"The S&P 500 is set to extend a record run as crude tumbles and traders welcome signs the Iran conflict could be winding down. Stocks are soaring because the Strait of Hormuz appears clear and a chip-led rally is rolling into a second day."
"ADP reported private payrolls climbed by 109,000 in April, rebounding from March's 61,000 and comfortably ahead of the 84,000 Wall Street had anticipated. Healthcare and education continued to carry the load, responsible for more than half the gains at 61,000 new positions."
"WTI oil futures dropped nearly 9% to around $93 per barrel, while Brent slid about 8% to near $101. Axios reported the U.S. and Iran are close to a deal that would include a moratorium on nuclear enrichment."
"Advanced Micro Devices is up about 20% in premarket after Q1 revenue of $10.253 billion and non-GAAP EPS of $1.37 topped estimates, with Data Center sales jumping 57% to $5.775 billion."
The S&P 500 is experiencing a record run as crude oil prices decline and the Iran conflict shows signs of resolution. The semiconductor sector is driving this surge, with the PHLX Semiconductor Index increasing by 9.4% in five days. Private payrolls rose by 109,000 in April, surpassing expectations. WTI oil futures fell nearly 9% as a potential U.S.-Iran nuclear deal emerges. Advanced Micro Devices reported strong Q1 results, leading to a 20% premarket increase, while Intel also saw gains amid positive developments.
Read at 24/7 Wall St.
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