Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) secured new all-time closing highs on Wednesday after President Trump extended the U.S.-Iran ceasefire deadline.
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News That Moved the Stock Market Today
- Trump didn’t specify the duration of the extension, although sources familiar with the matter told Axios that he is aiming for between three and five days. In the meantime, the U.S. will maintain its blockade on vessels entering and exiting Iranian ports.
- Trump teased the possibility of a new round of negotiations by Friday. Iran has not yet signaled that it is willing to participate and previously demanded the blockade be lifted as a prerequisite to engaging in negotiations.
- Senator Lindsey Graham floated the possibility that the blockade could expand and “become global soon.”
- Brent crude oil futures (BZ) trended higher after Iran attacked and seized two commercial vessels attempting to cross the Strait of Hormuz.
- Yardeni Research expects the S&P 500 (SPX) to consolidate before ending the year at 7,700.
- Palantir (PLTR) rallied after signing a $300 million contract with the U.S. Department of Agriculture (USDA).
- Micron (MU) climbed to a new 52-week high, bringing its year-to-date return to 54%.
- Boeing (BA) reported a double beat on revenue and adjusted EPS for its first-quarter earnings.
- AMD (AMD) surged after announcing the Ryzen 9 9950X3D2 Dual Edition.