US stocks pushed to fresh records on May 29, 2026, after a tentative deal to extend the ceasefire in the war with Iran by 60 days helped lift Wall Street and drag oil prices lower. The S&P 500 added 0.6 per cent to its all-time high, the Dow Jones Industrial Average rose 24 points and the Nasdaq composite climbed 0.9 per cent.
The rally came as investors looked past another reminder of sticky prices, after a report on Thursday showed a US inflation measure accelerated last month to its worst level in three years. Even so, falling oil was enough to steady sentiment, with Treasury yields easing after crude gave up much of its overnight gains. Benchmark US crude settled at $US88.90 a barrel, down from a high above $US92.50.
The tentative US-Iran agreement still needed President Donald Trump’s approval, leaving a central question hanging over energy markets: whether the latest pause in hostilities will last long enough to reopen the Strait of Hormuz and keep crude moving from the Persian Gulf to customers around the world. That uncertainty has kept oil prices swinging hard in recent days as hopes and fears rise and fall around the talks.
For now, the market’s message was simple. Stocks are still finding support from strong corporate earnings, and Friday’s gains added to that theme. Dollar Tree soared 17.9 per cent after posting profit above expectations, with chief executive Mike Creedon saying better store conditions helped the retailer make more profit off each US$1 in sales even as tariffs added to costs. The company also lifted its full-year profit outlook above analysts’ forecasts. Kohl’s rallied 20.6 per cent after better results than feared, Best Buy climbed 15.8 per cent and Hormel Foods gained 12.5 per cent after strong demand for Jennie-O ground turkey and exports of Spam helped it beat profit expectations.
Snowflake jumped 36.5 per cent after saying artificial intelligence remained a strong driver for its business and after reporting profit and revenue that topped expectations. Salesforce slipped 0.8 per cent despite also beating profit forecasts. By the close, the S&P 500 had added 43.27 points to 7,563.63, the Dow rose 24.69 to 50,668.97 and the Nasdaq climbed 242.74 to 26,917.47.
The tone was set to spill into Australia. ASX futures at 4.48am AEST pointed to a rise of 54 points, or 0.6 per cent, at the open, a rebound after the local market fell 1.4 per cent on Thursday. The Australian dollar was trading at US71.64¢.
