Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are trading higher on Friday ahead of the extended Memorial Day weekend.
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Optimism for a deal between the U.S. and Iran is driving equities higher. Pakistani Army Chief of Staff Asim Munir is scheduled to visit Tehran today, a Pakistani security source told Axios, as he continues to play a central role in mediation efforts between the two sides. Meanwhile, Reuters reported that Qatar has also sent a delegation to the capital to take part in talks.
Tech Leads Rally as Warsh Sworn In as Fed Chair
Tech stocks are also supporting the rally, led by gains from Dell (DELL), Qualcomm (QCOM), Texas Instruments (TXN), and AMD (AMD).
Elsewhere, President Trump officially swore in Kevin Warsh as the 17th Fed Chair to succeed Jerome Powell. During the ceremony, Trump emphasized that Warsh would act independently without political pressure. Powell will remain on the Fed Board as a Governor, with his term expiring on January 31, 2028.