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The S&P 500 Index ($SPX) (SPY) today is up +1.19%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +1.33%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.44%. June E-mini S&P futures (ESM26) are up +1.19%, and June E-mini Nasdaq futures (NQM26) are up +1.47%.
Stock indexes are soaring today, with the S&P 500 and Nasdaq 100 posting new all-time highs.
A wave of blockbuster earnings results from chipmakers and AI-infrastructure stocks are propelling stocks higher today and has bolstered optimism that the relentless pace of investment in artificial intelligence will continue. Advanced Micro Devices is up more than +16% after data center spending boosted its full-year sales forecast, and Super Micro Computer is up more than +17% after reporting improved margins and giving a solid profit forecast.
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Sign up now! Stocks extended their gains as crude oil prices plunged and bond yields tumbled on optimism that the US and Iran are nearing a peace deal. The US believes it's close to an agreement with Iran to end the war, and President Trump suspended a military initiative to guide stranded ships through the Strait of Hormuz and said, "Great progress has been made toward a complete and final agreement with representatives of Iran." He added that a US blockade of ships transiting to and from Iranian ports would "remain in full force and effect" until a deal is agreed to.
Crude prices sank to a 2-week low, and the 10-year T-note yield fell to a 1-week low of 4.33% Axios reported today that the US and Iran are working on a one-page memorandum of understanding that, if Iran accepts it, will lead to the gradual reopening of the Strait of Hormuz and the lifting of the US blockade on Iranian ports. Nothing has yet been agreed upon, and detailed negotiations on Iran’s nuclear program will come later in the process. Also, China's top diplomat, Foreign Minister Wang Yi, called for the swift reopening of the Strait of Hormuz during a meeting with his Iranian counterpart, Abbas Arachchi, in Beijing today.
Stocks maintained their gains on the Fed-friendly Apr ADP employment change report that showed US companies added 109,000 jobs, below expectations of 120,000.
Louis Fed President Alberto Musalem were hawkish and negative for stocks when he said, "Inflation is running meaningfully above our 2% target. We have risks on the employment side and on the inflation side, and in my understanding, the risks have been shifting towards more risk on the inflation side than the employment side." WTI crude oil prices (CLM26) plummeted more than -6% toda.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | ▲ +0.34% |
| WTI Crude | $96.90/bbl | ▲ +0.21% |
| EN590 Diesel | $846/MT | ▲ +0.18% |
| Jet Fuel A-1 | $1090/MT | ▲ +0.55% |
| Mazut M100 | $450/MT | ▼ -0.15% |
| Bitumen 60/70 | $470/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $470/MT | ▼ -0.44% |
| Urea 46% Gran | $650/MT | ▲ +1.12% |
| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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