Stocks saw mixed results on Tuesday as the Dow Jones Industrial Average gained, but the S&P 500 and the tech-heavy Nasdaq Composite declined.
Concretely, the DJIA climbed 0.64%, while the S&P 500 fell 0.57% and the Nasdaq Composite did so further, declining by 1.15% .
CNBC noted that the Nasdaq Composite was largely dragged by chipmakers, which saw losses across the industry throughout the session. In contrast, Caterpillar and banks like JPMorgan led gains in the DJIA.
SpaceX continued to climb, cementing its place among the U.S.'s most valuable companies. It even surpassed Microsoft as the 4th biggest for a brief period.
The milestone took place for a brief period of time, when the company's market cap rose to $2.94 trillion, more than Microsoft's $2.93 trillion. It also surpassed Amazon. Only Apple, Alphabet and Nvidia had a larger market capitalization at that point.
Elsewhere, oil kept plummeting following the agreement between the U.S. and Iran to cease hostilities and begin nuclear negotiations, with Brent crude dropping below $80 a barrel for the first time since March.
Brent crude, the international benchmark, dropped more than 4% and clocked in at $79.67 per barrel at 4:01 p.m. ET, while West Texas Intermediate, the U.S. benchmark, plunged further, standing below $77 a barrel at the same time.
A new report claimed that the memorandum of understanding between the U.S. and Iran allows Tehran to immediately start selling oil.
The Wall Street Journal detailed that the agreement to waive sanctions on Iranian oil sales also covers related services, including banking, transportation and insurance to facilitate them. It will go into effect once it is signed.
The text of the memorandum of understanding with Iran has yet to be released, with Trump saying it will likely be read on Friday after the signing ceremony.
Speaking to press while meeting with French counterpart Emmanuel Macron, Trump said he wants the agreement's wording to be released "because it's a very powerful document."
"It's not like the Obama document, which was just a terrible document. This is a very powerful document and I want it to be released, so probably pretty soon," Trump said, in reference to the nuclear deal signed by then-President Barack Obama during his administration.
Obama also reacted to the deal, saying he is "doubtful" that the new agreement is "significantly different" to the one Tehran agreed to during his administration.
Earlier on Monday, JD Vance said "a lot" of details still need to be negotiated with Iran to formally end the war, but claimed the U.S. holds "all the cards" in the upcoming talks.
