U.S. stocks fall amid rebounding oil prices, mixed economic data

U.S. stocks closed lower on Tuesday as investors digested rebounding oil prices, mixed U.S. economic data, and ongoing geopolitical developments. The Dow Jones Industrial Average fell by 0.18 percent to 46,124.06. The S and P 500 sank 0.37 percent to 6,556.37. The Nasdaq Composite Index shed 0.84 percent to 21,761.9.

Seven of the 11 primary S and P 500 sectors ended in green, with energy and materials leading the gainers by adding 2.05 percent and 1.67 percent, respectively. Communication services and real estate led the laggards by going down 2.5 percent and 0.76 percent, respectively.

Oil prices resumed their upward trajectory after tumbling in the previous session. The sharp reversal occurred as the U.S.-Israeli strikes on Iran continued, dampening earlier market optimism that the conflict was potentially winding down.

Global benchmark Brent crude futures for May delivery surged 4.55 percent to settle at 104.49 U.S. dollars a barrel, while U.S. benchmark West Texas Intermediate crude futures for May delivery gained 4.79 percent to 92.35 dollars a barrel.

On the economic front, preliminary data revealed divergent trends in the U.S. business activity. The S and P Global U.S. Manufacturing Purchasing Managers' Index (PMI) climbed to 52.4 in March, up from 51.6 in February, exceeding market expectations of 51.3. Conversely, the S and P Global U.S. Services PMI fell to 51.1 in March from 51.7 in the previous month, narrowly missing the median market consensus.

In the technology sector, performance among the "Magnificent Seven" mega-cap equities was mixed, following a broad rally on Monday that snapped a three-session losing streak for the group. Tesla ticked higher after the company reported its first monthly sales increase in Europe in more than a year.

In other corporate developments, Bank of America analysts resumed coverage of Oracle with a "buy" rating and a 200 dollar price target. The analysts suggested that lowered market expectations for the software provider, combined with a backdrop of robust demand for artificial intelligence capabilities, present an attractive discounted buying opportunity for investors. Oracle was down 4.7 percent Tuesday.

U.S. stocks fall amid rebounding oil prices, mixed economic data

The United States has sent Iran a 15-point peace plan in an effort to end the war, which is now in its fourth week, while the Iranian side insists the conflict will continue until their demands for reparations and sanctions relief are met.

According to media reports on Tuesday, the United States has sent the peace plan to Iran via Pakistan. The plan addresses Iran's ballistic missile and nuclear programs and discusses maritime routes, referring to the Strait of Hormuz.

The plan reportedly demands that Iran dismantle its nuclear capabilities, cease all uranium enrichment, and provide a permanent commitment to never seeking nuclear weapons, according to the reports.

It is also reported that Iran would be required to halt funding and arming allied groups in the region and guarantee that the Strait of Hormuz remains open to international shipping.

In exchange, the United States is offering full sanctions relief, assistance in developing a civilian nuclear energy project in southern Iran's Bushehr, and the removal of the "snapback" mechanism threat that enables the reimposition of previously lifted UN sanctions on Iran.

Reports also indicate that the United States is considering a one-month ceasefire to facilitate further negotiations on the plan.

However, Mohsen Rezaei, the new military advisor to Iran's Supreme Leader, said Monday that Iran will continue its war with the United States until its demands are met, including full reparations, economic sanctions relief and guarantees of non-interference in its internal affairs.

US sends 15-point peace plan to Iran, Iran vows to fight on until demands met