Nasdaq Hits Record High as Oil Drops and Earnings Impress

CNBC reported Tuesday that the Nasdaq Composite climbed to an all-time intraday high, while the broader market gained ground as crude prices retreated and corporate earnings largely surprised to the upside.

Markets Rally on Multiple Tailwinds

The S&P 500 advanced roughly 0.7% and the Dow Jones Industrial Average added around 150 points, or 0.3%. The Nasdaq’s Nasdaq record high came as investors digested a broad pullback in energy prices alongside a fresh round of better-than-expected results.

West Texas Intermediate crude futures slid approximately 3%, hovering just above $102 per barrel. Brent crude lost around 2%, trading above $111 a barrel. Cheaper oil tends to ease cost pressures across industries, which investors typically welcome.

Earnings Season Drives Sentiment

Pfizer shares edged higher after the pharmaceutical giant posted first-quarter revenue and profit figures that exceeded analyst estimates. The company also reaffirmed its full-year outlook, signaling confidence in its business trajectory.

U.S.-listed shares of Belgian brewer Anheuser-Busch InBev surged roughly 8% after the company delivered upbeat quarterly numbers. The outsized move underscored how much investors rewarded beats in the current environment.

Palantir Technologies was a notable exception. Shares fell around 3% despite the data-analytics firm posting its fastest revenue growth since its 2020 stock market debut and raising full-year guidance. The disconnect between strong results and a share-price decline suggested some profit-taking after a strong run.

Geopolitical Backdrop Remains a Risk

Monday’s session had turned lower after the United Arab Emirates reported that Iran launched drones and missiles against it, unsettling an already fragile U.S.-Iran ceasefire. U.S. Central Command subsequently said American naval forces neutralised six small Iranian vessels attempting to disrupt commercial traffic in the Strait of Hormuz, though Iranian state media disputed the account.

By Tuesday, Defense Secretary Pete Hegseth said the ceasefire remained intact and confirmed that two U.S. commercial vessels and accompanying destroyers had passed through the strait without incident. Analysts at Vital Knowledge maintained a constructive view, arguing that the administration still prefers a negotiated resolution over direct military confrontation.

Economic Data Adds Nuance

Two fresh data releases gave markets additional context. The Institute for Supply Management’s services index for April dipped to 53.6, slightly below forecasts, as new orders fell sharply. Separately, the Bureau of Labor Statistics reported that job openings edged marginally lower in March to roughly 6.87 million, though hiring jumped by 655,000 to 5.55 million, a sign the labour market retained underlying momentum.

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