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Asia Markets

S&P 500, Nasdaq Composite Scale Peaks as Trump Sets Stage for Iran Deal Over Weekend

US equity indexes jumped, with the S&P 500 and the Nasdaq Composite making all-time highs, and crude oil futures sank on Friday amid mounting expectations of an Iran peace deal over the weekend.The Nasdaq Composite advanced 1.5% to 24,468.48, with the S&P 500 up 1.2% to 7,126.06, and the Dow Jones Industrial Average higher by 1.8% to 49,447.43.West Texas Intermediate crude oil futures plunged 11% to $84.68, and Brent crude futures plummeted 8.8% to $90.69.Bloomberg reported that President Donald Trump said Iran agreed to suspend its nuclear program indefinitely and will not receive any frozen funds from the US. Axios reported Friday that the US could release $20 billion in frozen Iranian funds in exchange for Iran turning over its stockpile of enriched uranium.Trump said in a phone interview on Friday that a deal to end the war is mostly complete, according to the Bloomberg news report. Talks over a lasting agreement will "probably" be held this weekend, the president was cited as saying. The US-Iran ceasefire ends next week, implying an extension to the truce may not be required.Earlier in the day, Iran announced the reopening of the Strait of Hormuz for the remainder of the ceasefire period."In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Iran's foreign minister, Seyed Abbas Araghchi, said in a post on X. The 10-day truce between Israel and Lebanon came into force on Thursday.Trump also said Friday the US naval blockade will continue until a deal with Iran is "100% complete," CNN reported."The single war variable that has mattered for markets is whether oil continues to flow through the Strait of Hormuz," according to a Stifel Securities research note. "This is why today's announcement that the Strait of Hormuz is 'open to shipping' for the remainder of the ceasefire is significant."Most US Treasury yields dropped, with the 10-year down 6.5 basis points to 4.25% and the two-year slumped 7.8 basis points to 3.7% as falling crude oil prices damped inflation concerns. In precious metals, gold futures advanced 1.3% to $4,868.1 and silver futures jumped 3.2% to $81.24.All sectors except energy and utilities soared intraday. Consumer discretionary, industrials, and technology led the gainers.Airlines and cruise liners were the S&P 500's leaders. Royal Caribbean (RCL), United Airlines (UAL), and Carnival (CCL) led the outperformers, with gains of at least 7% each. Chevron (CVX), down 2.2%, was the Dow's worst performer.In company news, shares of Netflix (NFLX) slid 9.7%, among the worst performers on the S&P 500 and the Nasdaq, after the company released Q2 guidance late Thursday below market consensus. The streaming company also said that its chairman and co-founder, Reed Hastings, plans to step down when his term ends in June.

Dow JonesNasdaq CompositeS&P 500$CCL$CVX$NFLX$RCL$UAL
US Markets

Equities Rally Intraday, Oil Plunges After Iran Declares Hormuz Strait Open

US benchmark equity indexes advanced intraday, while oil prices slumped after Iran declared the Strait of Hormuz "completely open" following a ceasefire deal between Lebanon and Israel.The Dow Jones Industrial Average was up 1.9% at 49,507.9 after midday Friday. The Nasdaq Composite jumped 1.4% to 24,447.8, while the S&P 500 rose 1.2% to 7,126.6. The two indexes notched their second consecutive record-high closes in the previous session.Barring energy and utilities, all sectors were in the green intraday Friday, led by consumer discretionary's 2.7% jump.West Texas Intermediate crude oil sank 11% to $84.20 a barrel, while Brent lost 9% to $90.44."In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iranian Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Vessels must move through a "coordinated route" announced by Iran's Ports and Maritime Organization, Araghchi said.On Thursday, US President Donald Trump said Lebanon and Israel agreed to a 10-day ceasefire that seeks to pause hostilities between Israel and Iran-backed Hezbollah in Lebanon. That was a key sticking point in peace negotiations between the US and Iran.Trump welcomed the reopening of the strait, though he said on Truth Social that the US naval blockade of Iran's ports will continue until "our transaction with Iran is 100% complete.""The news that Iran will allow traffic to resume through the Strait of Hormuz could be an important turning point and the catalyst for upgrades to our economic forecasts, but not immediately," Oxford Economics said in a note. "The development increases the risk that a more lasting deal could be brokered, reducing the likelihood of extreme downside scenarios crystalizing."A quarter-long closure of the strait will likely push US inflation higher by 0.6 percentage point this year, researchers at the Federal Reserve Bank of Dallas said in an article Friday.Shares of cruise line operators and airlines surged intraday, with Royal Caribbean Cruises (RCL) up 8.2%, the best performer on the S&P 500, followed by Carnival's (CCL) 7.8% gain. United Airlines (UAL) jumped 7.6%, while Southwest Airlines (LUV) climbed 6.5%, among the top gainers on the index.US Treasury yields were lower intraday, with the 10-year rate down 6.3 basis points at 4.25% and the two-year rate dropping 7.8 basis point to 3.69%.In company news, Netflix (NFLX) shares were down 10% intraday, the second-worst performer on the S&P 500.The streaming giant late Thursday posted first-quarter revenue above Wall Street's estimates. However, the company disappointed investors by maintaining its margin outlook even though its cost base apparently would have benefited from its decision to walk away from a deal to acquire Warner Bros. Discovery (WBD), MoffettNathanson said in a note Friday.Gold was up 1.5% at $4,881.40 per troy ounce, while silver gained 3.8% to $81.71 per ounce.

Dow JonesNasdaq CompositeS&P 500$CCL$LUV$NFLX$RCL$UAL$WBD
Asia Markets

S&P 500, Nasdaq Composite Hit Records as Iran Reopens Hormuz Chokepoint for Ceasefire Period

US equity indexes jumped, with the S&P 500 and the Nasdaq Composite making all-time highs, and crude oil futures sank in midday trading on Friday after Iran reopened the Strait of Hormuz for the remainder of the ceasefire period.The Nasdaq Composite advanced 1.6% to 24,505.1, with the S&P 500 up 1.5% to 7,144.2, and the Dow Jones Industrial Average higher by 2.3% to 49,700.3.West Texas Intermediate crude oil futures plunged 12% to $83.41, and Brent crude futures plummeted 10% to $89.06."In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran," Iran's foreign minister, Seyed Abbas Araghchi, said in a post on X, formerly Twitter. The 10-day truce between Israel and Lebanon came into force on Thursday.US President Donald Trump said that the US naval blockade will continue until a deal with Iran is "100% complete," CNN reported. He expressed confidence that a deal will come soon, saying talks could happen this weekend. The US-Iran ceasefire ends next week.Meanwhile, the US and Iran are discussing a plan as part of their peace talks that would see the US release $20 billion in frozen Iranian funds in exchange for Iran turning over its stockpile of enriched uranium, Axios reported Friday, citing two US officials and two additional sources briefed on the talks."The single war variable that has mattered for markets is whether oil continues to flow through the Strait of Hormuz," according to a Stifel Securities research note. "This is why today's announcement that the Strait of Hormuz is 'open to shipping' for the remainder of the ceasefire is significant."US Treasury yields sank, with the 10-year down 7.5 basis points to 4.23% and the two-year dropped 8.4 basis points to 3.69% as falling crude oil prices damped inflation concerns. In precious metals, gold futures advanced 1.8% to $4,894.5 and silver futures jumped 4.8% to $82.51.All sectors except energy and utilities soared intraday. Consumer discretionary, industrials, and technology led the gainers.Airlines and cruise liners were the S&P 500's leaders. Royal Caribbean (RCL), United Airlines (UAL), and Carnival (CCL) led the outperformers, with gains of at least 8.6% each. Chevron (CVX), down 3.3%, was the Dow's worst performer.In company news, shares of Netflix (NFLX) slid 9.6%, among the worst performers on the S&P 500 and the Nasdaq, after the company released Q2 guidance late Thursday below market consensus. The streaming company also said that its chairman and co-founder, Reed Hastings, plans to step down when his term ends in June.

Dow JonesNasdaq CompositeS&P 500$CCL$CVX$NFLX$RCL$UAL
Wire

Market Chatter: White House Holds No Opinion on Reports of Proposed Merger Between United, American Airlines

The White House has no opinion on reports that United Airlines (UAL) is considering a merger with American Airlines (AAL), press secretary Karoline Leavitt said Wednesday, according to a Reuters report.Leavitt told reporters that the idea has been proposed by the industry, but is not something the president of the White House have an opinion on, Reuters said.In late February, United's chief executive officer Scott Kirby proposed the merger between the two carriers in a meeting with President Donald Trump, the news outlet said, citing two sources.United, American did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $95.25, Change: $-1.92, Percent Change: -1.97%

$AAL$UAL
Wire

US Airlines Head Into Q1 Earnings With Demand Trends, M&A Chatter in Focus, UBS Says

United Airlines (UAL), Alaska Air Group (ALK), American Airlines (AAL) and Southwest Airlines (LUV) are heading into next week's Q1 earnings with investor attention centered on demand trends, unit-revenue guidance and renewed consolidation speculation, UBS Securities said Tuesday in a report.Delta Air Lines' (DAL) strong demand trends and low-teens Q2 revenue outlook set a high bar for the sector, with investors watching whether peers can sustain similar momentum or show signs of normalization, the report said.For United Airlines, UBS expects mid-teens Q2 revenue growth and above-consensus earnings, supported by improving year-over-year comparisons at its Newark, New Jersey, hub, strong premium demand and scenario-based full-year guidance.American Airlines is expected to post mid-teens Q2 revenue growth with a modest earnings loss, with potential upside from corporate share recapture but a likely wider guidance range or suspension of full-year targets, the report said.Southwest Airlines is expected to deliver high-teens unit-revenue growth and above-consensus earnings, with a suspension of full-year guidance anticipated as the carrier continues to advance its transformation strategy, UBS said.Results are due for Alaska Air on Monday, United on Tuesday, Southwest on April 22 and American on April 23.United shares fell 2.5% in Wednesday trading, Alaska Air eased 0.2%, American rose 1.1%, Southwest gained 1.2%, and Delta advanced 1%.Price: $94.79, Change: $-2.38, Percent Change: -2.45%

$AAL$ALK$DAL$LUV$UAL
Asia Markets

US Equity Indexes Jump, Crude Oil Slides as Trump Hints at Iran Peace Talks This Week

US equity indexes advanced on Tuesday as optimism that Iran peace talks may resume this week pushed crude oil futures sharply lower, and after mega-cap banks reported quarterly earnings.The Nasdaq Composite jumped 2% to 23,639.08, the S&P 500 climbed 1.2% to 6,967.38, and the Dow Jones Industrial Average advanced 0.7% to 48,535.99. S&P 500 has reportedly clawed back all of its post-Iran-war declines and, according to CNBC-compiled data, the index is close to its all-time high of about 7,002.3.Consumer discretionary, communication services, and technology led the gainers. Energy was by far the worst performer among a trio of decliners.Talks to end the Iran war could resume in Pakistan over the next two days, US President Donald Trump said on Tuesday, after the collapse of weekend negotiations prompted Washington to impose a blockade on Iranian ports, Reuters reported.Gulf, Pakistani, and Iranian officials said the US and Iran's negotiating teams could return to Pakistan later this week, according to the news report. Still, one senior Iranian source said no date had been set, the report added.The CBOE Volatility Index dropped 4% to 18.36.European countries are putting together a plan for a broad coalition of countries to help free up shipping through the Strait of Hormuz, including sending mine-clearing and other military vessels, The Wall Street Journal reported, adding that the plan would only come to pass after the war.Meanwhile, after the first direct talks in decades, Israel and Lebanon agreed to hold further negotiations "at a mutually agreed time and venue," CNN cited the US State Department as saying.West Texas Intermediate crude oil futures sank 6.8% to $92.32, and Brent crude futures slumped 4.3% to $95.13.In precious metals, gold futures jumped 2% to $4,864.70 and silver futures soared 5.3% to $79.70.In company news, Citigroup (C) and BlackRock (BLK) reported Q1 earnings and revenue growth above market expectations. JPMorgan Chase (JPM) also delivered a better-than-expected quarter.United Airlines (UAL) Chief Executive Scott Kirby proposed a potential combination with American Airlines (AAL) during a late February meeting with President Donald Trump, Reuters reported Monday, citing two unnamed sources familiar with the matter.In economic news, the US Producer Price Index rose by 0.5% in March, the same as in February and below the 1.1% gain expected in a Bloomberg-compiled survey. Energy prices jumped by 8.5% in the month after a 2.1% gain in the previous month due to a 15.7% surge in gasoline prices. Excluding food and energy, core PPI edged up 0.1%, below the 0.4% gain forecast and slower than the 0.3% gain reported in February.Most US Treasury yields fell, with the 10-year down 4.9 basis points to 4.25% and the two-year retreating 3.6 basis points to 3.75%.The International Monetary Fund now expects 2.3% US economic growth in 2026, a downward adjustment from its 2.4% estimate set out in January and compared with the 2.1% growth reported in 2025. The IMF also revised down its 2026 global growth outlook in its World Economic Outlook update released Tuesday.

Dow JonesNasdaq CompositeS&P 500$AAL$BLK$C$JPM$UAL
Sectors

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks rose late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing 2.2%.In sector news, Redbook US same-store sales rose 7% from a year earlier in the week ended April 11 after a 7.6% year-over-year increase in the previous week.In corporate news, Ford (F) has a "credible" path to delivering 2027 EPS of above $2, with a march towards $3 beyond 2027, UBS Securities said in a note. UBS upgraded Ford to buy from neutral, with a $15 price target. Ford shares climbed up 4.7%.Walt Disney (DIS) will eliminate around 1,000 jobs, including positions in marketing, studio and television units, and certain corporate functions, Reuters reported. Disney shares rose 1.5%.FedEx (FDX) said its finance chief will step down in early June as the parcel delivery giant completes the spinoff of its freight business into a new publicly listed company. FedEx fell 0.8%.United Airlines (UAL) Chief Executive Scott Kirby proposed a potential combination with American Airlines (AAL) during a late February meeting with President Donald Trump, Reuters reported Monday. A consolidated carrier would be more competitive globally, aligning with the administration's focus on international trade deficits, the news outlet quoted Kirby as saying. United shares rose 2.3%, and American jumped past 8%.

$AAL$DIS$F$FDX$UAL
Sectors

Sector Update: Consumer Stocks Mixed in Afternoon Trading

Consumer stocks were mixed Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 2.5%.In sector news, Redbook US same-store sales rose by 7% from a year earlier in the week ended April 11 after a 7.6% year-over-year increase in the previous week. "Many stores closed on Easter Sunday so that employees could spend time with their families, which meant Easter week sales were based on six days instead of seven compared to last year," Redbook said, adding that sales during the week were driven by seasonal items.In corporate news, FedEx (FDX) said its finance chief will step down in early June as the parcel delivery giant completes the spinoff of its freight business into a new publicly listed company. FedEx shares were down 0.4%.United Airlines (UAL) Chief Executive Scott Kirby proposed a potential combination with American Airlines (AAL) during a late February meeting with President Donald Trump, Reuters reported Monday, citing two unnamed sources familiar with the matter. A consolidated carrier would be more competitive globally, aligning with the administration's focus on international trade deficits, the news outlet quoted Kirby as saying. United shares rose 2.4%, and American jumped 8%.Lucid (LCID) said Tuesday that it has priced an underwritten public stock offering to generate $300 million in gross proceeds. Uber (UBER) has expanded a previous purchasing agreement to buy at least 35,000 vehicles for a future autonomous taxi network, while contributing an additional $200 million to reach a $500 million total investments in the company, Lucid said. Public Investment Fund affiliate Ayar Third Investment has also committed $550 million to buy convertible preferred stock. Lucid shares were down 4.3%, and Uber rose 1.2%.

$AAL$FDX$LCID$UAL$UBER
Asia Markets

US Equity Indexes Surge as Trump Hints at Iran Peace Talks-Linked Announcement in 2 Days

US equity indexes advanced in midday trading on Tuesday as optimism over the resumption of Iran peace talks sent crude oil futures sharply lower, and after mega-cap banks reported quarterly earnings.The Nasdaq Composite jumped 1.7% to 23,578.7, the S&P 500 climbed 1% to 6,952.9, and the Dow Jones Industrial Average advanced 0.5% to 48,456.4. S&P 500 has reportedly clawed back all of its post-Iran-war declines and, according to CNBC-compiled data, the index is trading close to an all-time high of about 7,002.3.Consumer discretionary, communication services, and technology led the gainers. Energy was by far the worst performer among a trio of decliners.President Donald Trump remains open to resuming in-person negotiations soon if he believes Iran is ready to submit to his demands, CNN reported, citing people familiar with the matter. He said that "something could be happening" over the next two days in Pakistan, where previous talks faltered.In Islamabad on Saturday, American negotiators proposed a 20-year pause on Iran's enrichment of uranium, a source familiar with the talks told CNN. Iran responded with a proposal for a five-year suspension, which the US has rejected, a US official was cited as saying.West Texas Intermediate crude oil futures sank 6.7% to $92.34, and Brent crude futures slumped 4.4% to $94.96.In precious metals, gold futures jumped 1.5% to $4,838.50 and silver futures soared 5.2% to $79.59.The CBOE Volatility Index dropped 3.6% to 18.44.In company news, Citigroup (C) and BlackRock (BLK) reported Q1 earnings and revenue growth above market expectations. JPMorgan Chase (JPM) also delivered a better-than-expected quarter.United Airlines (UAL) Chief Executive Scott Kirby proposed a potential combination with American Airlines (AAL) during a late February meeting with President Donald Trump, Reuters reported Monday, citing two unnamed sources familiar with the matter.In economic news, the US Producer Price Index rose by 0.5% in March, the same as in February and below the 1.1% gain expected in a Bloomberg-compiled survey. Energy prices jumped by 8.5% in the month after a 2.1% gain in the previous month due to a 15.7% surge in gasoline prices. Excluding food and energy, core PPI edged up 0.1%, below the 0.4% gain forecast and slower than the 0.3% gain reported in February.Most US Treasury yields fell, with the 10-year down 2.3 basis points to 4.27% and the two-year retreating 1.5 basis points to 3.78%.The International Monetary Fund now expects 2.3% US economic growth in 2026, a downward adjustment from its 2.4% estimate set out in January and compared with the 2.1% growth reported in 2025. The IMF also revised down its 2026 global growth outlook in its World Economic Outlook update released Tuesday.

Dow JonesNasdaq CompositeS&P 500$AAL$BLK$C$JPM$UAL
Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Tuesday Amid Hopes of Long-Term US-Iran Truce

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) was 0.4% higher in Tuesday's premarket activity amid hopes of a long-term truce between Iran and the US.US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.5% before the start of regular trading.The National Federation of Independent Business said its Small Business Optimism Index fell to 95.8 in March from 98.8 in February, marking the lowest level since April 2025.US producer prices rose 0.5% in March, below expectations for a 1.1% increase and matching the prior month's gain.Core producer prices, which exclude food and energy, gained 0.1% in March, below forecasts for a 0.4% increase and slowing from a 0.3% advance in the prior month.Chicago Federal Reserve President Austan Goolsbee and Fed Governor Michael Barr are due to speak today.In premarket activity, bitcoin was up by 1.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.5% higher, Ether ETF (EETH) advanced 4.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.3%, while the Vanguard Industrials Index Fund (VIS) was up 0.3% and the iShares US Industrials ETF (IYJ) was 0.6% higher.American Airlines (AAL) stock was gaining more than 8% in premarket activity, while United Airlines (UAL) was up more than 3% before the opening bell after Reuters reported that United Chief Executive Scott Kirby proposed a potential combination with American during a late February meeting with President Donald Trump.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.04%, the Vanguard Health Care Index Fund (VHT) was 1% higher, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was up 0.5%.Novo Nordisk (NVO) stock was up more than 3% premarket after the UK's Medicines and Healthcare products Regulatory Agency approved a new single-dose 7.2 mg of Wegovy to treat adults with obesity. The company also announced a partnership with OpenAI to deploy advanced AI across its operations.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.6% higher.BlackRock (BLK) shares were up more than 2% pre-bell after the company reported higher Q1 adjusted earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.6%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.4%. The iShares US Consumer Staples ETF (IYK) gained 0.5%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced by 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.2% lower.Tesla's (TSLA) shares were up more than 1% pre-bell after Dutch vehicle regulator RDW said it has informed the European Commission of its intention to seek approval for Tesla's Full-Self Driving system across the European Union.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.7%, and the iShares US Technology ETF (IYW) was 0.6% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 2.5% while the iShares Semiconductor ETF (SOXX) rose by 1.2%.Microsoft (MSFT) shares were up more than 1% in Tuesday's premarket activity. Bloomberg News reported, citing Chief Sustainability Officer Melanie Nakagawa, that the company's carbon removal program "has not ended."EnergyThe iShares US Energy ETF (IYE) was down 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.6%.BP (BP) stock was up nearly 1% before Tuesday's opening bell after the company said that it expects "exceptional" results from its oil trading business for Q1 2026, amid the spike in prices driven by the US and Israeli war against Iran.CommoditiesFront-month US West Texas Intermediate crude oil fell by 2.6% to $96.48 per barrel on the New York Mercantile Exchange. Natural gas retreated by 1.8% to $2.58 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 0.7%, while the United States Natural Gas Fund (UNG) was 1.7% lower.Gold futures for May were up by 0.6% at $4,797.10 an ounce on the Comex. Silver futures rose by 3% to $77.92 an ounce. SPDR Gold Shares (GLD) was 0.5% higher, and the iShares Silver Trust (SLV) advanced by 2.5%.

Dow JonesNasdaq CompositeS&P 500$AAL$BETH$BITO$BLK$BP$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MSFT$NVO$PMR$QQQ$RTH$SLV$SOXX$SPY$TSLA$UAL$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
US Markets

Equities Mark Best Finish in At Least 4 Weeks Following US-Iran Truce

Equities on Wall Street rallied Wednesday, driving key indexes to their highest close in at least four weeks, as oil prices slid following a two-week ceasefire between the US and Iran.The Dow Jones Industrial Average increased 2.9% to 47,909.9, the highest close since March 5, while the Nasdaq Composite jumped 2.8% to 22,635, its best finish since March 11.The S&P 500 advanced 2.5% to 6,782.8, marking the highest closing level since March 9.Barring energy's 3.7% decline, all sectors ended in the green, led by industrials' 3.8% advance.West Texas Intermediate crude oil was last down nearly 15% at $96.44 a barrel, while Brent futures tumbled about 12% to $96.40 -- though both benchmarks remained well above pre-conflict levels.US President Donald Trump, who had set an 8 pm ET, Tuesday, deadline for Tehran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities.However, reports about ceasefire violations signified the possible fragile nature of the pact.Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, accused the US of violating the ceasefire agreement.The White House said Iran assured that ships are transiting the Strait of Hormuz, despite reports that Tehran had again closed the waterway because of Israel's attacks on Lebanon, CNN reported.Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles."The headlines may calm down first, but the real reset depends on what happens in the days ahead," Charu Chanana, chief investment strategist at Saxo Bank, said in a report.US Treasury yields were down, with the 10-year rate falling 5 basis points at 4.3% and the two-year rate dropping 4.1 basis points at 3.79%.Minutes from the Federal Reserve's March meeting showed that participants emphasized the need for the central bank to be "nimble" in adjusting monetary policy amid heightened macro risks."The vast majority of participants judged that upside risks to inflation and downside risks to employment were elevated, and the majority of participants noted that these risks had increased with developments in the Middle East," the minutes showed.Most policymakers were concerned that a prolonged war could soften labor market conditions, possibly warranting policy easing, according to the minutes. However, persistent inflation amid higher oil prices could call for rate increases."The conflicting viewpoints point to a period of policy stability," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "The Fed is on hold until it has greater clarity on the direction of the Iran war and its effects on the economy and inflation."Airline and cruise operator stocks jumped, with Carnival (CCL) up 11%, among the top gainers on the S&P 500. United Airlines (UAL) surged 7.8%. Southwest Airlines (LUV) and American Airlines (AAL) were also up, along with Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL).In company news, Meta Platforms (META) shares jumped 6.5% after the tech giant unveiled its Muse Spark artificial intelligence model.Delta Air Lines (DAL) logged better-than-expected first-quarter results amid robust corporate and leisure demand. The air carrier's shares rose 3.8%.Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict. Shares of the US oil giant fell 4.7%, while smaller rival Chevron (CVX) slumped 4.3%, the steepest decline on the Dow.Gold was last up 1.4% at $4,750.70 per troy ounce, while silver gained 3.4% to $74.44 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$CCL$CVX$DAL$LUV$META$NCLH$RCL$UAL$XOM
US Markets

Equity Markets Jump Intraday, Oil Sinks Following US-Iran Ceasefire

US benchmark equity indexes rallied intraday, while oil prices slumped after Washington and Iran agreed to a two-week ceasefire.The Nasdaq Composite jumped 2.9% to 22,651.5 after midday Wednesday, while the Dow Jones Industrial Average increased 2.6% to 47,803.5. The S&P 500 advanced 2.4% to 6,778.6. Barring energy's 4.6% decline, all sectors were in the green, led by a 3.9% rise in communication services.West Texas Intermediate crude oil sank 15% to $95.85 a barrel intraday, while Brent futures tumbled 13% to $95.40.US President Donald Trump, who had set an 8 pm ET, Tuesday, deadline for Tehran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities.However, reports about ceasefire violations signified the possible fragile nature of the pact."While markets are hailing the agreement as cause for celebration, it remains to be seen if the ceasefire will hold, and if flows resume through the Strait of Hormuz," Stifel said in a note.Iran halted oil tanker traffic through the waterway after Israel attacked Lebanon, CNN reported Wednesday, citing semi-official news agency Fars. Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles.Airline and cruise operator stocks jumped intraday, with Carnival (CCL) up 11%, the top gainer on the S&P 500. United Airlines (UAL) surged 9.9%, among the best performers on the index. Southwest Airlines (LUV) and American Airlines (AAL) were also up sharply, along with Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL).US Treasury yields were lower intraday, with the 10-year rate down 6.4 basis points at 4.28% and the two-year rate dropping six basis points to 3.77%.In company news, Meta Platforms (META) shares soared 7.9%, among the best performers on the S&P 500, after the tech giant unveiled its Muse Spark artificial intelligence model.Delta Air Lines (DAL) logged better-than-expected first-quarter results amid robust corporate and leisure demand. The air carrier's shares were up 5.8% intraday.Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict. Shares of the US oil giant were down 5.9%, while smaller rival Chevron (CVX) fell 5.5%, the steepest decline on the Dow.Gold was up 1.7% at $4,764.70 per troy ounce, while silver gained 4.7% to $75.35 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$CCL$CVX$DAL$LUV$META$NCLH$RCL$UAL$XOM

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