Staff writersUpdated May 29, 2026 — 10:39am,first published May 29, 2026 — 5:12amThe Australian sharemarket has made a bright start to the session as a tentative deal to extend the ceasefire in the war with Iran by 60 days helped lift the market and rein in oil prices.The S&P/ASX 200 was up 71.1 points or 0.8 per cent, to 8664 in early trade, with seven of 11 industry sectors in positive territory, led by materials.Wall Street has reset record highs thanks in part to another batch of robust company profit reports.APMining stocks bounced higher, with the prospect of a peace deal boosting the outlook for the global economy. BHP rose 1.7 per cent, Fortescue added 0.9 per cent and Rio Tinto climbed 1.2 per cent. Gold miners bounced higher with bullion closing 1 per cent higher after touching a two-month low earlier in the session when airstrikes risked derailing the peace talks. Northern Star jumped 4.7 per cent and Evolution Mining surged 4.6 per cent in early trade.Financial stocks climbed, with Commonwealth Bank up 0.6 per cent, National Australia Bank advancing 0.7 per cent, Westpac adding 0.3 per cent and ANZ Bank climbing 0.4 per cent.Energy stocks are lower as oil prices retreated following reports of the tentative US-Iran agreement, which still needs President Donald Trump’s approval. The price for a barrel of benchmark US crude oil settled at $US88.90 after regressing from an overnight high above $US92.50. Woodside Energy lost 1.4 per cent and Santos was 0.6 per cent lower. The refiners fell, with Ampol losing 1.3 per cent and Viva Energy 1.4 per cent.“We’re slowly and excruciatingly pulling toward what is being framed as a deal,” said Aaron Stein, president of the Foreign Policy Research Institute.“If it’s an extension of the ceasefire, then nothing fundamentally changes. What will differentiate this from all those that have come before it, is it does seem like there’s at least consensus on the need for a lift-for-lift on the two blockades.”Technology stocks advanced, with WiseTech adding 1.2 per cent, Xero up 0.2 per cent and NEXTDC 2.6 per cent higher in early trade.The Australian dollar was trading at US71.60¢ at 10.42am AEST.Overnight, the S&P 500 added 0.6 per cent to its all-time high set the day before after drifting between small gains and losses in the morning. The Dow Jones Industrial Average rose 24 points, or less than 0.1 per cent, and the Nasdaq composite climbed 0.9 per cent as both indexes also set records.Even with worries about expensive oil and high inflation, the US stock market has run to records largely because US companies keep making more money. Stock prices tend to follow the path of corporate profits over the long term, and companies have been routinely topping analysts’ expectations for the first three months of 2026.Dollar Tree’s stock soared 17.9 per cent after it became the latest to report fatter profit than analysts expected. while Kohl’s rallied 20.6 per cent and Best Buy climbed 15.8 per cent following their own better-than-expected profit reports.Snowflake rose 36.5 per cent after saying artificial intelligence continues to be a strong driver for its business, and profit and revenue for the latest quarter exceeded expectations.In the bond market, Treasury yields eased after oil prices gave up much of their gains and reduced the upward pressure on inflation.The yield on the 10-year Treasury fell to 4.45 per cent from 4.48 per cent late on Wednesday.High yields in bond markets worldwide recently have threatened to slow economies and undercut prices for stocks and all kinds of other investments. High yields have already forced the average long-term US mortgage rate to its most expensive level in nine months, and they could curtail companies’ borrowing to build the AI data centres that have supported the US economy’s growth recently.A report said the pace of sales of new US homes unexpectedly slowed last month, as higher mortgage rates weighed on the housing market.In stock markets abroad, indexes dipped across much of Europe.With AP, BloombergThe Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.From our partners