The Dow Jones Industrial Average and other key indices rose in the early hours of Tuesday as investors started the shortened trading week following a holiday with increased optimism about a potential U.S.-Iran peace agreement. In the meantime,AutoZoneAZO fell as the defense nameElbit SystemsESLT climbed sharply on the stock market today.
The Dow rose by 0.2%, while the S&P 500 increased by 0.7%. The Nasdaq composite, which is heavily weighted toward technology stocks, saw the strongest performance, rising 1.2%. All three key indices are aiming to continue their four-day winning streak. Small-cap stocks demonstrated even greater momentum, as the Russell 2000 index climbed 1.8%.
Stocks received support from a decline in the10-year Treasury yield, which dropped 8 basis points to 4.49%. West Texas Intermediate crude oil declined by 2.5% to just over $94 per barrel. However, WTI rebounded from overnight lows below $89.50 as discussions between Iran and the U.S. persist even following U.S. strikes in southern Iran. Bitcoin dipped close to $77,200.
Among exchange-traded funds, the Invesco QQQ Trust QQQ rose 1.5% higher as the SPDR S&P 500 ETF Trust SPY increased by 0.8% in the early hours of Tuesday.
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Stock Market Update: AutoZone Declines
AutoZoneAZO dropped over 9% in a significant declinevolumeand explored further beneath it50-day moving averageThe decline occurred following the auto parts retailer's announcement of fiscal third-quarter revenue at $4.84 billion, compared to Factset's forecast of $4.86 billion. Its earnings were reported at $38.07 per share, exceeding expectations.
AutoZone's stock has shown weakness, as indicated by its 25 out of 99 possible rating.IBD Relative Strength Ratingand has declined by approximately 8% for the year.
Elbit SystemsESLT surged approximately 9% and reached its 50-day moving average in today's stock market. This increase followed the aerospace and defense company's announcement of first-quarter earnings of $3.87 per share on $2.19 billion in revenue, both exceeding expectations.
9:52 a.m. ET
Nasdaq-100 Gainers, Losers: AppLovin, Micron, Intuit
Among the Nasdaq-100 stocks, AppLovinAPP and Micron TechnologyMU increased by about 10% each, positioning them as some of the top performers right after the market opened.
Meanwhile, IntuitINTU and WorkdayWDAY declined by 2% during morning trading.
Housing Data
On early Tuesday, the Case-Shiller index declined by 0.2% in March, while the annual growth stood at 0.8%, both below expectations. Econoday had predicted a 0.1% monthly rise and a 1% year-over-year increase.
The Federal Housing Finance Agency House Price Index rose by 0.1% in March, marking a 1.7% increase compared to the previous year, both figures meeting expectations.
9:08 a.m. ET
Dow Jones Leaders: Nvidia, Apple, Chevron
Inside the Dow industrials, NvidiaNVDA and AppleAAPL increased by 1.2% and 0.6%, respectively, during early morning trading. Nvidia's stock appeared poised to end a two-day decline, while Apple's shares were set to continue a five-session winning streak.
On the downside, ChevronCVX and VisaV fell approximately 1% before the market opened.
8:07 a.m. ET
U.S.-Iran Deal Hopes
The United States and Iran seem to be moving closer to a temporary agreement that would allow access to the Strait of Hormuz, despite the U.S. conducting "self-defense" attacks, according to the U.S. Central Command, which stated the operation was aimed at "protecting our troops from threats posed by Iranian forces."
President Donald Trump on Mondayposted on Truth SocialThat peace negotiations were "going well," but "it will only be a major deal for everyone or, no deal at all." On Sunday, Trump stated that he isn't in any "hurry" to complete an agreement, a day after claiming a settlement would be "announced soon."
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Earnings Movers: AutoZone
AutoZoneAZO fell by over 6% in premarket trading on Tuesday following the auto-parts seller's failure to meet Wall Street's quarterly revenue expectations. The stock finished Friday more than 22% below its 52-week peak.
Later in the week, significant financial updates includeMarvell TechnologyMRVL, Dell TechnologiesDELL and Costco WholesaleCOST, along with DycomDY, SalesforceCRM and SnowflakeSNOW.
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Stock Market Update: Real Estate Information, Consumer Sentiment
Two real estate reports are scheduled for release at 9 a.m. ET: the Case-Shiller index and the Federal Housing Finance Agency House Price Index.
The Case-Shiller index is projected to rise by 1.0% in March, following a comparable 0.9% increase in February. The FHFA index is anticipated to show a consistent 1.7% year-over-year growth in March, matching the figure from February.
In the meantime, The Conference Board's confidence report is scheduled for 10 a.m. ET. It is expected that confidence will decline further to 92.0 in May from the already bleak 92.8 in April, as consumers continue to be frustrated by increasing prices, according to Econoday.
Later this week, the Federal Reserve's preferred measure of inflation, the core personal consumption expenditures price index, will be released on Thursday.
Make sure to follow Scott Lehtonen on X at@IBD_SLehtonenfor additional information on growth stocks, the Dow Jones Industrial Average, and the stock market today.
Follow Kimberley Koenig for additional updates on stock market news via X, the social media platform previously called Twitter,@IBD_KKoenig
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