SPY is trading at $711.47 (+0.43%) in pre-market action as a diplomatic window regarding tensions in the Strait of Hormuz signals market stabilization.
- The recovery follows a 0.39% decline to $708.45 on April 23, which was driven by oil prices spiking above $105/barrel and geopolitical uncertainty impacting tech deals.
- Market sentiment is bolstered by a 0.76% gain in the Nasdaq and strong Intel earnings, which helped outweigh losses in Tesla and IBM.