Market Highlights

A rally inoil drove both stocks and bonds lower on concerns that an escalation of hostilities over the Strait of Hormuz will keep energy costs elevated, fueling global inflation risks . Equities dropped from all-time highs as Brent crude jumped about 6%, topping $114. The US and Iranexchanged fire in the Persian Gulf amid a flare-up of violence that also drew in the United Arab Emirates .With oil prices not far from a four-year peak, the decline in Treasuries sent 30-year yields above 5%.

Stocks rallied, with Asian shares climbing toward all-time highs, on optimism around the artificial intelligence trade and stronger-than-expected earnings from megacap tech companies .The yen briefly spiked higher. Futures for the S&P 500 and the Nasdaq 100also gained after theWall Street gauges closed at new highs on Friday on earnings from major tech companies including Apple Inc . European shares were also primed for gains at the open .

Equities hit fresh highs, with the S&P 500 extending its April surge to 10%as data showed US growth accelerated amid anAI-driven upswing inbusiness investment .Agauge of small firms, whose fortunes are tied todomestic activity, added 2.2%.Adrop inoil helped sentiment, lifting bonds . The yen climbed on reports of Japan intervention . In late hours, Apple Inc . reported revenue that topped estimates, helped by demand for the iPhone and Mac .Oil surged to the highest level in almost four years amid growing pessimism about efforts to end the Middle East con flict. Stocks swung to losses after earlier getting a boost from megacap tech earnings.

Wall Street traders drove bonds lower and stocks wavered as a divided Federal Reserve held rates steady and signaled the war in Iran is clouding the economic outlook. Brent crude hit the highest since 2022. With no end in sight to the Middle East conflict, money markets all but abandoned wagers on a rate cut this year and began pricing in the chances of a hike in 2027. Treasury 10-year yields hit a one-month high. Most shares in the S&P 500 fell. In late hours, Meta Platforms Inc. slid after boosting its spending outlook. Microsoft Corp.’s cloud growth failed to ease investors’ artificial-intelligence concerns. Alphabet Inc. climbed on solid sales. Oil surged to the highest level in almost four years amid growing pessimism about efforts to end the Middle East conflict. Stocks swung to losses after earlier getting a boost from megacap tech earnings.

A selloff in technology giants dragged down stocks as concerns resurfaced over whether vast investments in artificial intelligence will pay off just as traders gear up for a slew of megacap results. The industry that has powered this month’s equity rally got hit on a news report that OpenAI failed to meet its own goals for new user acquisition and sales, fueling worries the firmmay struggle to support its AI infrastructure spending. Partners such as Oracle Corp. and CoreWeave Inc. slumped, with the S&P 500 dropping from a record. The Nasdaq 100 lost 1%. US equity-index futures rose as investors positioned ahead of a raft of earnings from the largest technology companies in what has been a generally upbeat reporting season. Markets are also awaiting a Federal Reserve policy decision.

April’s rally in risk assets has weathered stalled peace talks, signs of resurgent inflation and a central-bank succession drama. Investors may be about to findout if the speed of the advance itself poses a threat to a further ascent. Global equities enter the week at or near records, with the S&P 500 up almost 10% since the end of March, putting it on pace for the best monthly advance since late 2020. Treasury yields fell Friday as the closing of a Justice Department probe of Fed Chief Jerome Powell cleared a path to Kevin Warsh’s confirmation, boosting bets that the central bank could resume cutting interest rates before the year is out. Technology stocks led equity markets lower as concerns over whether the vast amount of investment in artificial intelligence will pay off resurfaced. Brent rose above $110 a barrel as the Strait of Hormuz stayed shut.

April’s rally in risk assets has weathered stalled peace talks, signs of resurgent inflation and a central-bank succession drama. Investors may be about to findout if the speed of the advance itself poses a threat to a further ascent. Global equities enter the week at or near records, with the S&P 500 up almost 10% since the end of March, putting it on pace for the best monthly advance since late 2020. Treasury yields fell Friday as the closing of a Justice Department probe of Powell cleared a path to Kevin Warsh’s confirmation, boosting bets that the central bank could resume cutting interest rates before the year is out. Stocks advanced and the dollar slipped following a report that Iran offered the US a proposal to reopen the Strait of Hormuz, easing concern that efforts to restart peace talks had stalled.

A fresh bout of volatility rattled markets, with stocks falling as oil rose on concern about an escalation of the conflict in the Middle East that could prolong the Strait of Hormuz closure, worsening energy disruptions. The standoff drove Brent above $105 on worries that peace talks have stalled, rhetoric is amping up and military threats are increasing. A rally in the S&P 500 paused, with the index dropping as much as 1.3% before paring its decline. In late hours, Intel Corp. surged on a strong outlook, fueling gains in chipmakers. The group notched a 17th straight advance in regular trading. Oil rose for a fifth day as concerns grew that the US and Iran were making little progress toward resuming talks on de-escalation, keeping the Strait of Hormuz effectively closed.

Stocks climbed to all-time highs as a slew of strong corporate results and President Donald Trump’s extension of a ceasefire with Iran revived risk appetites after a two-day retreat. Bitcoin rallied. The S&P 500’s 1% gain extended its advance for the month, set to be the best since 2020. Chipmakers climbed for a 16th straight day, the longest-ever winning streak. Boeing Co. surged on solid first-quarter deliveries. In late hours, Tesla Inc. jumped as earnings beat estimates. Texas Instruments Inc. gave a strong forecast for the current period. Stocks and bonds dropped as stalled US-Iran talks and the continued closure of the Strait of Hormuz drove oil prices higher, souring risk sentiment after a record rally on Wall Street.

A rebound in oil drove stocks lower as traders awaited confirmation that Iran will join the US in peace talks before a ceasefire expires, with the two sides still at odds on key issues. Equities wiped out an advance that had earlier put the S&P 500 on pace for a record. The New York Times reported that Vice President JD Vance’s trip to Islamabad has been put on hold after Tehran failed to respond to US negotiating positions. Brent hovered near $98. Treasury yields rose alongside the dollar. US equity-index futures climbed and oil dropped after President Donald Trump said he would extend the ceasefire with Iran, spurring cautious optimism among investors.