S&P500

Snapshot of benchmark US stock indices on Tuesday:

• Dow -0.6%,
• NASDAQ +1.6%,
• S&P 500 +0.7%. S&P 500: 5,886, range 5,400–6,200.

Yesterday was another winning session for stocks. The S&P 500 (+0.7%) and the Nasdaq Composite (+1.6%) extended this week's gains, allowing the S&P 500 to recover its losses from 2025. The index is up slightly for the year, supported by a strong rally in megacap stocks and semiconductor manufacturers. NVIDIA (NVDA 129.93, +6.93, +5.6%) stood out in this regard, boosting the S&P 500 technology sector by 2.3%.

The Dow Jones Industrial Average missed out on the rally due to a major loss in UnitedHealth (UNH 311.38, -67.37, -17.8%). As one of the most influential names in the price-weighted index, the stock dropped after news that CEO Andrew Witty is stepping down for personal reasons and the company is suspending its 2025 guidance due to higher-than-expected medical costs.

UnitedHealth's suspended guidance was a reminder that uncertainty remains in the market, but it didn't lead to broad-based selling.

Many stocks participated in the upward moves today, pushing the equal-weighted S&P 500 index up 0.2%.

The rally was also driven by fear of missing out on further gains, boosted by momentum from a notable de-escalation in the trade war with China and April's CPI report, which revealed no tariff-related inflation shock.

Additionally, the market was encouraged by the news that Saudi Arabia, during President Trump's visit, announced a $600 billion investment plan in the US.

The 10-year bond yield closed at 4.50%, up 13 basis points from Friday and 32 basis points higher than on "Liberation Day," when President Trump announced comprehensive tariffs for most countries.

Year-to-date performance:

• S&P 500: +0.1%
• Dow Jones Industrial Average: -1.0%
• Nasdaq Composite: -1.5%
• S&P Midcap 400: -2.0%
• Russell 2000: -5.7%

Economic calendar on Tuesday:

• NFIB Small Business Optimism for April: 95.8 (previous: 97.4)
• April CPI: +0.2% (consensus: +0.3%; previous: -0.1%)
• Core CPI for April: +0.2% (consensus: +0.3%; previous: +0.1%)

The main takeaway from the report is the absence of any tariff shock. Consumer prices overall remained mostly in check, including food and gasoline.

Looking ahead to Wednesday, market participants will get to know the following economic data:

* 7:00 AM ET: Weekly MBA Mortgage Index (previous: +11.0%)

* 10:30 AM ET: Weekly Crude Oil Inventories (previous: -1.11 million)

Energy market

Brent crude oil is now trading at $66.50 a barrel, up about $1. Oil responded with a delayed one-day increase following the US stock market gains.

Conclusion

Hold positions on US stocks for now. New buy positions should be opened only after a significant downward pullback.