S&P 500 falls as oil jumps on fear Iran negotiations breaking down: Live updates

The three major averages finished with losses on Tuesday.

The S&P 500 declined 0.63% to close at 7,064.01, while the Nasdaq Composite lost 0.59% to 24,259.96. The Dow Jones Industrial Average fell 293.18 points, or 0.59%, to 49,149.38.

— Sean Conlon

Sarat Sethi warned investors on an appearance on CNBC’s “Power Lunch” on Tuesday to not try and trade on the latest development of the U.S.-Iran war.

“What I would say is stay within your allocation, don’t try and time it, if you do get an agreement, the market has probably discounted most of it,” the Douglas C. Lane & Associates managing partner said. The ceasefire between the U.S. and Iran expires on Wednesday.

He instead advises to stay in defensive stocks, like consumer staples and health care names, that have secular demand and won’t see their businesses as materially effected by the latest development in the Middle East.

— Davis Giangiulio

All but three S&P 500 sectors saw losses during Tuesday’s session.

Energy, information technology and consumer discretionary were the only groups with gains, rising 1.1%, 0.3% and 0.2%, respectively.

In contrast, the remaining eight sectors fell. Utilities led the way with a decline of 1.5%, followed by real estate, which dropped 1.3%. Industrials and materials were behind them, each declining 0.8%.

— Sean Conlon

People visit the AirBnB stand at the 2026 ITB tourism trade fair on March 04, 2026 in Berlin, Germany.

Sean Gallup | Getty Images

On Tuesday, 46 stocks in the S&P 500 traded at new 52-week highs.

Tickers that hit this milestone included:

• Airbnb (ABNB) trading at levels not seen since February 2025
• eBay trading at all-time high levels back to its IPO in September 1998
• Marriott International trading at all-time high levels back through its spin-off from Marriott Corp in 1993
• MGM Resorts trading at levels not seen since February 2025
• Ralph Lauren trading at all-time highs back to its IPO in June 1997
• State Street trading at all-time high levels back through our history to 1972
• GE Vernova trading at all-time highs back to its spin-off from GE in April 2024
• Cisco trading at all-time highs back to its IPO in February 1990
• Dell Technologies trading at all-time highs back to its relisting in December 2018
• Caterpillar trading at all-time high levels back to when it first began trading on the NYSE in 1929
• Citigroup trading at levels not seen since November 2008

On the other hand, two stocks in the index were trading at new 52-week lows: Tractor Supply and Boston Scientific.

— Lisa Kailai Han and Christopher Hayes

Momentum is building in retail trading, with fading tax day headwinds making Monday the biggest day of retail buying since April 6.

Meanwhile, de-escalating geopolitical tensions in the Middle East and lower volatility should also help boost retail participation.

Monday’s volume was consistent with the seasonal pattern of retail activity that tends to build after mid-April. But stepping back, the broader equity positioning backdrop suggests that there is still room for participation to build. So far, U.S. equity repositioning has only retraced since the trough to roughly half of what is typically seen in comparable fast recoveries.

— Tom Rotunno and Lisa Kailai Han

The Intel logo is displayed on a sign in front of Intel headquarters on Jan. 22, 2026 in Santa Clara, California.

Justin Sullivan | Getty Images

Markets are not currently pricing in demand for Intel’s server CPU business and analysts see room for growth in Intel stock as a result.

HSBC upgraded Intel to Buy on Tuesday, calling CPU server demand a “near-term catalyst” for the stock on top of its recent foundry moves.

“We expect server CPU upside to start to manifest in [the second quarter of 2026] as our revenue estimate of $14.2 [billion] is 9% higher than consensus at $13.1 [billion],” HSBC analysts wrote on Tuesday.

Intel has already been riding a positive wave in its stock, driven mainly by an equity repurchase in Ireland Fab along with a move to join another foundry project, the analysts noted. But they think server demand can deliver additional upside.

“Our sensitivity analysis on server shipments implies material share price upside, even in the bear case, suggesting attractive risk-reward, with our bull case implying fair value of [greater than] $100, they wrote.”

HSBC has a target price of $95 from its current share price around $67.

–Tobias Burns

Check out the companies making the biggest moves midday:

• Valmont Industries — The agricultural product and infrastructure rallied 12% on better-than-expected results for the first quarter. The company cited strong demand in its North America utility business for the beat. It also hiked the lower end of its full-year earnings guidance.
• Pitney Bowes — The mailing equipment and services giant popped 8% after posting preliminary results for the first quarter. First-quarter revenue of $477 million was above a FactSet consensus of $465.9 million, while adjusted earnings per share of around 47 cents were also above estimates.
• OFG Bancorp — The Puerto Rico-based financial services company’s stock jumped more than 5% after strong first-quarter results. OFG’s total core revenue grew to $185.8 million in the first quarter from $178.3 million a year ago. With solid trends, the company said it was continuing to buy back shares and it boosted its dividend by 17% during the quarter.

Read more here.

— Sarah Min and Fred Imbert

Lanna Apisukh | Bloomberg | Getty Images

Colgate-Palmolive’s more than 16% fall since the start of the U.S.-Iran war is overdone, and it’s time for investors to get in the stock, according to Rothschild & Co Redburn. 

The bank upgraded its rating on the company to buy from neutral, and hiked its price target to $100, indicating a nearly 20% gain from Monday’s close. While the stock has fallen on fears of weakened demand due to consumers grappling with higher energy prices from the conflict in the Middle East, analyst Edward Lewis thinks that perspective is misguided.

“More than 60%/80% of its sales/organic sales growth (respectively) are generated in regions where we see limited impact from the war,” Lewis wrote in a Tuesday note. “We now expect more pressures on gross margin in FY26/27 given energy prices. However, we see EPS remaining resilient given Colgate’s strong track record on productivity savings.”

Lewis added that while pressure will remain in the U.S., it expects support from growth in Latin America and demand for its pet nutrition brand Hill’s. The stock fell more than 1% Tuesday. 

CL year-to-date chart.

Larry Culp, chairman and chief executive officer of General Electric Co., speaks during the Semafor World Economy Summit in Washington, DC, on Wednesday, April 12, 2023.

Al Drago | Bloomberg | Getty Images

Despite plenty of strong results this morning, companies are clearly opting to remain conservative in their forecasts amid all the macroeconomic and geopolitical uncertainty.

GE Aerospace CEO Larry Culp told CNBC’s Phil Lebeau this morning, “If not for current events, we would have raised guidance, but given the environment it’s prudent to maintain guidance.” That came after the company beat first quarter estimates by a strong 26 cents.

Culp’s company was hardly alone in its cautious approach. Look at some of the other big companies that reported this morning:

3M affirmed full year adjusted EPS guidance – but even after a 16-cent beat

Northrop Grumman also reiterated full year adjusted EPS guidance despite beating by 8 cents

UnitedHealth raised its full year adjusted EPS guidance by 50 cents, but that was after a bigger 66 cent first quarter beat

RTX raised full year adjusted EPS guidance by 10 cents after a far larger 26-cent beat

D.R. Horton cut the high end of its full year revenue and homes closed forecasts, with half of its fiscal year to go

— Robert Hum

The small-cap Russell 2000 reached a new all-time intraday high on Tuesday, a day after the index scored a fresh closing record

The Russell 2000 was last up 0.8%, building on its more than 13% gain this year.

Russell 2000, year-to-date

President Donald Trump said he thinks that the U.S. is “going to end up with a great deal” with Iran to end the war, speaking with CNBC’s “Squawk Box” on Tuesday, and that he does not expect to extend the ceasefire due to expire on Wednesday.

Regarding markets, Trump said he was surprised stocks rebounded during the conflict, and that he’d anticipated a sharper sell-off in the Dow and S&P 500. “I thought they’d be down 20%,” he said. “I thought the oil would be much higher, and I’m very happy to say that it wasn’t.”

On trade policy, he warned that he would “remember” companies that don’t seek tariff refunds, signaling a more aggressive and loyalty-based approach to companies under his tariff system.

He also discussed AI and defense, pointing to a deal involving Anthropic and the Pentagon, following a high profile clash between the AI company and the Pentagon from earlier this year.

For more, watch the full interview here.

— Tanaya Macheel

Shoppers in San Francisco, California, US, on Thursday, Feb. 5, 2026.

David Paul Morris | Bloomberg | Getty Images

Retail spending was stronger than expected in March as soaring gas prices took their toll on consumers’ wallets.

Sales rose 1.7% for the month, stronger than the 0.6% gain in February and higher than the 1.5% Dow Jones consensus estimate, according to Commerce Department figures that are adjusted for seasonality but not inflation. Excluding autos, sales rose 1.9%, compared to the estimate for 1.4%.

The monthly gain was driven largely by a 15.5% increase in receipts at gas stations as prices at the pump soared past $4 a gallon. Furniture and home furnishings saw an increase of 2.2% while online sales rose 1%. Sales accelerated 4% on an annual basis.

The so-called control group, which excludes several items and feeds into the department’s calculations for gross domestic product, increased 0.7%.

— Jeff Cox

The three leading U.S. indexes began Tuesday’s session with gains.

The Dow Jones Industrial Average climbed 270 points, or 0.5%. The S&P 500 rose 0.2%, while the Nasdaq Composite advanced 0.3%, respectively.

— Sean Conlon

Jonathan Raa | Nurphoto | Getty Images

CrowdStrike should sail higher, even as the limited release of Anthropic’s Mythos tests some investors’ faith in the software name, according to KeyBanc.

The bank upgraded CrowdStrike to overweight from sector weight. It also set a price target of $525 for shares, implying 21.2% upside from Monday’s close.

CRWD, 1-day

Earlier this month, Anthropic released an artificial intelligence model with advanced cybersecurity capabilities called Claude Mythos Preview to a limited group of technology companies, including Google and Apple.

That rollout has spooked investors who are concerned that Mythos could disrupt CrowdStrike and other security providers. Cybersecurity stocks initially fell on a Fortune report about Mythos’ development published in late March, although the iShares Cybersecurity ETF is still up more than 6% over the past month.

CNBC Pro subscribers can read more here.

— Liz Napolitano

Kevin Warsh, chairman of the US Federal Reserve nominee for US President Donald Trump, is sworn in during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing in Washington, DC, US, on Tuesday, April 21, 2026.

Graeme Sloan | Bloomberg | Getty Images

Federal Reserve chair nominee Kevin Warsh travels to Capitol Hill on Tuesday to convince lawmakers he can carry out a presidential push for lower interest rates while remaining free of political constraints in setting policy.

In a much-anticipated hearing before the Senate Banking Committee, the former Fed governor will face questioning over a variety of subjects, from monetary policy to banking regulation to his own complicated personal finances

None likely will be more important than establishing the boundaries between the Fed’s decision-making and politics.

“He has a tricky communication question,” said Bill English, a professor at the Yale School of Management and the Fed’s director of monetary affairs from 2010-15, a period that overlapped with Warsh’s time there. Read more.

— Jeff Cox

Check out the companies making headlines before the bell:

• UnitedHealth — Shares popped more than 6% after UnitedHealth reported first-quarter earnings and revenue that beat analyst expectations. The company earned $7.23 per share, adjusted, on revenue of $11.72 billion. Analysts expected a profit of $6.57 per share on revenue of $109.57 billion. UnitedHealth also hiked its full-year earnings outlook.
• 3M — Shares fell slightly after the manufacturing giant posted lackluster guidance and mixed Q1 results. The company sees earnings per share between $8.50 and $8.70. Analysts polled by FactSet expected guidance around $6.50 per share.
• Amazon — The online retailer popped 3% after Amazon agreed to invest up to $25 billion in Anthropic as part of an expanded agreement to build out AI infrastructure. This comes on top of the $8 billion Amazon has already invested in the artificial intelligence startup in recent years. In turn, Anthropic said in the Monday announcement that it’s committed to spending more than $100 billion on Amazon Web Services technologies over the next 10 years.

Read here for the full list.

— Sarah Min

Shares of 3M fell slightly in the premarket after the manufacturing giant posted lackluster guidance and mixed Q1 results. The company sees earnings per share between $8.50 and $8.70. Analysts polled by FactSet expected guidance around $6.50 per share.

For the first quarter, adjusted earnings per share of $2.14 beat a FactSet consensus of $1.98, though revenue of $6 billion was in line with expectations.

— Fred Imbert

Piotr Swat | SOPA Images | Lightrocket | Getty Images

UnitedHealth reported first-quarter earnings and revenue that beat analyst expectations, sending the stock higher by more than 6% in premarket trading.

The company earned $7.23 per share, adjusted, on revenue of $11.72 billion. Analysts expected a profit of $6.57 per share on revenue of $109.57 billion. UnitedHealth also hiked its full-year earnings outlook.

Read more here.

UNH jumps

A bull statue and a bear statue stand outside the Frankfurt Stock Exchange on April 7, 2025 in Frankfurt, Germany.

Florian Wiegand | Getty Images News | Getty Images

European stocks edged into positive territory on Tuesday as investors gauge developments ahead of the expiry deadline for the two-week ceasefire between the U.S. and Iran.

The pan-European Stoxx 600 gained 0.1%, with a majority of sectors in positive territory, while the region’s major bourses were also mainly trading higher by 8:30 a.m. in London (3:30 a.m. E.T.)

Read more here.

— Hugh Leask and Holly Ellyatt

A currency dealer walks past a screen showing South Korea’s benchmark stock index (KOSPI) in a foreign exchange dealing room at the Hana Bank headquarters in Seoul on April 21, 2026.

Jung Yeon-je | Afp | Getty Images

South Korea’s Kospi hit a record high Tuesday while the broader Asia-Pacific markets traded mixed, amid hopes for a resolution to the Middle East conflict, even as tensions between Iran and the U.S. continue to simmer.

The Kospi ended Tuesday’s session at a record high of 6,388.47, gaining 2.72%, supported by tech stocks. Index heavyweight Samsung Electronics rose 2.1%, while semiconductor manufacturer SK Hynix gained 4.97%. The small-cap Kosdaq index gained 0.36% to 1,179.03.

Japan’s Nikkei 225 gained 0.89% to 59,349.17, while the Topix slipped 0.18% to 3,770.38. Australia’s S&P/ASX 200 ended flat at 8,949.40.

Mainland China’s CSI 300 index rose 0.22% to 4,767.99, while Hong Kong’s Hang Seng index was up 0.35% in its last hour of trade. Victory Giant, one of Nvidia’s printed-circuit-board suppliers, debuted on the Hong Kong Stock Exchange, advancing as much as 60% after raising about HK$20.1 billion ($2.57 billion) in the city’s largest IPO since Zijin Gold last September.

India’s Nifty 50 was 0.70% higher as of 3:50 a.m. ET.

Oil futures pared losses. West Texas Intermediate futures for May delivery was 1.79% lower at $88.01 per barrel as of 3:50 a.m. ET. Brent crude futures for June delivery fell 1.15% to $94.33 per barrel.

— Justina Lee

Asia-Pacific markets were mixed Tuesday, as tensions between Iran and the U.S. continue to simmer amid hopes for a resolution to the Middle East conflict.

South Korea’s Kospi extended early gains to advance 2.11% while the small-cap Kosdaq inched lower. Japan’s Nikkei 225 gained 1.15%, while the Topix was marginally higher. Australia’s S&P/ASX 200 gave up early gains and was down 0.24%.

Mainland China’s CSI300 index was trading 0.21% lower, while Hong Kong’s Hang Seng index gained 0.46%. Victory Giant, one of Nvidia’s printed-circuit-board suppliers, debuted on the Hong Kong Stock Exchange, advancing over 50% of its initial offering of HK$209.88. The company was seeking to raise $2.24 billion in the city’s largest IPO since Zijin Gold last September.

West Texas Intermediate futures for May delivery was 1.51% lower at $88.26 per barrel as of 9:34 p.m. ET. Brent crude futures for June delivery fell 0.48% to $95.01 per barrel.

— Justina Lee

On Monday, six of the 11 GICS sectors ended the session higher.

Gains were led by materials stocks, up 0.57%, and followed by financials and real estate stocks, respectively ending 0.34% and 0.27% higher.

On the other hand, communication services stocks lagged, notching a 1.41% loss. The health care and utilities sectors followed, down 0.93% and 0.91%, respectively.

— Lisa Kailai Han

John Ternus, senior vice president of hardware engineering at Apple Inc., during an Apple event in New York, US, on Wednesday, March 4, 2026.

Adam Gray | Bloomberg | Getty Images

Apple has named John Ternus to replace Tim Cook as its CEO, effective Sept. 1. The 65-year-old Cook will become executive chairman, helping with “certain aspects of the company, including engaging with policymakers around the world.”

A longtime insider, Ternus had helmed Apple’s hardware engineering business as senior vice president. With more than two decades at the company, Ternus brings a lot of knowledge of Apple’s core products to the role at a time when Apple needs to adapt to artificial intelligence.

Investors took the end of Cook’s 15-year tenure in stride. Apple shares fell less than 1% on the news.

Year-to-date, Apple stock has underperformed the market, nudging up only 0.4%. Under Cook’s watch, Apple’s market cap increased roughly 24-fold to top $4 trillion.

— Christina Cheddar Berk

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

• Amazon — The e-commerce giant popped 3% after the company agreed to invest up to $25 billion in Anthropic as part of an expanded agreement to build out AI infrastructure.
• Apple — The tech stock fell less than 1% in extended trading after announcing that Tim Cook will step down as CEO on Sept. 1.
• Steel Dynamics — The steel producer added less than 1% after posting mixed first-quarter results.

Read the full list of stocks moving here.

— Lisa Kailai Han

Stock futures opened little changed on Monday night.

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

— Lisa Kailai Han