This content was published on
May 29, 2026 - 18:09
5 minutes
(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 nearly 20% surge in the S&P 500 from war-driven lows left the index on track for its ninth straight weekly advance, the longest stretch since 2023. Such occurrence has only been matched a few times since 1985. While the gauge edged mildly up on Friday, it was set for another record close. Dell Technologies Inc. surged 28% on a solid outlook fueled by demand for AI servers. Brent oil fell to $92, poised for its worst month since 2020.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.”“As long as the flow through the Strait starts moving back to what it was before March, investors are happy with the outcome,” said Matt Maley at Miller Tabak. “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.”The question is whether the market has already priced in that deal, he noted.“The deal is mostly priced into markets,” said Tom Essaye at The Sevens Report. “Confirmation shouldn’t cause a big rally, although if the deal is rejected, it will be a modest negative.”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.”Action in the bond market was fairly muted on Friday, but Treasuries headed toward their best week since the start of the war.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:StocksThe S&P 500 rose 0.3% as of 12:09 p.m. New York time The Nasdaq 100 rose 0.4% The Dow Jones Industrial Average rose 0.7% The Stoxx Europe 600 rose 0.1% The MSCI World Index rose 0.4% CurrenciesThe Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.2% to $1.1675 The British pound rose 0.2% to $1.3469 The Japanese yen was little changed at 159.23 per dollar CryptocurrenciesBitcoin rose 0.4% to $73,763.98 Ether rose 0.9% to $2,030.28 BondsThe yield on 10-year Treasuries declined one basis point to 4.44% Germany’s 10-year yield declined two basis points to 2.94% Britain’s 10-year yield was little changed at 4.81% CommoditiesWest Texas Intermediate crude fell 1.3% to $87.76 a barrel Spot gold rose 1.6% to $4,568.28 an ounce ©2026 Bloomberg L.P.
