4.05pm: S&P 500 now up more than 10% since March 14
US stocks finished the trading session higher following media reports indicating that progress was being made in Russia-Ukraine peace negotiations.
At the close, the Dow gained 338 points to 35,294, while the S&P 500 added 56 points at 4,632 and the tech-heavy Nasdaq climbed 265 points to 14,620.
Notable movers included shares of FedEx (NYSE:FDX) Corp, which jumped more than 3% after the delivery giant announced that founder Fred Smith would step down as CEO on June 1 and be replaced internally.
12:00pm: US equities higher midday
US stocks were strongly higher midday Tuesday as investors and traders monitored ceasefire negotiations between Russia and Ukraine.
Also helping the market are falling oil costs. The price of US benchmark West Texas Intermediate crude, which spiked during the invasion, fell more than 4% to around $101 per barrel.
Growing hope for a Russia-Ukraine ceasefire came after Russian Deputy Defense Minister Alexander Fomin said that the country will “drastically” reduce military activity near the Ukrainian capital Kyiv.
As of noon, the Dow Jones Industrial Average was up 256 points, or 0.74%, to 35,212. The S&P 500 rose 36 points, or 0.78%, to 4,611.
And the tech-heavy Nasdaq jumped 183 points, or 1.28%, to 14,538.
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9.55am: US shares on the up at the open
US stocks started higher on Tuesday as markets were buoyed over talks between Ukraine and Russia.
The Dow Jones Industrial Average advanced 350 points at 35,308 in early deals.
The S&P 500 gained around 25 at 4,611, while the Nasdaq gained around 170 points at 14,525.
Oil prices were heading lower as a result too of optimism over a potential ceasefire, with West Texas Intermediate dropping 6.2% and Brent crude slipping 5.9% per barrel.
"While there are reportedly still plenty of gaps in the demands of the two teams, there appear to have been compromises found on some big issues including Ukraine's previous ambitions of NATO membership," said Craig Erlam, market analyst at Forex group Oanda.
"The next couple of days could be crucial but the signs are promising which we're seeing reflected in the markets today."
6.30am: US stocks seen opening higher
US stocks are seen opening higher on Tuesday as concerns over runaway inflation were partly allayed by a softening in oil prices.
China’s imposition of a COVID 19 related lockdown in the key financial hub of Shanghai, a city of nearly 30 million, has been the main factor driving oil prices lower. Investors believe the lockdown will dampen demand for oil in China which is among the world’s largest importers of crude oil.
Futures for the Dow Jones Industrial Average and those for the S&P 500 were both 0.4% higher. Contracts for the tech-heavy Nasdaq-100 were also up 0.4%.
“Shanghai lockdown combined with the rising Covid cases in China boosted worries that the fresh health crisis could extend and further weigh on Chinese oil demand – but the temporary fall in Chinese demand should do little to the demand-supply dynamics in the medium-term, which remains in favour of bullish market conditions,” said Ipek Ozkardeskaya, senior analyst at Swissquote.
Benchmark Brent crude futures were up 0.8% at $110.38 a barrel, while gold futures were down 1.4% at $1912.20 an ounce.
“Many oil traders predict that the price of a barrel could reach $200 by the end of the year. But we are not there yet. The barrel of US crude is still capped below the $130 level, and the global demand is expected to reach a record in the second half of the year,” Ozkardeskaya added.
Markets will also be watching upcoming US economic data for further signs that monetary policy may be tightened quickly, notably, US consumer confidence figures due at 10.00 am ET.
“We also have the FOMC member, John C. Williams speaking today. The FOMC would have hiked interest rates by 50bps in March, but the invasion of Ukraine by Russia stopped them. The war has exacerbated the ongoing inflation situation, which worries many Fed members, including Williams. Jerome Powell, the Fed Chair, has already said that the Fed isn’t comfortable classifying inflation as transitory anymore, “said Naeem Aslam, chief market analyst at avatrade.com. “Any hawkish commentary from Williams is likely to push the dollar index higher, but traders are likely to remain skeptical about 50 basis points interest rate hike during their next meeting.”
Elsewhere, talks between Russia and Ukraine being held in Istanbul will also be in focus for signs of any progress towards peace at a time when Russia’s invasion of Ukraine has already entered a second month.
Contact the author at jon.hopkins@proactiveinvestors.com