The S&P 500 ETF (SPY) clinched a new record closing high for the third consecutive day on Friday amid signs of easing U.S.-Iran tensions.
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News That Moved the Stock Market Today
- Iran announced the reopening of the Strait of Hormuz for commercial vessels through coordinated routes. The waterway will remain open for the duration of the 10-day Israel-Lebanon ceasefire.
- President Trump went further and said Iran had agreed to never close Hormuz again.
- Trump also said that Iran has “agreed to everything,” including a transfer of its enriched uranium stockpile to the U.S. He expects a deal to be reached “in one or two days.”
- Brent crude oil futures (BZ) dropped 8%, easing inflation concerns and supporting interest rate cut odds. However, the decline could take several weeks to be reflected in gas prices.
- Apple (AAPL) rallied after BNP Paribas raised its price target to $300 from $260, highlighting an opportunity for the company to increase smartphone market share from higher memory prices.
- Intel (INTC) rose to its highest level since 2000 before reversing its gains and closing in the red.
- Palantir (PLTR) is in the running to receive a U.S. Federal Aviation Administration AI air traffic management contract.
- Analysts expect IBM (IBM) to post an earnings beat on Wednesday, April 22, after the market close.