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The S&P 500 and Dow Jones pushed toward fresh records as strong earnings and hopes of an Iran deal boosted investor sentiment. Meanwhile, oil prices fell sharply, the dollar weakened, and Asian markets surged on expectations of easing Middle East tensions.
Wall Street heads into the final week of May near record highs, with the S&P 500 above 7,500 and the Dow approaching 51,000 after a strong earnings season. The Nasdaq also gained again as investors shifted focus to inflation, oil prices, and Iran peace talks.
Corporate earnings growth reached 26% year-over-year — the fastest pace since 2021 — according to Bank of America. Despite cautious commentary from executives, many companies still raised guidance above historical averages.
This week’s major earnings include Marvell Technology and Salesforce on Wednesday, followed by Costco Wholesale, Dell Technologies, Best Buy, and Dollar Tree on Thursday.
Markets are also closely watching U.S.-Iran negotiations. President Donald Trump said a deal to reopen the Strait of Hormuz had been “largely negotiated,” though officials warned no final agreement has been signed yet.
Oil prices fell sharply on hopes of easing tensions. Brent crude dropped over 6% to around $97.75 per barrel, while WTI crude slid nearly 6% to about $90.87. The weaker oil market also pressured the U.S. dollar, while the euro climbed to $1.1646 and the yen strengthened to 158.9 per dollar.
Asian markets rallied on the news. Japan’s Nikkei surged 3% above 65,000 for the first time, while Taiwan stocks also reached record highs.
Meanwhile, inflation concerns continue reshaping Federal Reserve expectations. Markets are now fully pricing in a 25-basis-point Fed rate hike in January 2027, after rising energy costs shifted the outlook from earlier expectations of rate cuts.
In tech, Huawei executive He Tingbo unveiled a new chip strategy called the “Tau Scaling Law.” Huawei says it has already mass-produced 381 chips using the technology as China pushes for semiconductor independence under U.S. sanctions.
Singapore’s core inflation slowed to 1.4% in April, below forecasts of 1.7%, while headline inflation came in at 1.8%.
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Global Markets Slide as U.S. Strikes Iran, Oil Volatility Returns, and Bitcoin Stays Under PressureGlobal markets turned lower after the U.S. launched strikes against Iran. Dow, S&P 500 and Nasdaq futures fell, oil prices remained volatile, Japan’s inflation hit a three-year high, and Bitcoin stayed under pressure amid growing geopolitical uncertainty.Editorial Note
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Last update: May 25, 2026