U.S. stocks rallied more than 1% on Tuesday as investors welcomed a fragile truce with Israel and Iran while parsing Federal Reserve Chair Jerome Powell's congressional testimony for clues regarding the U.S. central bank's path forward.

The Nasdaq 100, a subset of the Nasdaq Composite, nabbed an all-time closing high, while the benchmark S&P 500 closed within striking distance of its all-time closing high reached on February 19.

Market Snapshot

The Dow Jones Industrial Average rose 507.24 points, or 1.19%, to 43,089.02, the S&P 500 gained 67.01 points, or 1.11%, to 6,092.18 and the Nasdaq Composite gained 281.56 points, or 1.43%, to 19,912.53. BigBear.ai Holdings up 25%; Coinbase Global, Inc. up 12%; Broadcom rose 4%; Circle Internet Corp. fell 15%.

Market Movers

Tesla Motors fell 2.4%. The electric-vehicle company jumped 8.2% to $348.68 on Monday following the launch Sunday of its robo-taxi service in Austin, Texas. The gains Monday were the stock's largest since it rose nearly 10% on April 25, according to Dow Jones Market Data, the day the Transportation Department announced a new framework for self-driving cars.

Cruise operator Carnival jumped 6.9% after reporting fiscal second-quarter earnings that beat analysts' estimates and raising its fiscal-year guidance. Carnival said advanced bookings for 2026 were in line with 2025's record levels and at "historically high prices."

SUPER MICRO COMPUTER INC was up 4.8% after tumbling 9.8% on Monday following an announcement the server maker planned a $2 billion senior convertible notes offering. Super Micro ended Monday's session as the worst performer in the S&P 500. It snapped a two-day winning streak but has risen 34% this year.

Occidental fell 3.3%, and Exxon Mobil was down 3% as the energy stocks followed oil prices lower.

RTX Corp fell 2.7%, Lockheed Martin declined 2.6%, and other defense companies traded lower after the cease-fire between Israel and Iran was announced.

Coinbase Global jumped 12% to $344.82 and was the top stock in the S&P 500 on Tuesday. Analysts at Benchmark Capital on Monday raised their price target on the stock to $421 from $301, noting the "flurry of news about the company and the environment in which it operates that emerged over the course of the past few trading sessions was remarkable." The analysts highlighted Senate passage of a bill to regulate stablecoins, called the Genius Act. Stablecoins are a "major segment of the company's business," Benchmark said.

Lyft gained 6.1% to $15.86. TD Cowen upgraded shares of the ride-hailing company to Buy from Hold and boosted the price target to $21 from $16. TD dubbed Lyft its "Best Smidcap Idea for 2025."

Market News

Nvidia Stock Jumps to Highest Levels Since January with Record High Within Reach

NVIDIA stock jumped 2.6% Tuesday to $147.90 per share, ending the trading session at its highest level since its record close in January.

Nvidia notched a record closing price of $149.43 on Jan. 6.

Uber Technologies Rallies After Atlanta Waymo Expansion, Tesla's Stumbles in Austin

Uber rose 8% on Tuesday after the mobility company expanded its partnership with Waymo (GOOG) to parts of Atlanta. The service area in Atlanta covers about 65 square miles, though it currently excludes highways and airport trips.

The partnership between the two companies began with a pilot in Phoenix, Arizona, where Uber users could book Waymo's (GOOG) autonomous vehicles for both ride-hailing and local deliveries through the Uber and Uber Eats apps.

BlackBerry Raises Annual Revenue Forecast on Robust Demand for Cybersecurity Services

Canada's BlackBerry raised its annual revenue forecast on Tuesday, anticipating steady demand for its cybersecurity services amid growing online crimes, sending the company's U.S.-listed shares up 6% after the bell.

A rise in cybercrimes and hacks has spurred companies to invest heavily in cybersecurity, benefiting firms such as BlackBerry that provide security services.