S&P 500, Nasdaq hit record highs as US-Iran ceasefire talks lift sentiment

Stocks edged higher on Friday, May 29, extending a record-setting run as investors tracked developments in US-Iran negotiations and a fragile ceasefire, while crude oil prices slipped on easing supply concerns.

The S&P 500 and Nasdaq Composite rose 0.2% each, while the Dow Jones Industrial Average gained 170 points, or 0.3%, with all three benchmarks touching fresh intraday highs during the session.

Sentiment has remained broadly upbeat since US President Donald Trump signalled last week that the US was in the “final stages” of talks with Iran. That optimism helped drive the S&P 500 and Nasdaq to record highs for three consecutive sessions this week. However, an official update on negotiations remains elusive, even as reports suggest a potential ceasefire extension proposal is under review.

Markets continue to closely monitor geopolitical risks in West Asia, particularly the impact of disruptions around the Strait of Hormuz, which has heightened concerns over global energy flows and inflationary pressures. Investors are also weighing implications for the Federal Reserve’s policy path as oil price volatility feeds into inflation expectations.

Crude benchmarks eased on the day, with West Texas Intermediate and Brent futures both slipping more than 1% after recent volatility linked to missile strikes and shifting ceasefire expectations.

On the corporate front, Dell Technologies was a standout gainer, with shares surging about 35% after the company raised its full-year guidance and reported stronger-than-expected results. The AI infrastructure push, including a sharp upgrade in revenue outlook driven by server demand, added further momentum to the broader tech-led rally.