Market Performance

Major US stock indices closed higher on Tuesday.

The Dow Jones Industrial Average increased by 0.8%, leading the day's gains.

The S&P 500 increased by 0.3%, while the Nasdaq Composite increased by 0.2%.

Corporate Developments

Apple announced CEO Tim Cook will step down and be replaced by hardware engineering head John Ternus. Following the announcement, Apple's stock decreased by 0.7% in early Tuesday trading.

Elsewhere, United Airlines is scheduled to report earnings after market close.

Government Proceedings

The Senate confirmation hearing for Federal Reserve chair nominee Kevin Warsh began at 10 a.m. ET.

In prepared remarks, Warsh indicated the relationship between the Trump administration and the Federal Reserve may be changing.

Warsh did not make firm statements about interest rate outlook during the hearing.

Separately, Senator Thom Tillis has stated he will not confirm any Fed chair nominee until the Justice Department drops its criminal investigation into current Chair Jerome Powell.

Economic Data

New data from the Commerce Department showed a significant rise in consumer spending.

US retail sales increased by 1.7% in the most recent month, representing the largest monthly increase in one year.

International Relations

President Trump stated US negotiators are prepared to travel to Pakistan to resume talks.

On another front, President Trump stated the US does not plan to extend its temporary ceasefire with Iran, which expires late Wednesday.

In a CNBC interview, President Trump said he is seeking a deal but expects military action.