Forecast Trend Report by Period
The three major U.S. stock indexes all closed at record highs on May 28, lifted by a report that the U.S. and Iran had effectively concluded negotiations on a memorandum of understanding to end hostilities, with only President Donald Trump’s approval remaining.
On the New York Stock Exchange, the Dow Jones Industrial Average rose 24.69 points, or 0.05%, to 50,668.97. The S&P 500 gained 43.27 points, or 0.58%, to 7,563.63, while the Nasdaq Composite jumped 242.73 points, or 0.91%, to 26,917.47. All three indexes finished at fresh records.
Axios reported that Washington and Tehran had reached a tentative agreement on a memorandum of understanding to extend a 60-day ceasefire and resume negotiations over Iran’s nuclear program. The deal is awaiting Trump’s approval.
Oil settled little changed as news of the truce talks bolstered risk appetite. Brent crude futures fell 0.6% to $93.71 a barrel, while West Texas Intermediate crude futures rose 0.3% to $88.90 a barrel.
Still, the earlier surge in oil prices pushed the personal consumption expenditures price index up 3.8% in April from a year earlier, the fastest annual increase since May 2023, when it rose 4.0%. The index increased 0.4% from the previous month.
Artificial intelligence-related technology shares led the gains. Snowflake surged 36.48% after raising its annual revenue forecast and announcing a long-term contract with Amazon Web Services. Palantir gained 8.17% and Super Micro Computer rose 8.15%. Semiconductor-related shares also advanced, with Sandisk up 3.25%, AMD rising 4.55%, Marvell gaining 3.09% and Qualcomm adding 4.24%.
Kim Yeon-ji, Hankyung.com reporter, kongzi@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
