S&P 500 Is Poised for All-Time Highs as Oil Falls: Markets Wrap
(Bloomberg) — Relative calm returned to global markets, with stocks rising and oil falling as signs that a US-Iran ceasefire is still in place reduced fears about a full-scale war that could hamper the economic outlook.
The rebound in equities drove the S&P 500 toward fresh all-time highs as Washington played down the prospect of an active conflict with Tehran a day after an escalation of hostilities over the Strait of Hormuz. While crude prices remained elevated in the face of a blockade of the key energy chokepoint, Brent dropped to around $110 a barrel.
US Defense Secretary Pete Hegseth said the truce that began just under a month ago is still holding. Meanwhile, Iranian Foreign Minister Abbas Araghchi noted talks were “making progress,” but the US and the United Arab Emirates “should be wary of being dragged back into quagmire.”
President Donald Trump said he would discuss the Iran war with Chinese counterpart Xi Jinping during their summit next week and sought to dismiss tensions over the conflict.
“Our base-case for markets and the economy has been that there will be a near-term resolution between the US and Iran, allowing for energy prices to fall after the Strait of Hormuz is reopened,” said Chris Senyek at Wolfe Research.
The bounce in global stocks from their Iran war lows has been so narrow that the market is primed for broader gains triggered by even slightly positive news, according to strategists at JPMorgan Chase & Co. led by Mislav Matejka.
A rally in tech also buoyed the market, with a closely watched gauge of chipmakers climbing about 4.5%. Apple Inc. is weighing using Intel Corp. and Samsung Electronics Co. to build the main processors for its devices in the US.
Later in the day, Advanced Micro Devices Inc. will report results. The firm is coming off its best month since the dot-com era, and investors will get a chance to see whether its shares have gotten ahead of fundamentals.
Meantime, the Securities and Exchange Commission unveiled a proposal that would let US companies choose to report earnings semiannually, enabling them to focus on long-term growth without the pressure of quarterly deadlines. Critics argue that less frequent reports would increase the potential to bury bad news and boost the risk of insider trading.
On the economic front, job openings were little changed in March while hiring rebounded as the labor market showed continued signs of stabilization. Separate figures showed a pickup in new-home sales. The services expansion cooled in April as orders growth slowed.
Corporate Highlights:
Anthropic PBC unveiled a set of new artificial-intelligence agents designed to handle a broader mix of financial services tasks. Pinterest Inc. reported first-quarter sales that topped analyst estimates, and gave an outlook for revenue in the current period that was higher than anticipated. Palantir Technologies Inc. reported disappointing US commercial sales in the first quarter, overshadowing what was an otherwise bullish outlook. PayPal Holdings Inc. plans to cut around 20% of its workforce in the next two to three years, according to a person familiar with the matter. Coinbase Global Inc. will slash around 14% of its workforce, citing a need to manage costs in volatile markets and technological advances in AI. Some of the main moves in markets:
Stocks
The S&P 500 rose 0.9% as of 3 p.m. New York time The Nasdaq 100 rose 1.4% The Dow Jones Industrial Average rose 0.7% The MSCI World Index rose 0.7% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1700 The British pound rose 0.1% to $1.3549 The Japanese yen fell 0.4% to 157.88 per dollar Cryptocurrencies
Bitcoin rose 2% to $81,520.45 Ether rose 0.9% to $2,371.94 Bonds
The yield on 10-year Treasuries declined three basis points to 4.41% Germany’s 10-year yield declined two basis points to 3.06% Britain’s 10-year yield advanced 10 basis points to 5.06% Commodities
West Texas Intermediate crude fell 3.9% to $102.26 a barrel Spot gold rose 0.9% to $4,560.76 an ounce ©2026 Bloomberg L.P.
