US stocks rose Friday morning as markets waited for an update on US-Iran peace talks, with investors also weighing fresh signs that the week’s early losses may not stick. The S&P 500 climbed 0.4%, the Dow Jones Industrial Average rose 0.6% after reaching an all-time high on Thursday, and the Nasdaq Composite gained 0.2%.
The move capped a strong week for Wall Street. The S&P 500 locked in its eighth straight weekly win, its longest such streak since 2023, while the Dow and Nasdaq finished the week up 2.1% and 0.4%, respectively. Traders spent the first part of the week focused on persistent inflation and the risk that it could keep pressure on Federal Reserve rate hikes, but that concern was tempered as the market absorbed a steadier tone in equities and oil.
Secretary of State Marco Rubio and Iranian media both signaled progress in the negotiations, although key sticking points remained over Iran’s uranium stockpile and the Strait of Hormuz. That backdrop mattered because oil and gasoline prices were already in view: the national average gas price stood at $4.55 per gallon, Brent crude traded at $103 per barrel on Friday afternoon, and West Texas Intermediate was at $96 per barrel.
Dennis Kissler, commenting on the oil market, said near term futures appeared to be pricing in some kind of agreement as WTI slipped below $100 a barrel, and that traders were becoming more desensitized to the steady stream of negotiation headlines. The market’s reaction suggested that investors were willing to lean toward a deal, even while the main disputes remained unresolved.
That uneasy balance defined the rest of the tape. The University of Michigan said consumer sentiment fell to a record low in May as inflation expectations rose, a reminder that households are still feeling the squeeze even as equities push higher. Earnings season also continued to narrow, with Booz Allen Hamilton posting an earnings beat but missing revenue estimates. Individual stocks moved sharply too: Nvidia fell almost 2%, while Dell surged more than 16% to an all-time high. For now, Friday’s stock market news today points to a market that is still climbing, but doing so with inflation, energy costs and diplomacy all sitting close to the surface.
