Stock Market Today: SPY, QQQ Shrug Off U.S.-Iran Tensions, Renewed Tariff Concerns

SPY and QQQ rose as AI stocks recovered from recent selloffs. Markets shrugged off U.S.-Iran tensions and tariff concerns, including potential new duties replacing expiring Section 122 measures and 50% tariffs on Canadian goods. Apple announced a device leasing program and received an upgraded price target. Tesla, Alphabet, and IBM are set to report earnings Wednesday.

Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed higher on Tuesday as AI stocks continued to recover from last week's selloff.

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News That Moved the Stock Market Today

President Trump has two realistic options for the next step in the Iran war, U.S. and Israeli officials told Axios. One option would be accepting a mediator-backed 10-day ceasefire to restore shipping through the Strait of Hormuz. The other would involve expanding coordination efforts with Israel and launching an aggressive military campaign designed to pressure Tehran into backing down.
U.S. Trade Representative (USTR) Jamieson Greer told CNBC's "Squawk Box" that the U.S. will likely announce new tariffs soon. Trump's global 10% duties under Section 122 of the Trade Act of 1974 are set to expire on Friday. They'll likely be replaced by new measures under an alternative legal authority.
On Monday evening, the White House announced 50% tariffs on several Canadian products, including concrete, beer, and milk. However, Canadian Prime Minister Mark Carney said Trump agreed to accelerate trade negotiations to potentially avoid the higher tariffs before they take effect on August 19.
AI stocks returned to the spotlight, highlighted by significant gains in Micron (MU), Western Digital (WDC), Intel (INTC), and AMD (AMD).
Apple (AAPL) is set to launch an "Upgrade" device leasing program for iPhone, Mac, iPad and Apple Watch models on July 28, according to Bloomberg. In addition, HSBC analyst Nicolas Cote-Colisson raised his AAPL price target to $366 from $260.
Tesla (TSLA), Alphabet (GOOGL), and IBM (IBM) will tariff-plans">report their earnings on Wednesday after the market close.

News That Moved the Stock Market Today

President Trump has two realistic options for the next step in the Iran war, U.S. and Israeli officials told Axios. One option would be accepting a mediator-backed 10-day ceasefire to restore shipping through the Strait of Hormuz. The other would involve expanding coordination efforts with Israel and launching an aggressive military campaign designed to pressure Tehran into backing down.

U.S. Trade Representative (USTR) Jamieson Greer told CNBC's "Squawk Box" that the U.S. will likely announce new tariffs soon. Trump's global 10% duties under Section 122 of the Trade Act of 1974 are set to expire on Friday. They'll likely be replaced by new measures under an alternative legal authority.

On Monday evening, the White House announced 50% tariffs on several Canadian products, including concrete, beer, and milk. However, Canadian Prime Minister Mark Carney said Trump agreed to accelerate trade negotiations to potentially avoid the higher tariffs before they take effect on August 19.

AI stocks returned to the spotlight, highlighted by significant gains in Micron (MU), Western Digital (WDC), Intel (INTC), and AMD (AMD).

Apple (AAPL) is set to launch an "Upgrade" device leasing program for iPhone, Mac, iPad and Apple Watch models on July 28, according to Bloomberg. In addition, HSBC analyst Nicolas Cote-Colisson raised his AAPL price target to $366 from $260.

Tesla (TSLA), Alphabet (GOOGL), and IBM (IBM) will tariff-plans">report their earnings on Wednesday after the market close.