It was another green day for the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ), with both ETFs reaching new all-time highs.
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Trade QQQ with leverageNews That Moved the Stock Market Today
- The White House is hopeful that a new 14-point agreement will help reconcile differences with Iran to end the war. The terms of the proposal include restrictions on Iran’s ability to enrich uranium and a reopening of the Strait of Hormuz in exchange for the U.S. lifting some sanctions against Iran and releasing frozen assets.
- If Iran accepts, the two sides will have 30 days to negotiate more detailed terms, including the duration of a moratorium on enriching uranium and a gradual lifting of restrictions on Hormuz. Tehran is expected to respond within 48 hours.
- Brent crude (BZ), the international benchmark for oil, fell by over 7% and briefly dropped below $100 per barrel.
- Trump warned the U.S. would attack Iran “at a much higher level and intensity than it was before” if Tehran rejects the proposal.
- AMD (AMD) surged after announcing its first-quarter revenue grew 38% to $10.3 billion, with data center revenue rising 57% to $5.8 billion.
- Micron (MU) rallied alongside AMD after Mizuho analyst Vijay Rakesh reiterated a “Buy” rating and raised his price target to $740 from $545.
- Nvidia (NVDA) announced a partnership with Corning (GLW) to build three new manufacturing plants geared towards optical technology for AI data centers.
- PayPal (PYPL) faced pressure after reporting earnings and announcing a 20% staff reduction.