The S&P 500 Index closed down 0.63% on Tuesday, accompanied by a 0.59% drop in the Dow Jones Industrial Average and a 0.42% decrease in the Nasdaq 100 Index. Key market movements were influenced by a rebound in WTI crude oil prices, which rose over 2% following Iran’s announcement to withdraw from peace talks in Pakistan. The ongoing geopolitical tensions have heightened concerns over energy supplies, particularly with the Strait of Hormuz being effectively closed.
In economic news, March retail sales increased by 1.7% month-over-month, surpassing expectations of 1.4% and marking the largest gain in a year. Pending home sales also rose by 1.5%, exceeding the forecast of 0.5%. Meanwhile, strong first-quarter earnings reports from UnitedHealth Group and General Electric provided some support to the market amidst these declines. According to Bloomberg Intelligence, S&P 500 earnings are expected to rise by 12% year-over-year for Q1.
