This content was published on
May 28, 2026 - 16:58
3 minutes
(Bloomberg) — Wall Street traders sent stocks toward all-time highs, bonds rose as a rally in oil waned amid speculation the US and Iran are close to a diplomatic breakthrough in the war that has rattled global markets.Equities quickly erased losses after Axios reported Iran and the US have reached a deal to extend a truce and work toward an agreement to end the three-month conflict. The S&P 500 headed toward toward a sixth straight day of gains. Treasury yields dropped across the curve. In another volatile session, Brent crude pared its advance to around $94 a barrel.The agreement is for a 60-day extension of the ceasefire and for negotiations to start on Iran’s nuclear program, Axios said, citing two US officials and a regional source involved in the negotiations. President Donald Trump still needs to approve the terms, it said.The news came after renewed clashes in the Persian Gulf had highlighted the challenge of forging a peace deal that would restore global energy flows. The effective closure of the Strait of Hormuz since the start of the war in late February has disrupted energy supplies, leading to a surge in fuel prices and higher inflation.“Markets continue to get whipsawed by swings in Iran war sentiment,” said Elias Haddad at Brown Brothers Harriman & Co. “Regardless, risk-on sentiment should remain supported because both sides are still talking to work out a deal that would ultimately reopen the Strait of Hormuz.”Corporate Highlights:Snowflake Inc. gave a stronger-than-expected annual outlook and signed a $6 billion multiyear agreement to use Amazon.com Inc.’s cloud services and chips. Marvell Technology Inc. delivered a quarterly forecast that exceeded estimates and boosted its outlook for the year, citing demand for chips used in AI data centers. A unit of Dell Technologies Inc. won a $9.7 billion contract to help the US military handle its licenses for Microsoft Corp. software related to email, spreadsheets and other needs across classified and unclassified systems, the Pentagon said. Shares of retailers spanning Kohl’s Corp. to Best Buy Co. and Dollar Tree Inc. climbed on optimism that shoppers are still spending when they see what they want at the right price. Caesars Entertainment Inc. agreed to be bought by Fertitta Entertainment Inc. in a $5.7 billion, all-cash deal that stands to form a massive entertainment empire. Some of the main moves in markets:StocksThe S&P 500 rose 0.3% as of 10:56 a.m. New York time The Nasdaq 100 rose 0.4% The Dow Jones Industrial Average was little changed The Stoxx Europe 600 fell 0.6% The MSCI World Index rose 0.1% CurrenciesThe Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.2% to $1.1647 The British pound was little changed at $1.3431 The Japanese yen rose 0.2% to 159.25 per dollar CryptocurrenciesBitcoin fell 3% to $72,886.96 Ether fell 3.4% to $1,989.67 BondsThe yield on 10-year Treasuries declined two basis points to 4.46% Germany’s 10-year yield declined two basis points to 2.96% Britain’s 10-year yield declined five basis points to 4.81% The yield on 2-year Treasuries declined one basis point to 4.02% CommoditiesWest Texas Intermediate crude rose 0.9% to $89.47 a barrel Spot gold rose 0.3% to $4,468.42 an ounce ©2026 Bloomberg L.P.
