rate cuts at the next policy meeting.
Yahoo Finance’s Jennifer Schonberger reports:
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Nvidia CEO Huang offloads stock under $865M plan
Jensen Huang has started selling Nvidia (NVDA) stock under a plan that allows the CEO to shed up to $835 million worth of shares by the end of the year.
The chipmaker’s shares were up slightly in premarket trading, amid a broader rally stoked by hopes for a break in Middle East hostilities.
Bloomberg reports:
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Good morning. Here’s what’s happening today.
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Trending tickers: DJT, Tesla, UAL and Wolfspeed
Here are some top stocks trending on Yahoo Finance in premarket trading:
Trump Media and Technology Group (DJT) stock rose over 3% in premarket trading on Tuesday after the company announced that its board of directors had authorized a share repurchase programme up to $400 million the day prior.
Tesla (TSLA) stock was up 2% before the bell on Tuesday. The electric vehicle company saw its share price close on Monday 8% up, after CEO Elon Musk’s robotaxi launch in Austin over the weekend.
United Airlines (UAL) shares rose 3% in premarket trading following analysts at Jefferies lifting the airlines price target. Jefferies increased its price target on UAL from $80 to $100.
Wolfspeed (WOLF) stock rebounded on Tuesday and rose by 6% before the bell. The Wall Street Journal reported that the chip supplier had agreed to cut $4.6B debt as part of its bankruptcy agreement.
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Crude futures fall more than $3 with ceasefire news
Oil prices fell more than $3 to drop to the lowest level in over a week as news broke that a ceasefire has been broached between Israel and Iran.
Yahoo! Finances Ines Ferré reports: