Stocks Set for Historic Weekly Run on US-Iran Bets: Markets Wrap
(Bloomberg) — Hopes that a ceasefire deal could pave the way for an end to the Iran conflict drove stocks toward a historic streak of weekly gains, with the market also buoyed by the artificial-intelligence trade.
A roughly 20% surge in the S&P 500 from war-driven lows left the index on track for its ninth straight weekly advance, the longest stretch since 2023. Such occurrence has only been matched a few times since 1985. The gauge also headed toward record highs. Dell Technologies Inc. soared 33% on a solid outlook fueled by demand for AI servers. Brent oil fell to $92, set for its worst month since 2020.
The US and Iran have reached a preliminary deal to extend a ceasefire by 60 days and discuss the future of Tehran’s nuclear program, a person with knowledge of the matter said, fueling hopes for a resolution to a three-month conflict. President Donald Trump has yet to agree to the terms.
Iran’s semi-official Tasnim news agency said the text of the possible memorandum of understanding hadn’t been finalized and had changed in recent days, without giving details and citing a source it didn’t identify.
“Markets await confirmation of a US-Iran ceasefire agreement while tech earnings continued to be very, very strong,” said Tom Essaye at The Sevens Report. “Today focus will remain on geopolitics. The deal is mostly priced into markets. Confirmation shouldn’t cause a big rally, although if the deal is rejected it will be a modest negative.”
While there have been 11 other nine-week streaks for the S&P 500 in the post-World War II period, only four made it to a 10th week or longer, according to Bespoke Investment Group.
“Besides the fact that none of these prior periods occurred right near a major top in the market, it’s also interesting to note that they didn’t really occur early on in bull markets coming out of extended bears,” the Bespoke strategists said.
The enthusiasm for stocks is warranted given the unprecedented spending spree on AI infrastructure combined with stable employment and relatively resilient consumer spending, according to Emily Bowersock Hill at Bowersock Capital Partners.
“Investors expect the AI infrastructure boom to continue to mask the negative impact of geopolitical disruption,” she said. “Stock markets care about company profits, as long as earnings grow, stock prices can continue to rise.”
Corporate Highlights:
SpaceX is currently targeting a valuation of at least $1.8 trillion in its initial public offering, according to people familiar with the matter, as Elon Musk’s rocket and artificial intelligence company nears its debut. In a post Friday on X, Musk replied “False” to an account citing Bloomberg News’ report that SpaceX had lowered its valuation target. Apollo Global Management Inc. and Blackstone Inc. are working to bring additional investors into a roughly $36 billion debt financing deal to help Anthropic PBC build out its AI infrastructure. Micron Technology Inc. climbed after Susquehanna raised its price target on the chipmaker to a Street-high view of $1,750 from $600. Engineering software maker Autodesk Inc. slipped after agreeing to buy MaintainX in an all-cash deal that values the firm focused on maintenance tools at $3.6 billion. Gap Inc. sank after the retailer lowered its sales outlook, the latest setback for the company that has struggled with its product mix as it tries to win back shoppers. Replimune Group Inc. soared after the biotech company said that US regulators would reconsider its skin cancer treatment after two prior rejections. Some of the main moves in markets:
Stocks
The S&P 500 rose 0.4% as of 10 a.m. New York time The Nasdaq 100 rose 0.7% The Dow Jones Industrial Average rose 0.4% The Stoxx Europe 600 rose 0.3% The MSCI World Index rose 0.5% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1647 The British pound was little changed at $1.3440 The Japanese yen was little changed at 159.30 per dollar Cryptocurrencies
Bitcoin fell 0.6% to $73,068.38 Ether fell 0.7% to $1,997.6 Bonds
The yield on 10-year Treasuries was little changed at 4.45% Germany’s 10-year yield was little changed at 2.96% Britain’s 10-year yield was little changed at 4.82% Commodities
West Texas Intermediate crude fell 1.3% to $87.77 a barrel Spot gold rose 1% to $4,539.18 an ounce ©2026 Bloomberg L.P.
