A potential U.S.-Iran deal fueled a broad market rally
Stocks settled firmly higher on Wednesday, as falling oil prices and renewed optimism around a potential U.S.-Iran peace agreement fueled a broad market rally. The S&P 500 and Nasdaq surged more than 1% each to nab fresh record closes after Advanced Micro Devices' (AMD) post-earnings surge and outlook lifted the AI sector. The Dow rose over 600 points and exited correction territory amid reports that the peace proposal will also include a moratorium on nuclear enrichment.
Continue reading for more on today's market, including:
- Options traders are tuned into QQQ amid record highs.
- Eli Lilly shares could keep surging after crossing this trendline.
- Plus, bulls target UBER; SMCI's knockout Q3; and more on KVYO's selloff.
5 Things to Know Today
- Iran is currently reviewing a new U.S. peace proposal to end the war.(Reuters)
- JPMorgan (JPM) reportedly offered a $1M settlement to a former investment banker before his assault allegations made headlines. (The Wall Street Journal)
- Uber stock rode higher thanks to an upbeat outlook.
- Analysts chimed in on semiconductor stock after earnings.
- Why Klaviyo stock got knocked down to a record low.
Gold Bounces Back as Oil Pulls Back
Oil prices fell sharply Wednesday as optimism grew around a possible U.S.-Iran agreement that could ease energy supply disruptions. June-dated West Texas Intermediate (WTI) shed more than 7% to settle at $95.08 per barrel.
Gold prices surged to their highest level in more than a week after reports that the U.S. and Iran were close to a peace deal. June-dated gold futures added 2.7% to settle at $4,690.20 an ounce.