Wall Street edges higher on fresh efforts to ease Middle East conflict; Amazon jumps 3.3%, BlackRock gains 4.5%

Major US stock indices edged higher on Tuesday as crude oil declined after reports of fresh efforts to ease the Middle East turmoil. Investor sentiments were also boosted by strong bank earnings.

As of noon Eastern Time, the S&P 500 rose 1%, the Dow Jones Industrial Average was up 0.6%, and the Nasdaq Composite was 1.6% higher.

As of 10:30 a.m. Eastern Time, the S&P 500 added 0.7%, the Dow Jones Industrial Average was up 0.4%, and the Nasdaq Composite was 1.2% higher.

At the open, the Dow Jones Industrial Average rose 53.8 points, or 0.11%, to 48,272.03. The S&P 500 rose 24.0 points, or 0.35%, to 6,910.2​, while the Nasdaq Composite rose 147.8 points, or 0.64%, to 23,331.501.

Pakistan is facilitating a second round of diplomatic peace negotiations between Iran and the United States, according to senior Pakistani sources cited by AFP.

Global oil prices declined as investors speculated on a potential ceasefire extension or a definitive peace accord. Brent crude, the international standard, fell 3.5% to $95.91.

Major financial institutions JPMorgan Chase, Citigroup, and BlackRock reported increased quarterly profits, highlighting robust US consumer resilience despite escalating geopolitical tensions.

Meanwhile, the International Monetary Fund lowered its 2026 economic growth projections, citing the continued impact of Middle Eastern conflict.

"The market is a forward-looking mechanism and, right now, the market is pricing in that the war is over," said Adam Sarhan of 50 Park Investments.

An official report said the wholesale inflation, PPI, rose to 4% in March from 3.4% the previous month.

In the bond market, the yield on the 10-year Treasury edged down to 4.28% from 4.30% late on Monday.

Key Stock Movers

Shares of BlackRock gained 4.5% and Citigroup added 1% after the companies reported stronger profit and revenue than expected.

JPMorgan Chase stock dipped 0.8% despite the bank delivered a better-than-expected results. Its CEO Jamie Dimon said bank officials cannot predict how the “increasingly complex set of risks” will play out given so much uncertainty.

Wells Fargo stock dropped 6% after the bank reported weaker quarterly revenue than expected.

Amazon shares jumped 3.3% after the firm said it would buy mobile satellite services company Globalstar for $90 per share. Globalstar also rose 8.9%.

Stocks of private asset managers Blue Owl Capital rose 5.7%, Ares Management climbed 4.3%, and Apollo Global Management surged 2.9%.

Bullion Market

Gold prices gained on Tuesday as the US dollar weakened and on hopes of a resumption in US-Iran talks.

By 9:50 a.m. ET (1350 GMT), spot gold was up 1.1% at $4,791.65 per ounce. US gold futures rose 1% to $4,815.40.

Among other metals, spot silver rose 3.3% to $78.09 per ounce, platinum gained 0.1% to $2,072.13, while palladium inched 1% lower at $1,558.80.