Finance

Crude oil prices spiked as uncertainty surrounding the expiration of the U.S.-Iran ceasefire weighed on global energy markets. Brent crude rose over 3% to settle near $98 per barrel, while West Texas Intermediate followed a similar upward trajectory due to renewed concerns over potential disruptions in the Strait of Hormuz.

U.S. Treasury yields rose on Tuesday after retail sales data for March exceeded analyst expectations, signaling continued consumer resilience. The 10-year Treasury yield climbed to approximately 4.31%, reinforcing investor beliefs that the Federal Reserve will maintain current interest rates for the remainder of the year.

Apple shares faced downward pressure following the announcement that longtime CEO Tim Cook plans to step down, handing leadership to John Ternus. Conversely, UnitedHealth Group surged over 7% after reporting strong quarterly earnings, while Tractor Supply plummeted more than 11% due to missing revenue and profit targets.

Bitcoin and Ethereum experienced price fluctuations on Tuesday, initially showing strength before succumbing to broader market jitters. Bitcoin hovered around the $75,500 level, while Ethereum declined slightly to approximately $2,305 as traders monitored the shifting geopolitical landscape and its impact on speculative asset demand.

Sector performance was largely negative on Tuesday, with the utilities and real estate sectors ranking as the worst performers within the S&P 500. Utilities dropped approximately 1.5%, led by significant declines in shares of companies like NRG Energy, as investors rotated away from defensive sectors amid rising yields.