Wall Street Rises, Tech Leads Amid US-Iran Deal Hopes and Weaker PPI
US stocks moved higher on Tuesday (April 14), continuing the market's resilience despite the failure of US-Iran peace talks last weekend to produce a breakthrough. The S&P 500 rose 0.3%, the Dow added 41 points, or 0.1%, and the Nasdaq rose 0.7%, with investors still assessing the possibility of a deal.
Technology stocks again provided support. Oracle rose 6% after surging more than 12% in the previous session, while Nvidia and Palantir continued their gains. President Donald Trump's statement that Iran was "in touch" and "wants to make a deal" helped maintain risk appetite, even as geopolitical uncertainty mounted.
Sentiment was also helped by March's Producer Price Index (PPI) data, which rose much less than expected on a monthly basis, giving the market room to contain concerns that cost pressures would quickly spread to inflation. The main channel: lighter producer price data tends to ease pressure on interest rate expectations, thus supporting equity valuations, particularly in growth sectors.
However, market gains were restrained by financial sector performance results. JPMorgan Chase reported first-quarter results that exceeded expectations, but cut its net interest income guidance, pushing its shares down by -1.6%. Wells Fargo also released disappointing figures, falling more than 2%. Meanwhile, Goldman Sachs was still plagued by a 10% year-on-year decline in fixed income trading revenue, despite a surge in investment banking fees and profits that exceeded analyst expectations. (Arl)*
Source: Newsmaker.id
