Overview
- The S&P 500 and Nasdaq set record closes Wednesday, a move traders tied to hopes for renewed U.S.–Iran negotiations.
- Fresh diplomatic signals on Thursday included Pakistan’s army chief meeting Iran’s parliament speaker, and the White House said it is optimistic about a deal.
- Oil traded around $92 to $96 a barrel as disruptions in the Strait of Hormuz persisted and Washington kept a blockade on Iranian ports in place.
- Following Wednesday’s surge, gains were concentrated in big tech, with Tesla, Microsoft, Nvidia and Meta leading the move.
- Beyond geopolitics, a judge found Live Nation ran an illegal monopoly and Snap said it will cut about 1,000 jobs, while the Fed’s Beige Book called the conflict a major source of business uncertainty.