Nasdaq hits new high as oil slips; S&P 500, Dow Jones open higher

US markets opened higher on Tuesday, aided by easing oil prices and a fresh batch of strong corporate earnings. The S&P 500 rose 0.7%, while the Nasdaq Composite gained 1% to hit a new intraday record. The Dow Jones Industrial Average added around 340 points, or 0.7%, in early trade.

Crude prices retreated, providing relief to equities after recent volatility. West Texas Intermediate crude fell about 3% to hover just above $102 per barrel, while Brent crude slipped nearly 2–3% to around $111.

The pullback comes as a fragile ceasefire between the US and Iran appears to be holding, despite intermittent tensions in the Strait of Hormuz.

Investor sentiment was also buoyed by upbeat earnings. Pfizer edged higher after beating estimates and reaffirming its full-year outlook, while Anheuser-Busch InBev surged about 8% on strong quarterly results.

On the macro front, US labour data showed resilience. Job openings held broadly steady at 6.87 million in March, while hiring picked up sharply, signalling continued strength in the jobs market.

Meanwhile, the US trade deficit widened slightly month-on-month to $60.3 billion but narrowed significantly compared to a year ago, reflecting higher exports and lower imports.