This content was published on
May 29, 2026 - 10:25
4 minutes
(Bloomberg) — US stocks held steady at all-time highs as traders waited to see whether America and Iran could finally get a peace deal across the line and restore oil flows through the Strait of Hormuz.S&P 500 futures were little changed as the index closed in on a ninth consecutive weekly advance. Brent crude hovered near $93.50 a barrel, with the benchmark set for its biggest monthly drop since the onset of the pandemic. Treasuries slipped after days of gains while the dollar nudged higher.The prospect of a peace deal in the Middle East after weeks of elusive progress is easing pressure on oil prices and raising conviction that markets’ worst inflation fears wouldn’t come to pass. That confidence comes against a backdrop of an unprecedented artificial intelligence-fueled rally that has seen US-listed chipmakers surge nearly 70% since the beginning of April.“Brent below $90 by the end of next week seems at our reach,” wrote Florian Ielpo, head of macro at Lombard Odier Investment Managers. “It would create a rather supportive environment should it happen, clearly as oil prices have been the source of most macro fears this year.”In Europe, the Stoxx 600 rose 0.4% to erase losses for the week. The region’s bonds swung between small gains and losses after inflation in France and Spain accelerated to the fastest level since 2024, backing the case for the European Central Bank to raise rates in June.A preliminary deal between Washington and Tehran to extend a ceasefire by 60 days is awaiting signoff from President Donald Trump, according to a person with knowledge of the matter. Vice President JD Vance told reporters Thursday that the parties are “going back and forth on a couple of language points,” including issues relating to Iran’s nuclear capabilities.With energy prices coming off the boil, investors have begun to dial back expectations of a stagflationary shock for the global economy. Federal Reserve Bank of Minneapolis President Neel Kashkari said it’s too early to conclude that interest rates need to rise, remarks that validated a six-day run of gains in Treasuries through Thursday.“If a deal is agreed upon, we should see another leg higher in risky assets and lower in rates,” noted Mohit Kumar, chief economist and strategist for Europe at Jefferies. “Positioning suggests that the rates market should see a greater reaction than equities.”Corporate Highlights:Dell Technologies Inc. shares gained almost 40% in premarket trading after the hardware maker gave an outlook for annual sales that far surpassed analysts’ estimates. Anthropic PBC raised $65 billion in a funding round that valued the artificial intelligence company at $965 billion including the new investment, eclipsing rival OpenAI’s value for the first time. SpaceX is currently targeting a valuation of at least $1.8 trillion in its initial public offering, according to people familiar with the matter. Pfizer Inc. and China’s Innovent Biologics Inc. signed a global agreement worth as much as $10.5 billion to develop cancer drugs. Some of the main moves in markets:StocksThe Stoxx Europe 600 rose 0.5% as of 9:23 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average rose 0.1% The MSCI Asia Pacific Index rose 1.7% The MSCI Emerging Markets Index rose 1.6% CurrenciesThe Bloomberg Dollar Spot Index rose 0.1% The euro fell 0.1% to $1.1636 The Japanese yen was little changed at 159.26 per dollar The offshore yuan was little changed at 6.7681 per dollar The British pound fell 0.2% to $1.3421 CryptocurrenciesBitcoin rose 0.3% to $73,711.42 Ether was little changed at $2,009.58 BondsThe yield on 10-year Treasuries advanced one basis point to 4.46% Germany’s 10-year yield was little changed at 2.96% Britain’s 10-year yield advanced one basis point to 4.83% CommoditiesBrent crude was little changed Spot gold rose 0.5% to $4,515.74 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Sujata Rao.©2026 Bloomberg L.P.
