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Stocks rose while oil prices plummeted again on Tuesday, as investors bet that a delicate ceasefire between Israel and Iran will hold.

The Dow Jones Industrial Average climbed 512 points, or 1.2%. The S&P 500 gained 1.1%, and the Nasdaq Composite advanced 1.5%.

Oil prices were sharply lower for a second straight day. U.S. crude oil slipped more than 6%, alongside international benchmark Brent. A day earlier, U.S. crude oil fell more than 7%. Gains for equities gained steam as oil hit a fresh low for the session, which brought its two-day loss to 13%.

Airline stocks were higher as oil pulled back, with shares of United Airlines, Frontier and Delta all climbing more than 2%. Broadcom and Nvidia advanced 3% and 2%, respectively, as investor appetite for risk grew.

These moves come as President Donald Trump tried to salvage a fragile ceasefire between Israel and Iran that took effect early Tuesday morning. Both sides have accused the other of violating the agreement. Israel said a radar system close to Iran’s capital city Tehran was attacked, and it accused Iran of launching missile strikes against Israel, which Iran denies.

Trump said on Truth Social that “ISRAEL is not going to attack Iran,” and added that the ceasefire is still in effect. The president earlier expressed frustration toward both Israel and Iran for breaking the agreement by saying he was “unhappy” with both sides.

“The market response to the escalation and subsequent ceasefire hopes aligns with our view that geopolitical shocks have tended to have a temporary impact on global financial markets, and that investors are likely to refocus on fundamentals,” Solita Marcelli, UBS Global Wealth Management chief investment officer Americas, wrote Tuesday. “We continue to believe solid fundamentals will help lift equities over the next 12 months.”

Tuesday’s gains added to Monday’s strong advances. The major averages jumped Monday after Qatar’s Defense Ministry said that its air defense had intercepted Iran’s retaliatory strike on a U.S. military base. Week to date, the major averages are up more than 2%.

Investors also parsed fresh commentary from Federal Reserve Chairman Jerome Powell before the House Financial Services Committee. Powell signaled that the central bank is in no rush to cut interest rates and will wait to see how Trump’s tariffs impact the economy.

Powell’s appearance on Capitol Hill comes at a pivotal time: He is facing an aggressive push from the White House to cut rates — and in recent days two Fed officials have said they could see a case for dialing back policy as early as July.

—CNBC’s Jeff Cox contributed reporting.

Nasdaq 100 on pace for all-time closing high

The Nasdaq 100 was last trading 1.5% higher, putting it on pace for a new all-time closing high.

The index would reach this record if it closes above 22,175.60, its closing level on Feb. 19, 2025.

The Nasdaq 100’s current intraday all-time high of 22,222.61 is also from this date.

— Nicholas Wells, Lisa Kailai Han

Semiconductors outperform

Semiconductors outperformed Tuesday, highlighting the risk-on tilt in the market after President Donald Trump called for a ceasefire in the Middle East. The VanEck Semiconductor ETF (SMH) gained more than 3%, as did the iShares Semiconductor ETF (SOXX).

Nvidia is up more than 2%. Broadcom hit new all-time highs, up more than 3%. Advanced Micro Devices jumped more than 5%.

— Sarah Min

18 stocks in the S&P 500 trade at new 52-week highs

On Tuesday, 18 stocks in the S&P 500 traded at new 52-week highs.

Of these names, 14 tickers reached new all-time highs. Some stocks that hit this milestone included:

— Christopher Hayes, Lisa Kailai Han

Broadcom shares hit new all-time high

Broadcom shares hit a new intraday 52-week high on Tuesday, trading at a new all-time high of $265.87. The stock was last higher by more than 3%.

The latest move comes after HSBC upgraded the semiconductor stock{=null} to buy from hold, saying it’s confident in the company’s Application-Specific Integrated Circuits (ASICs) business. ASICs are chips customized to specific tasks, especially used in high-speed computing.

— Sarah Min

Microsoft hits another record high

Microsoft‘s stock price hit another record high on Tuesday as the software giant tracked toward its fifth positive session in six.

Shares of Microsoft are now up more than 16% year to date, and the company has a market cap above $3.6 trillion.

Microsoft’s outperformance has done little to dent its high approval rating on Wall Street. According to LSEG, 55 of the 62 analysts covering the stock give it either a strong buy or buy rating.

— Jesse Pound

Fed’s Williams says current rate policy is ‘entirely appropriate’ for conditions

New York Fed President John Williams said Tuesday he expects inflation to hit 3% this year while economic growth stays positive but slides to about 1%, putting the central bank in a position to be patient on interest rate policy.

Williams said during a speech in Albany that he agreed with the decision last week to hold the central bank’s key policy rate steady. Central bankers “need to be vigilant in analyzing the totality of the data to see how conditions evolve,” he added.

The Federal Open Market Committee kept the fed funds rate in a range between 4.25%-4.5%, and Chair Jerome Powell said earlier in the day Tuesday that the Fed is “well-positioned to wait” before adjusting rates.

“Maintaining this modestly restrictive stance of monetary policy is entirely appropriate to achieve our maximum employment and price stability goals,” Williams said. “It allows for time to closely analyze incoming data, assess the evolving outlook, and evaluate the balance of risks to achieving our dual mandate goals.”

—Jeff Cox

Gold, silver ETFs pull back

Exchange-traded funds tied to metals slid in Tuesday’s session as concerns tied to conflict in the Middle East cooled off.

The VanEck Gold Miners ETF (GDX) fell more than 2% in the session, while the Global X Silver Miners ETF (SIL) lost about 1.5%. On the other hand, the S&P 500 jumped about 1%.

Click here to read CNBC’s live coverage of the Israel-Iran conflict.

— Alex Harring

JPMorgan hits record high

Shares of JPMorgan rose more than 1% to hit a record high Tuesday. Jamie Dimon’s investment bank saw shares rising over 17% this year, significantly outperforming the broader market.

— Yun Li

Middle East tensions not a problem for cruise stocks

Geopolitical tensions may be running hot, but it’s not cooling consumers’ wanderlust, according to Carnival’s CEO.

After the cruise line turned in better-than-expected second-quarter results and raised its full year forecast, CEO Josh Weinstein told investors on an earnings call that cruises are an “incredibly stupid value” and consumers realize that. He said demand remains robust despite the world being “a fairly unpredictable place of late.”

Carnival shares are soaring 8% in trading and lifting the stocks of its rivals as well. Norwegian Cruise Line rose more than 5%, while Royal Caribbean and Viking Holdings each climbed about 3%.

Tuesday’s gains help put Carnival shares on better footing year to date. Prior to the day’s advance, the stock was up less than 4% in 2025.

Royal Caribbean and Viking have been solid performers this year, but Norweigan lags the group. Even with Tuesday’s pop, the stock is down about 24% year to date. —Christina Cheddar Berk

Nasdaq 100 will continue to outperform, says Wolfe

Enthusiasm over artificial intelligence will continue to help push the Nasdaq 100 higher, outperforming the S&P 500 and Russell 2000, according to Wolfe Research.

The index is up 4% year to date, outpacing the other U.S. indexes, analyst Chris Senyek said in a note Tuesday. The S&P 500 has gained 2.4% so far this year, while the Dow Jones Industrial Average is nearly flat and the Russell 2000 is down 4%.

“With AI spending among the Mag 7 expected to grow ~35% Y/Y and investors embracing secular growth stocks again in a slower U.S. GDP environment, we believe that the NDX will continue to outperform the SPX/RTY as investors pay up for companies perceived to be either secular growers and/or AI winners,” he wrote.

“With that said, the current NDX valuation is at the upper end of its recent historical range and suggests that earnings growth expectations will be the primary driver of stock price performance over the remainder of 2025,” Senyek added.

—Michelle Fox

Oil prices fall sharply after Trump says China can buy crude from Iran

Oil prices fell sharply Tuesday after President Donald Trump said China can keep buying oil from Iran, a sign that the U.S. is easing its maximum pressure campaign on the Islamic Republic in the wake of a ceasefire with Israel.

Global benchmark Brent fell $3.34, or 4.67%, to $68.14 per barrel by 11:12 a.m. ET. U.S. crude oil was last down $3.11, or 4.54%, to $65.40 a barrel. Prices closed 7% lower on Monday as the oil market bet that the conflict in the Middle East was winding down.

“China can now continue to purchase Oil from Iran,” Trump said in a post on his social media platform Truth Social. “Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!”

— Spencer Kimball

Powell says tariffs have not hit consumer prices yet

Fed Chair Jerome Powell said it’s still unclear the extent to which President Donald Trump’s tariffs will show up in consumer prices.

Thus far, Powell said he’s heard from CEOs that inventory accumulated before the tariff implementation is still being burned off and inflation related to the duties “just isn’t showing up yet.”

“We do expect tariff inflation to show up more. But I want to be honest, we really don’t know how much of that’s going to be passed through the consumer,” Powell told members of the House Financial Services Committee.

Powell earlier told the committee that he advocates a patient approach before cutting rates again to see the impact the tariffs will have on prices.

—Jeff Cox

Institutional investors join retail in buying the dip in stocks

Institutional investors joined the retail cohort in buying the dip stocks, according to Bank of America’s client flow data.

Big investors led the buying in U.S. equities last week with the first weekly inflows in seven weeks, according to the data. Buying was concentrated in tech stocks with institutional purchase ranking in the 98th percentile, the firm said.

Retail clients continued their buy-the-dip mentality, as they have been buyers for five straight weeks and 27 of the past 28 weeks, which is a record buying streak in the firm’s data history.

— Yun Li

Consumer confidence for June misses expectations

The Conference Board’s consumer confidence index fell 5.4 points to 93 for June. That was also below a Dow Jones estimate of 99.5.

“The decline was broad-based across components, with consumers’ assessments of the present situation and their expectations for the future both contributing to the deterioration. Consumers were less positive about current business conditions than May. Their appraisal of current job availability weakened for the sixth consecutive month but remained in positive territory, in line with the still-solid labor market,” Stephanie Guichard, senior economist of global indicators at The Conference Board, said in a statement.

The Board added that the decline was seen across all age groups and political affiliations.

— Fred Imbert

Carnival surges after earnings beat

Cruise stock Carnival jumped nearly 9% in morning trading after results for the company’s fiscal second quarter topped expectations.

Carnival reported 35 cents in adjusted earnings per share on $6.33 billion of revenue. Analysts were expecting 25 cents per share and $6.21 billion of revenue, according to FactSet.

The company also raised its full-year guidance for several metrics.

“We also remain on track for a strong 4 percent net yield growth in the second half, consistent with what we forecasted back in December which was before the complex macroeconomic and geopolitical backdrop we have all experienced in the last few months. Combined, this has enabled us to raise full year guidance again,” CEO Josh Weinstein said in a press release.

— Jesse Pound

S&P 500 could be poised to test record highs, Wolfe Research says

The S&P 500 has struggled to gain new ground in May, but the fact that it has suffered “minimal technical damage” despite macro and geopolitical concerns is a positive sign, according to Wolfe Research technical analyst Rob Ginsberg

“It now looks poised to reaccelerate from this recent consolidation and make a run at the highs,” Ginsberg said note to clients.

The S&P 500’s record closing high is 6,144.15 from Feb. 19.

— Jesse Pound

Stocks open higher

Stocks opened higher on Tuesday as oil fell, with investor risk appetite growing on hopes that the ceasefire between Israel and Iran will hold.

The S&P 500 added 0.6%, while the Nasdaq Composite gained 0.9%. The Dow Jones Industrial Average climbed 282 points, or 0.6%.

— Brian Evans

HSBC upgrades Broadcom to buy, sees near 60% upside

Broadcom shares jumped 2.5% in premarket trading Tuesday after HSBC upgraded the semiconductor stock to a buy rating from hold.

The Wall Street firm said it has become bullish on its business in Application-Specific Integrated Circuits (ASICs). 

“We turn positive on Broadcom as we now believe its ASIC revenues will significantly beat market expectations from better ASIC project visibility as well as ASP pricing power,” HSBC said in a note to clients.

The firm also hiked its price target drastically to $400 from $240 previously. The new forecast represents a whopping 58% upsize from the stock’s Monday close of $253.77.

— Yun Li

Powell tells Congress rate cuts can wait

Federal Reserve Chair Jerome Powell indicated Tuesday he is in no hurry to cut interest rates as central bank officials wait for the impact of tariffs on inflation to play out.

Policymakers are “well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” the central bank leader said in remarks he will present to two congressional committees this week.

“Policy changes continue to evolve, and their effects on the economy remain uncertain,” Powell said amid ongoing criticism from President Donald Trump, who wants the Fed to cut rates aggressively.

Powell will present the speech then take questions from the House Financial Services Committee starting at 10 a.m. ET.

—Jeff Cox

Stocks making the biggest moves premarket

Check out the companies making headlines before the bell:

Carnival — The cruise line added nearly 3% ahead of its anticipated second-quarter financial report. Analysts are expecting earnings of 24 cents per share on revenue of $6.21 billion, according to FactSet.

Chewy — The pet-focused ecommerce retailer dropped 1.5% after a secondary sale of $1 billion in new Class A shares through JPMorgan. Chewy also authorized the repurchase $100 million of its stock.

Defense stocks — Defense stocks fell after U.S. President Donald Trump said Tuesday a ceasefire in the Iran-Israel conflict is in effect. Shares of Lockheed Martin and RTX dipped more than 1% each.

Read the full list here.

— Sarah Min

Goldman downgrades Dollar General

Goldman Sachs doesn’t see much more room in Dollar General‘s recovery run.

Analyst Kate McShane downgraded the value retailer to neutral from buy. McShane’s $116 price target implies 0.9% in upside over Monday’s close.

“DG’s management team has worked hard to improve the company’s positioning through its Back to Basics program, which has resulted in better comp trends and improved margins,” McShane wrote to clients. “While we think the company still has room for margin improvement over the long term, we think the stock is now pricing in its better fundamentals.”

Dollar General shares have rallied more than 30% in the second quarter, brining its year-to-date gain above 50%. That comes after the stock dropped more than 44% in both 2023 and 2024.

Shares ticked about 1% lower before the bell on Tuesday following the downgrade.

— Alex Harring

Trump says he’s ‘unhappy’ with Israel and Iran as Middle East ceasefire is broken just hours after it took effect

President Donald Trump said he’s “unhappy” with the deteriorating ceasefire between Iran and Israel, which was breached merely hours after its initial agreement.

“I’m not happy with them. I’m not happy with Iran either but I’m really unhappy if Israel is going out this morning,” Trump told a reporter pool while en route to the NATO summit in the Hague.

Follow live updates here.

— Brian Evans

Trump blasts Powell ahead of Fed chief’s Capitol Hill testimony

President Donald Trump took another shot Tuesday at Federal Reserve Chair Jerome Powell ahead of the central bank leader’ testimony this week on Capitol Hill.

In an early morning post on Truth Social, Trump said he hoped “Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come.”

A Trump appointee, Powell has come under the president’s criticism for his leadership at the Fed, which has held its key interest rate in a target range of 4.25%-4.5% since December. Trump contends that with tariffs seeming to have little impact on inflation, the Fed should be cutting aggressively.

However, Powell last week said policymakers believe they have time to watch as conditions develop in coming months.

“No inflation, great economy – We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make,” Trump said.

—Jeff Cox

Markets still vulnerable to Iran-Israel escalation, Barclays warns

Despite a ceasefire being put in place, equity markets may not be in the clear, according to Barclays.

“Middle East conflict poses acute risks; markets could react sharply to Iran-Israel escalation, which could then spark Vol Control/CTA de-risking,” strategist Venu Krishna wrote. “Vol Control funds have steadily doubled up their equity exposure from Apr lows to ~45% now. While it still pales in comparison to the YTD highs of 80+%, the spillover of macro shocks from the Middle East into higher equity volatility presents a clear risk.”

— Fred Imbert

Energy was the only sector to end Monday negative

The energy sector fell 2.51% on Monday, making it the only one to end the session negative. Oil prices fell as investors appeared to look past a retaliatory strike from Iran on a U.S. military base in Qatar.

All of the 10 other sectors rose on Monday, led by consumer discretionary, which added 1.75%.

The consumer discretionary, energy, materials and health care sectors all remain more than 10% off their 52-week highs.

— Christopher Hayes, Lisa Kailai Han

Stock futures rise after Trump announces ceasefire timeline between Israel and Iran

Stock futures took a leg higher after President Donald Trump took to social media to announce a ceasefire timeline he said will begin around midnight Tuesday and end the war between Israel and Iran.

“It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE (in approximately 6 hours from now, when Israel and Iran have wound down and completed their in progress, final missions!), for 12 hours, at which point the War will be considered, ENDED!” the president wrote in a Truth Social post. “On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, ‘THE 12 DAY WAR.'”

Representatives for Israel and Iran did not immediately appear to confirm the agreement.

Prior to Trump’s announcement, stock futures had been trading around the flatline.

— Kevin Breuninger, Lisa Kailai Han

Stocks making the biggest moves after the bell: KB Home, Chewy

These are the stocks moving the most in extended-hours trading:

— Lisa Kailai Han

Stock futures are little changed

Stock futures traded near flat Monday night.

Futures tied to all three major averages were trading around the flatline shortly after 6 p.m. ET.

— Lisa Kailai Han

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