Wall Street Pauses For A Breather, Miners Rally As Copper Notches All-Time Highs: What's Driving Markets Tuesday?

Wall Street’s recovery from its recent technical correction paused for a breather on Tuesday, as investors awaited more clarity on tariff developments and digested a downbeat consumer confidence report.

The Conference Board’s Consumer Confidence Index dropped to 92.9 in March, its lowest reading since late 2022. The Expectations Index plunged to 65.2 — a level not seen since 2013 — reflecting growing pessimism. The report cited rising prices, especially for eggs and tariff-affected goods, as key concerns. Inflation expectations also climbed, from 5.8% in February to 6.2% in March.

The S&P 500 and Dow were flat on the day, while the Nasdaq 100 edged slightly higher, supported by gains in cybersecurity stocks.

Copper took center stage, jumping over 2% to hit new record highs. Demand is surging in both China and the U.S., fueled by policy stimulus and tariff-related shifts.

Shares of Freeport McMoRan Inc. FCX, the largest U.S. copper miner, rose 3.3%, extending gains in 10 of the last 11 sessions. The Global X Copper Miners ETF COPX climbed 2% to a three-month high.

Elsewhere, market moves were subdued. Gold gained 0.5%, silver advanced 1.8% and oil dipped 0.4% after Monday’s 1.2% jump driven by Venezuelan sanctions.

Bitcoin BTC/USD posted a modest 0.4% gain.

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY inched 0.1% higher to $575.17.
• The SPDR Dow Jones Industrial Average DIA flattened at $425.79.
• The tech-heavy Invesco QQQ Trust Series QQQ rose 0.4% to $492.89.
• The iShares Russell 2000 ETF IWM eased 0.2% to $208.51
• The Communication Services Select Sector SPDR Fund XLC outperformed, up 1.2%; the Utilities Select Sector SPDR Fund XLU lagged, down 1.7%.

• CrowdStrike Holdings CRWD climbed 4% after BTIG analyst Gray Powell upgraded the stock to Buy, setting a price target of $431. The analyst cited expectations of robust revenue growth heading into fiscal 2027. Cybersecurity peer Zscaler Inc. ZS also rose 2.5%.
• Cloudflare Inc. NET rose 2.2% after receiving a double upgrade to Buy from Bank of America Securities, with a price target raised to $160.
• United Parcel Service Inc. UPS tumbled 4.6%, hitting early-February lows despite a lack of headlines.
• AT&T Inc. T rose 2.1% after Goldman Sachs raised the stock price target from $29 to $31.
• Gamestop Corp. GME is slated to report earnings after the close.

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Photo: Mer_Studio via Shutterstock