US Stocks Gain as Investors Buy the Dip While Iran War Escalates

2s7uwg2q073)srq6y5c2}qqz_media_dl_1.png BloombergArticle content(Bloomberg) — US stocks rose Tuesday as investors buy the dip, signaling confidence in the markets even as Iran war tensions escalate. Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe S&P 500 Index rose 0.6% as of 11:01 a.m. in New York, bouncing off a key support level after breaking a four-day losing streak on Monday.

Exxon Mobil Corp. is among the leaders in the gauge as investors expect higher gas prices and strong US gas demand due to the war. The tech-heavy Nasdaq 100 gained 0.8%, while Brent crude oil prices hovered around $101.

The Cboe Volatility Index fell to 22 from last week’s highs.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle content“The 200-day moving average isn’t necessarily a line-in-the-sand, but a key level of the market’s overall health,” said Jay Woods, chief strategist at Freedom Capital Markets. “However, as algorithmic trading dominates the landscape of Wall Street, these levels tend to have more significance than ever.”Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentIsrael said Tuesday morning that Iran security chief Ali Larijani has been killed, marking the latest escalation in the Iran war. The move follows intensifying strikes by Iran, including a drone strike to a large gas field in the United Arab Emirates and a key UAE oil loading port, Fujairah, suspended operations again. Article contentOver the weekend, a select few tankers trickled through the all-but-closed Strait of Hormuz, boosting investor sentiments that supply chain disruptions would abate. Experts suggest that these journeys are tightly controlled by Iran, even as the US seeks to secure the waterway. Article contentUS diesel rose above $5 a gallon for the first time since December 2022 as the war continues to disrupt energy supplies, driving up fuel prices. Article content“The S&P 500, while slightly on its heels, is only about 4% off its highs from before the conflict,” said Mark Malek, chief investment officer at Siebert Financial. “That tells me that the market and investor sentiment is holding up. At the end of the day, US markets still offer the best upside opportunities for investment, which is certainly backstopping at least some fear.”Article contentArticle contentThe Federal Reserve kicks off its two-day policy meeting Tuesday with a decision on interest rates to be announced Wednesday. Analysts widely expect officials to hold rates steady. Article content“As much as most of the focus is on the War right now, at least some of the focus for investors will move towards the Fed meeting tomorrow,” said Matt Maley, chief market strategist at Miller Tabak + Co, noting that investors are looking for commentary on the private credit market and whether Chairman Jerome Powell will step down.Article contentInvestors are also paying attention to day two of Nvidia Corp.’s annual AI conference as Chief Executive Officer Jensen Huang will answer analyst questions at 12 p.m. New York time. Article contentSectors to WatchArticle contentEnergy companies are leading the S&P 500 Index as Diamondback Energy Inc. and Devon Energy Corp. were named top picks at Mizuho SecuritiesEli Lilly & Co. shares dip after HSBC analysts say investor expectations for weight-loss drugs are over inflatedAirline stocks are trading higher after bullish first-quarter preliminary outlooks from both Delta Air Lines Inc. and American Airlines Group Inc.Uber and Lyft gain after Nvidia announced autonomous vehicle partnerships with both ride-hailing apps.Article content—With assistance from Matthew Griffin and Janet Freund.Article contentTrending Subscriber only.

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The United States is losing its grip on Canada's steel market Subscriber only Commodities Posthaste: Even Americans are getting fed up with Donald Trump's tariffs News Posthaste: Why insurance premiums are surging in Canada — especially in these cities News Bank of Canada expected to hold interest rates as nation faces trade uncertainty, global conflict Economy Saint John's port is booming as Ontario shippers seek to dodge U.S. tariffs Economy