Crypto firms, Wall Street push SEC to revise Regulation Crypto Assets as comments close

The US stock market surged higher, buoyed by hopes of strong corporate earnings and falling oil prices. The Dow Jones Industrial Average, a benchmark of large-cap US stocks, rose by one percent to reach 52,496 points. The S&P 500, a broad-based index of 500 major US companies, gained 0.3 percent to close at 7,713 points. The Nasdaq, a technology-focused exchange, ended trading essentially flat at 26,425 points.

The Nasdaq 100, which tracks the 100 largest non-financial companies by market capitalization, slipped by 0.1 percent to 29,490 points. Roughly 400 stocks listed on the S&P 500 posted gains, reversing the index's initial losses. Semiconductor values saw a rebound, bolstering investor sentiment. Brent crude oil prices fell again to around $109 per barrel.

Reports of a peace agreement between the US and Iran seemingly materializing proved incorrect, according to a diplomat involved in the talks. Talks regarding a deal continued, but no agreement was reached. Bond markets saw large-cap government bonds with long maturities outperform. Investors are also awaiting a series of quarterly earnings reports from the technology sector, hoping for clues on whether the artificial intelligence boom justifies the billions of dollars invested in the industry.

SpaceX plans to release its numbers late Tuesday, followed by Meta Platforms on Wednesday. AI concerns weighed on global stock markets, with companies in the semiconductor and data center sectors under pressure on Asian exchanges on Tuesday.