Closing Bell: Stocks Rally Toward Record Highs as Amazon Deal and Citi Earnings Drive Momentum

Key Points

• U.S. stocks extended gains Tuesday, with the S&P 500 up 1.18%, Nasdaq‑100 up 1.81%, and Russell 2000 up 1.32%.
• Amazon announced an $11.6B acquisition of Globalstar, strengthening Project Kuiper’s direct‑to‑device satellite capabilities.
• Citi topped estimates on robust trading and investment‑banking performance, posting decade‑high revenue, though credit loss provisions remain an area to watch amid macro and geopolitical risks.

Markets extended their positive momentum on Tuesday and moved closer to a fresh attempt at new all‑time highs for the S&P 500. The S&P 500 (SPX) gained 1.18%, while the Nasdaq‑100 (NDX) climbed 1.81% and the Russell 2000 (RUT) advanced 1.32%. Communication Services, Consumer Discretionary, and Information Technology led the market higher, while Energy and Materials lagged during the session.

Amazon to Buy Globalstar in $11.6B Deal to Boost Project Kuiper and Satellite Reach

Amazon announced plans to acquire Globalstar in a deal valued at roughly $11.5–$11.6 billion, offering shareholders $90 per share in cash or Amazon stock. The acquisition strengthens Project Kuiper, significantly boosting Amazon’s direct‑to‑device satellite capabilities and positioning it more directly against SpaceX’s Starlink, while providing access to Globalstar’s satellite constellation, spectrum, and connectivity infrastructure. Amazon will also continue supporting Apple’s satellite services for iPhone and Apple Watch, including Emergency SOS and messaging. The transaction is expected to close in 2027, pending regulatory approvals and satellite replacement milestones.

Citigroup Beats Q1 Estimates on Trading and Deal Strength

Citigroup posted a strong Q1 earnings beat, driven by robust trading and investment‑banking results, with EPS of $3.06 and revenue of $24.6 billion, the bank’s highest quarterly revenue in a decade. Markets revenue surged 19% year over year, led by strength in equities and fixed income amid geopolitical volatility, while investment‑banking fees rose sharply on record M&A advisory activity. Solid net interest income and a strong capital position supported overall results, though credit loss provisions remain a key watch item given macro and geopolitical risks.

Market Events for Tomorrow (ET)

8:30 AM ET

• Empire State Manufacturing Index
• Import Prices
• FOMC Member Barr Speaks
• FOMC Member Hammack Speaks

10:00 AM ET

• NAHB Housing Market Index
• IMF Meetings

10:30 AM ET

• Crude Oil Inventories

1:45 PM ET

• FOMC Member Bowman Speaks

2:00 PM ET

• Beige Book

4:00 PM ET

• TIC Long‑Term Purchases

Notable Earnings for Tomorrow

• A.M: ASML, BAC, FHN, MTB, MS, PNC, PGR

P.M: JBHT, SLG

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