U.S. stocks advanced midday Tuesday, demonstrating resilience despite escalating geopolitical tensions and trade uncertainties between the world’s two largest economies.

China responded to President Donald Trump‘s 10% import tariff with targeted countermeasures, including restrictions on key mineral exports to the U.S. and tariffs on American energy products.

Beijing is raising tariffs by 10%-15% on select U.S. imports, including coal, liquefied natural gas, crude oil, agricultural machinery and vehicles. Additionally, China added PVH Corp. PVH and Illumina Inc. ILMN to its “Unreliable Entity List,” citing the need to “safeguard national sovereignty, security, and development interests,” and opened an antitrust investigation on Alphabet Inc. GOOGLGOOG.

Market participants had anticipated a call between Trump and Chinese President Xi Jinping on Tuesday, but media reports indicated the conversation would not happen today.

The trade developments had an immediate impact on oil markets, with West Texas Intermediate crude futures plunging 3% overnight to as low as $70 per barrel.

Yet, prices rebounded sharply Tuesday morning following reports that Trump is considering issuing a memorandum aimed at inflicting maximum economic damage on Iran, potentially leading to a sharp decline in Iranian oil production.

Energy stocks outperformed on the day, while utilities lagged.

Among individual stocks, Palantir Technologies Inc. PLTR rocketed 22% after posting strong earnings and a revenue beat.

In the commodities market, gold added more than 1%, extending its all-time high, and silver jumped 2.2%. Meanwhile, Bitcoin BTC/USD declined 2% to $99,000.

Tuesday’s Performance In Major U.S. Indices, ETFs

Major Indices	Price	1-day % chg
Russell 2000	2,281.54	1.0%
Nasdaq 100	21,495.31	0.9%
S&P 500	6,029.97	0.6%
Dow Jones	44,501.00	0.2%

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY rose 0.5% to $600.53.
• The SPDR Dow Jones Industrial Average DIA inched 0.1% higher to $444.77.
• The tech-heavy Invesco QQQ Trust Series QQQ rose 0.9% to $522.81.
• The iShares Russell 2000 ETF IWM rallied 1.1% to $226.80.
• The Energy Select Sector SPDR Fund XLE outperformed, up 1.9%; the Utilities Select Sector SPDR Fund XLU lagged, down 0.8%.

Tuesday’s Stock Movers

Stocks reacting to earnings report included:

• Pfizer Inc. PFE: down 1.53%
• PepsiCo Inc. PEP: down 4.43%
• Merck & Co. MRK: down 10.49%
• PayPal Holdings Inc. PYPL: down 11.57%
• Archer-Daniels-Midland Co. ADM: down 3.58%
• KKR & Co. KKR: down 7.90%
• Cummins Inc. CMI: up 3.81%
• Enterprise Products Partners L.P. EPD: down 0.99%
• Marathon Petroleum Corp. MPC: up 5.85%
• Estee Lauder Companies Inc. EL: down 16.35%
• Apollo Global Management Inc. APO: down 2.78%
• Fox Corp. FOXA: up 4.00%
• Ametek Inc. AME: down 1.00%
• Xylem Inc. XYL: up 5.85%
• Ferrari NV RACE: up 7.62%
• Spotify Technology SA SPOT: up 10.46%
• Regeneron Pharmaceuticals Inc. REGN: up 4.71%
• Jacobs Solutions Inc. J: down 2.72%
• Aramark ARMK: down 1.51%
• Gartner Inc. IT: up 0.77%
• Centene Corp. CNC: down 3.41%
• Atkore Inc. ATKR: down 20.50%
• Berry Global Group Inc. BERY: up 4.15%
• WEC Energy Group Inc. WEC: down 1.52%
• Hubbell Inc. HUBB: down 0.55%
• TransDigm Group Inc. TDG: down 1.60%
• Graphic Packaging Holding Co. GPK: down 1.76%
• CNH Industrial NV CNHI: up 1.71%
• Ingredion Inc. INGR: down 6.12%
• ATI Inc. ATI: up 7.02%
• Ball Corp. BALL: down 8.03%
• Lancaster Colony Corp. LANC: up 9.27%
• Premier Inc. PINC: down 15.36%
• MPLX LP MPLX: up 2.92%
• Oaktree Specialty Lending Corp. OCSL: down 3.42%
• PJT Partners Inc. PJT: up 12.77%
• Energizer Holdings Inc. ENR: down 4.45%
• Silicon Laboratories Inc. SLAB: down 1.05%
• Hamilton Lane Inc. HLNE: down 0.01%
• Madison Square Garden Sports Corp. MSGS: down 3.74%
• Pentair Plc PNR: down 1.89%
• Amcor Plc AMCR: up 3.87%
• Inmode Ltd. INMD: up 2.82%
• Willis Towers Watson Plc WTW: down 3.54%
• Axalta Coating Systems Ltd. AXTA: up 7.86%
• Mesa Laboratories Inc. MLAB: up 10.48%

Major companies reporting their earnings after the close are Alphabet Inc., Amgen Inc. AMGN, Advanced Micro Devices Inc. AMD, Mondelez International Inc. MDLZ, Chipotle Mexican Grill Inc. CMG, Electronic Arts Inc. EA, Prudential Financial Inc. PRU, Simon Property Group Inc. SPG, Atmos Energy Corp. ATO, Aspen Technology Inc. AZPN, Carlisle Cos. CSL, Fair Isaac Corp. FICO, Jack Henry & Associates Inc. JKHY, Idex Corp. IEX and Enphase Energy Inc. ENPH.

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Photo: Marek Masik via Shutterstock