AWARDS
Stocks hit record highs, while oil prices fell, after the United States and Iran reached a preliminary agreement to extend the ceasefire, pending approval from President Donald Trump.
The MSCI All Country World Index, the broadest global equity gauge, rose 0.4% to an all-time high, as easing tensions in the Middle East fueled optimism about lower energy costs and stronger economic growth. A rally in technology stocks pushed Asian markets up 2%, hitting a new record, while futures pointed to gains for European markets at the open.
Market sentiment also improved, with Brent crude oil falling 1.2% to $92.60 a barrel, following the proposed 60-day ceasefire extension and plans for further talks on Tehran's nuclear program. Brent crude lost more than 18% in May and is on track to post its steepest monthly decline since March 2020.
Technology remained in focus, with SpaceX lowering its IPO valuation target to at least $1.8 trillion, while Dell surged nearly 40% in after-hours trading after issuing a very positive sales forecast.
The S&P 500 Index is on track to close its ninth consecutive week of gains, a streak only seen four times since 1985. Asian markets are also poised to close their week in the green.
The yen settled around 159.30 per dollar after inflation in Tokyo unexpectedly slowed for the sixth consecutive month. U.S. Treasuries held onto their gains from the previous session, with the 10-year yield holding steady at 4.44%.
The dollar remained largely unchanged after Thursday's decline. However, the currency's rally this month, fueled by expectations of a U.S. interest rate hike, has made many Wall Street strategists wary of further gains.
Gold was hovering around $4,500 an ounce, heading for its third consecutive monthly decline, its longest losing streak since October 2022.
