US stocks edge up as oil prices retreat, SpaceX surges
- S&P 500 was flat at 7,552.17, while Nasdaq Composite Index added 0.2% at 26,741.86
Wall Street stocks saw mixed gains as oil prices retreated following a US-Iran peace announcement, with markets anticipating Kevin Warsh's first Federal Reserve meeting.
- Oil price retreat after the US-Iran peace announcement.
- Kevin Warsh's first Federal Reserve meeting as chair.
- SpaceX's surge in market value, surpassing Amazon.
NEW YORK: Wall Street stocks edged higher early Tuesday as oil prices continued to retreat after the US-Iran peace announcement, while markets looked ahead to Kevin Warsh’s first Federal Reserve meeting as chair.
Crude prices continued to weaken even as questions surrounded the US-Iran agreement and the expected lag before oil markets normalize after the Strait of Hormuz was mostly shut for more than three months.
“It’s normal for markets to want to consolidate their gains after strong up days, especially now that we’re still trying to figure out exactly what’s in the agreement that’s been signed,” said Steve Sosnick of Interactive Brokers.
About 30 minutes into trading, the Dow Jones Industrial Average was up 0.5 percent at 51,902.45. The blue-chip index ended at a record Monday.
The broad-based S&P 500 was flat at 7,552.17, while the tech-rich Nasdaq Composite Index added 0.2 percent at 26,741.86.
Sosnick pointed to keen interest in Wednesday’s Fed meeting, which will be the first led by Warsh.
“There are questions about how he’s going to manage what will clearly be expectations from the president that he will be dovish,” Sosnick said.
Among individual companies, SpaceX surged 13.5 percent, after earlier increases in its first two trading sessions. Elon Musk’s rocket company has now overtaken Amazon as the world’s fifth biggest enterprise in terms of market value.
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