US Stock Market Today Live Updates: Wall Street set for 5th straight day of gain amid AI boom, easing oil prices

The average US 30-year fixed mortgage rate for conforming loans of $806,500 or less rose to 6.65% in the week ended May 22, 2026, from 6.56% in the previous week, marking the highest level since August 2025, Trading Economics reported, citing the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

Rates increased for the fifth consecutive week, tracking higher Treasury yields amid persistent inflation concerns driven by elevated fuel costs and rising global public debt. This has prompted investors to rule out Federal Reserve rate cuts and price in a potential rate hike by the end of the year, according to the report.

Brent crude oil futures dropped more than 3% to below $97 per barrel, hovering near a five-week low as optimism grew that the US and Iran could reach a peace agreement, despite conflicting signals from both sides.

Iranian state television reported an unofficial draft of an interim deal to end the war, while the White House dismissed the report as “a complete fabrication”.

A potential reopening of the Strait of Hormuz, which normally carries about 20% of global oil and LNG supplies, could significantly ease pressure on global energy markets.

A rally in stocks faltered near all-time highs as traders parsed mixed signals over prospects for a US-Iran deal aimed at ending the war and restoring energy flows through the key Strait of Hormuz.

The S&P 500 fluctuated after an earlier advance driven by hopes of a resolution to hostilities in the Middle East.

The US denied an Iranian state television report about a draft interim peace deal that suggested maritime traffic through Hormuz could return to normal within a month of the agreement taking effect. US crude pared some of its losses, trading above $90 per barrel after briefly slipping below that level.

Other key points reported by Iran’s IRIB News included the US lifting its naval blockade on Iranian ports and the American Navy withdrawing from waters surrounding Iran. The draft also stated that Iran and Oman would establish a mechanism to oversee shipping traffic through the strait.

Shares of MGM Resorts International extended their winning run to the fifth straight trading session, surging 10.2% to $42.39 apiece after the company reported better-than-expected quarterly numbers, posting adjusted earnings per share (EPS) of 49 cents.

In the corresponding quarter last year, the company had reported an adjusted EPS of 69 cents.

Quarterly revenue of $4.45 billion topped the consensus estimate of $4.36 billion by 2.1%. The top line also increased 4% on a year-over-year basis, supported by strong contributions from MGM China and MGM Digital.

The dollar edged higher to 99 against major currencies including the euro and yen on Tuesday, after renewed US strikes on Iran dented optimism for a near-term ceasefire, boosting demand for the safe-haven greenback.

Iran said the US had violated a ceasefire after it conducted what it called defensive strikes in southern Iran, while US Secretary of State Marco Rubio said that negotiating a deal to halt the conflict could "take a few days."

Hopes for a peace deal have waxed and waned over the last several weeks, as confident assertions by US President Donald Trump of an imminent agreement have not been followed by an actual deal to open the crucial Strait of Hormuz shipping channel.

US stock futures jumped on Wednesday, a day after the S&P 500 and Nasdaq Composite touched fresh record highs, as a tech rally led by memory chipmaker Micron Technology continued and oil prices fell on hopes of an Iran truce.

Nasdaq reaches a fresh record high of 30,099. Micron shares were up another 7% in trade, extending an epic rally that saw the stock surge 19% on Tuesday and cross the $1 trillion market capitalisation mark for the first time.

U.S. crude oil prices fell more than 4% Wednesday on a report Iran would restore traffic through the Strait of Hormuz as part of a framework deal with the US West Texas Intermediate futures tumbled 4.6% to $89.55 per barrel Iranian state television claimed to have a copy of a draft framework for a memorandum of understanding with the U.S., according to Reuters.

Tehran has committed to restore commercial traffic through Hormuz to pre-war levels within one month of an agreement with the U.S., according to Reuters citing Iranian state television.

However, Iran will manage ship traffic through Hormuz in cooperation with Oman, state television said. U.S. military forces would withdraw from the vicinity of Iran and lift the naval blocakde, the reports said.

Amid uncertainty over a potential end to the three-month-long conflict in the Middle East, precious metals traded with modest losses in Wednesday’s session, 27 May. The latest escalation in the region has reinforced concerns that inflation could remain elevated, keeping interest rates higher for longer.

Remaining lower for the third straight session, Comex gold dropped another $81 per troy ounce to the day’s low of $4,421, marking its lowest level since late March. The recent decline also extended its month-to-date losses to 4%. The yellow metal has closed the last two months in the red and has lost over 15% of its value since the beginning of the conflict.

Silver prices also remained under pressure, falling nearly $3 per ounce to the day’s low of $73.72. The white metal, which is more volatile than gold, has given up all of its May gains after falling sharply from the $90 mark. Over the last three months, including May, silver prices have declined nearly 20%.

Crude prices were trading lower, with US crude falling 3.8% to $90.08 a barrel and Brent crude losing 3.1% to $96.48 per barrel, its lowest level since mid-April. In the current week, Brent crude was down 9% so far after declining 5.2% in the previous week.

However, prices are still nearly 30% higher compared to levels before the escalation in the Middle East conflict.

Micron Technology shares surged another 9% in pre-market trade after gaining 19% on Tuesday. The latest rally propelled the company into the $1 trillion market capitalisation club. Its South Korean peer, SK Hynix, also crossed the $1 trillion market value mark overnight.

Weaker-than-expected first-quarter results dragged Dick’s Sporting Goods shares 3% lower. Likewise, Zscaler shares crashed 25% after earnings, while Bath & Body Works was also down 10% in pre-market trade following its first-quarter results.

On the gaining side, MGM Resorts International rose 4% after its Q1 results.

Strategists at Goldman Sachs Group Inc. joined peers at Morgan Stanley and Deutsche Bank AG in seeing a 17% return for the S&P 500 Index this year.

Earnings growth powered by the AI boom will drive further gains in stocks, the Goldman team led by Ben Snider said as they increased their year-end target for the US benchmark to 8,000 points, ditching a previous forecast of 7,600.

“Continued earnings growth should drive continued equity market upside,” the strategists wrote in a note. “The increased return forecast reflects increased estimates for S&P 500 earnings following an exceptionally strong first-quarter reporting season.”

The S&P 500 has already jumped almost 10% this year.

(Source: Bloomberg)

Futures linked to the S&P 500 and Nasdaq 100 rose after chipmakers pushed both indexes to fresh record highs. E-mini S&P 500 Futures were higher by 0.33%, while the E-mini Dow Jones futures rose 0.43% and the E-mini Nasdaq-100 Futures gained 0.53%.

The US stock market rose to records Tuesday after President Donald Trump said negotiations were “proceeding nicely” with Iran on ending the war in Middle East.

The S&P 500 climbed 0.6% after trading resumed following Monday’s holiday and set an all-time high. The Nasdaq composite rallied 1.2% to set its own record, while the Dow Jones Industrial Average dipped 118 points, or 0.2%, from its all-time high.