S&P 500 Is Set for Longest Weekly Rally Since 2024: Markets Wrap
(Bloomberg) — A record-breaking run drove stocks toward their longest weekly rally since 2024 after a batch of solid corporate earnings, signs of economic strength and hopes for a deal to end the Iran war.
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Equities kicked off the month on a positive note following a 10% surge in April, with the S&P 500 on track for a fifth straight week of gains. Apple Inc. climbed on a surprisingly strong revenue forecast. Oil fell on reports Iran delivered a new proposal to the US amid diplomatic efforts to turn a fragile ceasefire into lasting peace. Most European markets are closed for the Labor Day holiday.
Tehran relayed its latest position to Washington via Pakistan, according to Iran’s state-run Islamic Republic News Agency. The fate of the key Strait of Hormuz lies at the heart of the stalemate. Both Iran and the US have signaled they are waiting for the other to move first before they agree to ease restrictions on traffic.
“Today focus will remain, as it has been, on geopolitics and economic data,” said Tom Essaye at The Sevens Report. “On US-Iran, put simply, any ceasefire agreement will be a market positive while any resumption of attacks would be a substantial negative.”
Two Federal Reserve officials said they dissented over this week’s policy statement because it was no longer appropriate to signal the next move was still likely to be an interest-rate cut.
“I believe the FOMC should offer a policy outlook that signals that the next rate change could be either a cut or a hike, depending on how the economy evolves,” Minneapolis Fed president Neel Kashkari wrote. In a separate statement, Cleveland Fed president Beth Hammack said the economy has been resilient so far this year and rising oil prices add to inflationary pressures.
Elsewhere, the yen steadied, but traders remained on watch for signs of further action by Japanese authorities after intervention triggered the currency’s sharpest rally in three years.
Corporate Highlights:
Exxon Mobil Corp. and Chevron Corp. exceeded profit expectations as higher oil and natural gas prices outweighed production outages from the Iran war. Roblox Corp. reported first-quarter users that fell short of analysts’ expectations after implementing safety features restricting how kids, who make up a majority of its audience, can use the platform. Reddit Inc. projected sales in the current period that surpassed Wall Street estimates, continuing a streak of strong revenue growth powered by the company’s surging advertising business. Estée Lauder Cos. plans to cut as many as 3,000 more jobs and generate a further $200 million of savings to help boost its turnaround plan. Moderna Inc.’s first-quarter sales beat expectations, as the struggling vaccine maker that’s faced resistance from the Trump administration has found new growth outside the US. Some of the main moves in markets:
Stocks
The S&P 500 rose 0.3% as of 9:30 a.m. New York time The Nasdaq 100 rose 0.2% The Dow Jones Industrial Average rose 0.3% The Stoxx Europe 600 was little changed The MSCI World Index rose 0.3% Currencies
The Bloomberg Dollar Spot Index was little changed The euro rose 0.2% to $1.1754 The British pound rose 0.1% to $1.3624 The Japanese yen was little changed at 156.64 per dollar Cryptocurrencies
Bitcoin rose 2.3% to $78,248.21 Ether rose 1.9% to $2,306.95 Bonds
The yield on 10-year Treasuries advanced two basis points to 4.39% Germany’s 10-year yield declined seven basis points to 3.04% Britain’s 10-year yield was little changed at 5.01% Commodities
West Texas Intermediate crude fell 2.3% to $102.64 a barrel Spot gold fell 0.6% to $4,587.98 an ounce ©2026 Bloomberg L.P.
