On Tuesday, major U.S. stock indices reported significant gains with the S&P 500 Index rising by 0.81% to an all-time high, the Dow Jones Industrial Average increasing by 0.73%, and the Nasdaq 100 up by 1.31%. Intel shares surged over 12% after Apple disclosed exploratory discussions regarding U.S. processor production, while crude oil prices fell more than 3%. The WTI crude oil price decrease was attributed to ongoing calm in the Persian Gulf following recent tensions.
Key economic reports released on Tuesday showed mixed results. March new home sales rose 7.4% month-over-month to 682,000, surpassing expectations of 652,000, while the April ISM services index fell slightly to 53.6 from a previous 54.0, missing forecasts of 53.7. The March trade deficit expanded to $60.3 billion, a less significant widening than anticipated.
Internationally, the Euro Stoxx 50 increased by 1.84%, while markets in China and Japan were closed for holidays. The U.S. Central Command confirmed it would provide military support for neutral ships navigating the Strait of Hormuz amidst ongoing geopolitical concerns. Additionally, interest rates are expected to be influenced by upcoming Federal Reserve meetings, where a 6% chance of a policy rate cut is currently being discounted.
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