US Stock Market Today Live Updates: S&P 500 set for best weekly run since 2023; US-Iran peace talks in focus

Hopes for a deal between the US and Iran that could turn the fragile ceasefire into a lasting peace agreement fuelled optimism on Wall Street, driving stocks toward their longest streak of weekly gains since 2023.

Following an 18% rebound from war-fuelled lows, the S&P 500 was set for an eighth straight week of gains. Meanwhile, two-year Treasury yields climbed to their highest level since February 2025 after Federal Reserve Governor Christopher Waller signalled that the next move in interest rates could be just as likely to be a hike as a cut.

Nearly three months into the conflict, Tehran is reportedly considering the latest proposal submitted by the US. Pakistan said its army chief was headed to the Iranian capital, signalling progress in talks aimed at ending the war, Bloomberg reported.

Kevin Warsh officially took the oath as the new chair of the Federal Reserve on Friday (local time) during a White House ceremony, succeeding Jerome Powell as head of the US central bank.

While taking the oath, Warsh said, "With this oath, I've accepted a high and solemn responsibility," and added that he would lead a "reform-oriented" Federal Reserve.

Minutes after being sworn in, the new Fed Reserve chair said, “To fulfill this mission, I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models, and upholding clear standards of integrity and performance.”

Additionally, he called for central bankers to pursue their goals with wisdom and clarity, independence and resolve," adding that "inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous" if they did so.

Shares of Dell Technologies surged 17% to $296 apiece after analysts said they expect the company’s fiscal first-quarter earnings next week to beat Wall Street expectations. Analysts also believe Dell could raise its full-year guidance, driven by strong momentum in its artificial intelligence business, according to Barron’s.

Investor sentiment further improved after a Wells Fargo analyst team led by Aaron Rakers raised its price target on Dell to $270 from $180, while maintaining its “Overweight” rating on the stock, the report added.

Meanwhile, shares of HP rose 14% to $24.94, trading near their highest levels since December 2025. The stock is on track to close higher for a sixth consecutive trading session, marking its longest winning streak since July 17, 2024, when it advanced for eight straight sessions.

Gold fell on Friday and was headed for its second straight weekly loss, pulled lower by a stronger dollar and rising oil prices that kept inflation concerns in focus and increased bets for a US interest rate hike.

Spot gold was down 0.9% at $4,502.59 per ounce, after falling 1% earlier in the session.

It is down 0.8% for the week. Soaring energy costs tend to drive up inflation and could prompt central banks to keep interest rates higher for longer, which weakens demand for non-yielding bullion, even though it can be an inflation hedge.

Benchmark US 10-year Treasury yields pared earlier losses to hover near more than one-year highs, sapping demand for the non-yielding yellow metal.

Kevin Warsh, who’s promised the biggest shakeup in decades at the US central bank, is set to be sworn into office Friday in a White House ceremony as the 17th chair of the Federal Reserve.

Warsh takes over at a tense moment for the economy and the central bank. Inflation has reaccelerated, driven by the impact of war in the Middle East on energy supplies. The Fed, meanwhile, has been battered by President Donald Trump for not cutting interest rates quickly enough.

The dollar index traded little changed around 99.3 and was also on track to end the week broadly flat, as traders continued to monitor developments in the Middle East. US Secretary of State Marco Rubio reportedly said there were “some encouraging signs” surrounding a possible deal with Iran, adding that Pakistani mediators are expected to visit Tehran as Iranian officials review Washington’s latest proposal.

Tehran is currently reviewing the latest US proposal delivered through Pakistan, although no timeline has been provided for an official response. However, Tehran and Washington remain at odds over Iran’s uranium stockpile and control of the Strait of Hormuz.

Keeping their bull run intact for the third straight session, IBM shares gained another 5% to hit a three-month high of $264.38, a day after surging 12%.

The recent rally in the stock was fueled by a report from The Wall Street Journal stating that the Trump administration was awarding $2 billion in grants to nine quantum-computing companies, of which IBM is expected to receive nearly $1 billion.

As part of the broader initiative, International Business Machines announced the creation of a new standalone company called Anderon, describing it as “America’s first pure-play quantum foundry.” IBM had already been operating an internal manufacturing effort for its quantum chips, but the latest move signals an acceleration of those plans.

Under the agreement, both IBM and the US Commerce Department will each contribute $1 billion in cash to Anderon, while IBM will also provide significant intellectual property, assets, and a skilled workforce.

The recent gains have pushed the stock’s weekly advance to over 17%, putting it on track for one of its biggest weekly gains in recent history.

Nvidia shares continued to remain flat at $217 per share, even after the company posted record performance in the first quarter of 2026. The company’s net profit jumped to $58.3 billion, or $2.39 per share, during the first quarter of fiscal 2027, ending April 26, more than tripling from $18.8 billion in the year-earlier period.

Excluding one-time items, Nvidia earned $1.76 per share. Nvidia posted record revenue of $81.62 billion during the first quarter, a surge of 85% from $44.01 billion, year-on-year (YoY).

Nvidia’s results exceeded analyst estimates of $1.75 per share earnings and $78.91 billion revenue, according to a poll by FactSet, as the company remains a primary beneficiary of a global AI infrastructure buildout.

For the current quarter, Nvidia projected revenue of $91 billion, plus or minus 2%. Analysts are forecasting $87.29 billion.

US consumer sentiment fell in May to a record low and long-term inflation expectations worsened notably due to the Iran war.

The University of Michigan’s final May sentiment index decreased to 44.8 this month from 49.8 in April, according to the survey released Friday.

The gauge was weaker than all projections in a Bloomberg survey of economists as well as the preliminary reading of 48.2.

Consumers expect prices to rise an annualized 3.9% over the next five to 10 years, up from 3.5% in April and the highest in seven months. They also saw costs advancing 4.8% over the next year.

The Dow Jones Industrial Average gained nearly 1%, hitting a record high of 50,717 for the first time since the Iran war began, as investors tracked progress in talks aimed at ending the nearly three-month-old conflict ahead of the long weekend.

Iran’s foreign minister reportedly met Pakistan’s interior minister to discuss proposals to end the conflict, Reuters reported, citing media sources. However, Tehran and Washington remain at odds over Iran’s uranium stockpile and control of the Strait of Hormuz.

Global stocks have whipsawed since the conflict began in late February, but hopes of an eventual resolution to the war, optimism surrounding the AI trade, and resilient corporate earnings growth have propelled US stocks to record highs this month.

Shares of Workday gained 9% in Friday’s trade, touching the day’s high of $133.70, after the enterprise software maker beat first-quarter revenue and profit estimates, easing concerns that AI rivals such as Anthropic could rapidly disrupt demand for traditional software vendors.

The company posted adjusted earnings of $2.66 per share for the quarter ended April 30, compared with $2.23 per share a year ago.

Revenue grew 13% year-on-year to $2.54 billion, while subscription revenue rose 14% from a year earlier to $2.35 billion.

However, the stock is still down 40% in 2026 so far amid investor concerns that advances in artificial intelligence could render some software offerings obsolete.

US Secretary of State Marco Rubio reportedly said there were “some encouraging signs” surrounding a possible deal with Iran, adding that Pakistani mediators are expected to visit Tehran as Iranian officials review Washington’s latest proposal.

Iran is reportedly discussing with Oman the possibility of setting up a permanent toll system that would formalise its control over maritime traffic through the energy chokepoint. US President Donald Trump said the US wants the strait to remain open and free of tolls.

On Thursday, Trump said that the US would eventually recover Iran’s stockpile of highly enriched uranium despite comments from Iran that it would not hand over the material.

Conflicting statements over the uranium stockpile, along with disagreements over tolls in the Strait of Hormuz, continued to cloud prospects for a breakthrough agreement.

The S&P 500 was up 0.50% for the week and remained on track for an eighth straight weekly gain, shrugging off concerns that severe disruptions to energy flows could fuel inflation.

If the index closes the week higher, it would mark its longest winning streak since 2023. Signs that neither Iran nor the US is looking to widen the conflict, along with growing investor appetite for a broader range of AI beneficiaries, have helped keep volatility in check despite frequent conflicting reports surrounding the peace talks.

Crude oil prices remained higher, with Brent crude, the international oil benchmark, surging another $4 to the day’s high of $106 per barrel, although it remained lower for the week.

Brent had ended last week with an 8% jump and is now up nearly 73% so far this year. Before the start of the conflict in late February, Brent was trading around $70 per barrel.

Benchmark US crude futures advanced $3 to the day’s high of $99.43 per barrel, though they are still down more than 3% for the week.

The correlation between oil prices and stock markets has also turned positive in recent weeks, meaning the two asset classes are now more likely to move in tandem rather than in opposite directions — a reversal from the trend seen through most of the conflict so far.

Trump administration said US President Donald Trump will swear in Kevin Warsh as Federal Reserve chair later in the day at the White House.

Treasury yields slipped today after a spike earlier this week, with the one on the 10-year U.S. note falling 2.2 basis points to 4.56%.

Take-Two Interactive shares added 4% in pre-market trade after the company fixed the launch date for Grand Theft Auto 6 as Nov. 19, assuaging fears that what’s expected to be one of the top-selling video games of all time might be delayed again. Read more

Wall Street's benchmark S&P 500 index closed slightly higher after Thursday's choppy session as oil prices finished lower and investors hoped for a Middle East peace deal despite conflicting signals from US and Iran.

S&P 500 gained 11.54 points, or 0.16%, to end at 7,444.51 points, while the Nasdaq Composite gained 25.82 points, or 0.09%, to 26,296.18. The Dow Jones Industrial Average rose 278.91 points, or 0.56%, to 50,288.26.

UBS Global Wealth Management has raised its 2026 year-end forecast for the S&P 500 to 7,900 from 7,500, citing resilient consumer spending and strong demand for data center infrastructure.

A growing number of brokerages have lifted their S&P 500 targets in recent weeks, with Morgan Stanley forecasting 8,000 by the end of 2026 on strong AI-driven investments and earnings optimism, largely overlooking inflation risks from higher oil prices tied to the Middle East conflict.

The wealth manager's current target implies about a 6% upside to the index's last close of 7445.72 points.

(Source: Reuters)

S&P 500 futures traded 0.10% higher, while Dow Jones futures added 0.22%, and the Nasdaq futures gained 0.06%, hinting at a positive start for US stock market today, 22 May.