Stocks Rise as Trump Says He’ll Make Call on Iran: 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 20% rally in the S&P 500 from March lows left the index on track for its ninth straight weekly advance, the longest winning run since 2023. Such occurrence has only been matched a few times in the past four decades. Dell Technologies Inc. surged 29% on a solid outlook. Brent oil fell to $92, set for its worst month since 2020. A slide in crude is fueling the best week for Treasuries since the war began.
President Donald Trump said Friday he’s making a “final determination” on a preliminary deal to extend a ceasefire. In a social-media post, he reiterated that Iran “will never have a Nuclear Weapon or Bomb” and the Strait of Hormuz must be open and any mines destroyed or removed.
The text of a possible memorandum of understanding hadn’t been finalized, Tasnim reported. Mohammad Bagher Ghalibaf, the speaker of Iran’s parliament, said earlier “we have no trust in guarantees or words, the only criterion is action; no action will be taken before the other side acts.”
“We suppose there is still the risk that this deal will fall through. However, it does look like there will be at least an extension of the ceasefire,” said Matt Maley at Miller Tabak. “The only question now is whether the stock market has already priced in this outcome.”
While easing geopolitical tensions and an ongoing ceasefire framework have provided a major catalyst for equity gains, strong corporate earnings have also played a critical role in sustaining momentum, according to Adam Turnquist at LPL Financial.
“The enthusiasm for stocks is warranted,” said Emily Bowersock Hill at Bowersock Capital Partners. “Investors expect the AI infrastructure boom to continue to mask the negative impact of geopolitical disruption. Stock markets care about company profits, as long as earnings grow, stock prices can continue to rise.”
The solid run in equities underscores the degree to which investors are looking past geopolitical uncertainties and the threat of higher bond yields.
Action in Treasuries was muted on Friday, but the market was set for its best weekly performance since Feb. 27, the day before the war started. The advance represents a turnaround from earlier this month, when bonds tumbled on concern that elevated energy costs would fuel inflation and force the Federal Reserve to raise rates.
“The recent pullback in oil prices is helping to ease some of those worries,” said Angelo Kourkafas at Edward Jones. “However, with inflation moving further away from the Fed’s 2% target and labor-market trends stabilizing or even improving, policymakers may begin to shift away from their easing bias at the June meeting.”
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. 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. What Bloomberg strategists say…
“Given that individual investors often continue piling in even late in rallies, when performance-chasing becomes the dominant force, stocks have further upside.”
—Alyce Andres, Macro Strategist, Markets Live. For the full analysis, click here.
Some of the main moves in markets:
Stocks
The S&P 500 rose 0.3% as of 1 p.m. New York time The Nasdaq 100 rose 0.3% The Dow Jones Industrial Average rose 0.6% The MSCI World Index rose 0.4% Currencies
The Bloomberg Dollar Spot Index was little changed The euro rose 0.2% to $1.1671 The British pound rose 0.2% to $1.3466 The Japanese yen was little changed at 159.21 per dollar Cryptocurrencies
Bitcoin rose 0.7% to $73,976.62 Ether rose 1.3% to $2,038.54 Bonds
The yield on 10-year Treasuries declined two basis points to 4.43% Germany’s 10-year yield declined two basis points to 2.94% Britain’s 10-year yield was little changed at 4.81% Commodities
West Texas Intermediate crude fell 2.6% to $86.63 a barrel Spot gold rose 1.6% to $4,566.97 an ounce ©2026 Bloomberg L.P.
