Today Fundamental Analysis: S&P 500 hits a fresh record high ahead of key tech earnings results.

U.S. stock futures were little changed early Tuesday after the S&P 500 and Nasdaq closed at fresh record highs in the previous session. On Monday, S&P 500 and the Nasdaq reached new intraday and closing records, while the Dow Jones slipped slightly. Gains were modest as investors remained cautious over stalled U.S.–Iran peace talks.

Markets are also watching reports that the White House discussed Iran’s proposal to reopen the Strait of Hormuz if the war ends and the U.S. lifts its blockade, offering some hope for progress.

Attention now shifts to a major week for markets, with earnings from several Magnificent Seven companies including Alphabet, Amazon, Meta, Microsoft, and Apple, alongside the upcoming Federal Reserve decision, which could be Jerome Powell’s final meeting as chair.

In Asia, The Bank of Japan kept its policy interest rate unchanged at 0.75% on Tuesday, but signaled rising inflation concerns linked to the Iran war and supply-side risks. At the same time, the BOJ cut its 2026 growth forecast to 0.5% from 1%, while sharply raising its core inflation forecast to 2.8%, above its 2% target. This reflects the challenge of balancing slower growth with higher prices.

Oil prices rose on Tuesday as investors assessed fresh signals from U.S.–Iran negotiations, while uncertainty over a possible de-escalation kept markets cautious. WTI crude climbed above $97 per barrel, while Brent rose above $109.

Benefiting from these higher oil prices, British Petroleum reported stronger-than-expected first-quarter earnings. The company posted underlying profit of $3.2 billion, beating forecasts of $2.63 billion.

Gold fell for a second straight session on Tuesday, dropping to around $4,650, its lowest level in more than two weeks, as a stronger U.S. dollar weighed on prices.

The dollar gained support from uncertainty surrounding the second round of U.S.–Iran peace talks, after President Trump canceled a planned diplomatic visit and rejected parts of Iran’s latest proposal. However, gold’s downside may be limited by expectations that the Federal Reserve could still cut rates later this year, which reduces the appeal of the dollar over time.

Investors are now focused on the upcoming FOMC meeting and comments from Fed Chair Jerome Powell, along with any new developments in the Middle East, for the next major move in gold.

AUTHOR

Ghassan Albohtori 

Financial Market Analyst - STARTRADER

Ghassan Albohtori is a financial market analyst with experience in macroeconomics, investing, and currency trading. He conducts in-depth market research covering fundamental and technical analysis of different instruments to find major changes in market trends. Mr. Ghassan's main focus is the effects of economic data on different asset classes and how this affects prices.

Risk Disclaimer: This material is provided for informational purposes only and does not constitute a recommendation or investment advice. Trading financial instruments on margin involves substantial risk and may not be appropriate for all investors.