Bulls in the S&P 500 Drive the Longest Weekly Gain Since 2023 – US Market Wrap

Hopes for an agreement between the United States and Iran to turn a tenuous ceasefire into long-term peace spurred Wall Street euphoria, propelling equities to their longest weekly winning streak since 2023.
The S&P 500 gained for the eighth week in a row after rising by almost 18% from war-time lows. Two-year rates rose to their highest level since February 2025, as Fed’s Waller emphasized that the next rate move might be either a hike or a decrease. Money markets have fully priced in an increase this year. In a tumultuous session, US oil closed below $97.
Nearly three months into the conflict, Iran is weighing the latest proposal from the United States. Pakistan’s army leader, Washington’s preferred liaison, has landed in Tehran. US Secretary of State Rubio reported “slight progress” in negotiations.
According to Iran’s Foreign Ministry Spokesman Baghaei, Iran is not close to reaching an agreement with the US, and the meeting of Pakistan’s army leaders is not intended to demonstrate that it is. He stated that the primary goal is to bring the war to an end.