Michael Bromberg
3 min read
In This Article:
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The S&P 500 added 1.1% on Tuesday, June 24, 2025, as optimism spread about a possible de-escalation in the conflict between Israel and Iran.
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Coinbase shares surged, extending their solid rally as Benchmark analysts boosted their price target on the cryptocurrency exchange operator's stock.
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The potential for an alleviation of geopolitical tensions contributed to a drop in oil prices, pressuring oil and gas stocks, while aerospace and defense stocks also lost ground.
Major U.S. equities indexes gained ground on Tuesday after President Donald Trump announced a ceasefire agreement between Iran and Israel, raising hopes for a more sustained drawdown in hostilities.
Investors also kept an eye on Congressional testimony by Federal Reserve Chair Jerome Powell. Powell indicated that the central bank intends to maintain interest rates at their current levels until there is more clarity on tariff policy and its potential economic impact, despite the White House's calls for immediate rate cuts.
The S&P 500 gained 1.1%, closing just beneath its record-high level set in February. The Dow was up 1.2%, while the Nasdaq jumped 1.4%.
Shares of Coinbase Global (COIN), operator of the largest cryptocurrency exchange in the U.S., skyrocketed 12.1% on Tuesday to secure the S&P 500's top performance. Analysts at the research firm Benchmark lifted their price target on Coinbase stock, pointing to favorable legislative and regulatory developments and the company's initiatives to capitalize on them.
Secretary of Health and Human Services Robert F. Kennedy Jr. announced that the department would launch a massive advertising campaign to encourage the use of wearable health devices. Kennedy specifically mentioned the benefits of glucose monitors for patients managing diabetes. Shares of glucose monitor manufacturer Dexcom (DXCM) surged 9.7%.
Uber Technologies (UBER) shares jumped 7.5% as the ridesharing company debuted its robotaxi service in Atlanta. Uber's partnership with Waymo, the autonomous vehicle company owned by Google parent Alphabet (GOOGL), initially offers service in 65 square miles of Atlanta, around half the city's footprint.
Carnival Corporation (CCL) posted better-than-expected sales and profits for its fiscal first quarter, and the cruise operator's shares sailed 6.9% higher. The company also boosted its full-year profit outlook, pointing to increases in passengers carried and passenger cruise days as well as declining costs. Shares of competitors Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Group (RCL) also advanced.
