Nasdaq slips as oil spikes on Iran jitters

Ceasefire? Maybe. Panic? Not yet.

Wall Street spent Tuesday doing that classic thing where it tries to price in two opposite realities at once. Pakistan said it was still waiting on Iran’s formal response about sending a delegation to peace talks, and that uncertainty sent crude higher and pushed the Nasdaq lower by more than 100 points intraday.

The market was moody, not miserable

The CNN Money Fear and Greed Index dipped to 67.5 from 70.9, which still leaves it in the “Greed” zone — basically the market’s version of saying, “I’m stressed, but I’m still shopping.”

Here’s the quick read for investors:

• Oil strength helped energy stocks buck the broader selloff.
• Rate-sensitive corners of the market, like real estate and utilities, had a rougher day.
• Geopolitical headlines around the Strait of Hormuz kept traders on edge, because any real escalation could quickly turn into a broader inflation story.

Earnings were the side plot

There was also plenty of company-specific noise layered on top of the macro soup. GE Aerospace posted better-than-expected first-quarter earnings, and UnitedHealth popped 7% after beating Q1 expectations and lifting FY26 EPS guidance. Meanwhile, traders were staring at Tesla, AT&T, and Boeing earnings later in the day like kids waiting for the next shoe to drop.

Big picture: oil is the market’s speed bump

If the Middle East story stays contained, this might just be another noisy session in a year that’s already had plenty. But if crude keeps climbing, the market may have to choose between its love of growth and its very real fear of higher inflation. And that’s when the vibes get expensive.