TradingKey - Expectations of a restart in US-Iran peace talks and US PPI data easing inflation concerns boosted risk appetite. The S&P 500 rose 1.18% to 6,967.38 points, nearing the record high set in late January. The Nasdaq surged nearly 1.96% to 23,639.083 points, marking its tenth consecutive session of gains with a cumulative increase of over 12%. Meanwhile, Bitcoin (BTCUSD) briefly broke through the $76,000 mark before pulling back.
The Philadelphia Semiconductor Index rose more than 2%, and the US Memory Chip Index gained over 2.4%, both continuing to hit record highs. Meta jumped more than 4%, leading the Magnificent Seven. Chevron fell nearly 2.5%, ExxonMobil dropped as much as 3.8% before closing down 2.23%, erasing all gains since the outbreak of the US-Iran conflict. Following bank earnings, Citigroup rose 2.61%, JPMorgan Chase fell 0.82%, Wells Fargo tumbled as much as 7% before ending the day down 5.7%.
Bitcoin surged then retraced, rising nearly 4% at one point to break $76,000 before falling back to $74,000.
Gold rose more than 2% to break above $4,800, while silver futures surged over 5%, nearing $80. WTI crude oil futures fell 7.87% to $91.28 per barrel. Brent crude oil futures dropped 4.6%.
Market Headlines
U.S. inflation was lower than expected across the board. The March PPI rose 4% year-over-year, hitting a three-year high, while the month-over-month increase narrowed to 0.5%. Short-term inflation anxiety has eased, but medium-term concerns persist.
Trump stated that a second round of U.S.-Iran talks could be held in Pakistan within the next two days, while Iran considers a brief suspension of shipping in the Strait of Hormuz to create space for negotiations. Trump stated that significant progress could occur in Islamabad within the next two days, adding, "We prefer to go there." Multiple media outlets reported that the U.S. and Iran are discussing a second round of negotiations, with the specific schedule yet to be finalized—potentially late this week or early next week. U.S. officials are scouting potential dates and venues, provided that ongoing talks between the two nations and mediators progress over the coming days. Trump indicated he is willing to resume talks soon if he believes Iran is ready to accept U.S. demands. Meanwhile, media reports suggest Iran is weighing a temporary suspension of shipping in the Strait of Hormuz to avoid direct confrontation with the U.S. and create space for a new round of peace talks. A multi-day pause in maritime activity is seen as a pragmatic and feasible option to prevent incidents from derailing fragile diplomatic efforts.
OpenAI is valued at $852 billion but is facing a crisis of trust. OpenAI is facing a severe test: its shares remain unsold on the secondary market despite a 10% discount, while rival Anthropic has attracted $2 billion in demand. Anthropic's enterprise revenue has surged, leaping from $9 billion to $30 billion in four months. Strategic vacillation has caused investors to lose patience, and the former AI star is now mired in a crisis of focus.
JPMorgan's Q1 revenue reached $50.5 billion, beating expectations, as trading hit an all-time high and investment banking revenue surged 38%. JPMorgan reported net income of $16.5 billion for the first quarter of 2026, a 13% year-over-year increase, with earnings per share reaching $5.94, up 17%. Managed revenue was $50.5 billion, an increase of approximately 10%. Within this, trading revenue hit a quarterly record of $11.6 billion, up 20% year-over-year, while investment banking revenue rose 38%.
Wells Fargo's Q1 results missed expectations, with narrowing net interest margins and private credit exposure sparking concern; shares tumbled over 7% intraday. Wells Fargo's first-quarter net interest income and non-interest income both fell short of expectations, with the net interest margin (NIM) narrowing to 2.47%. The CFO warned that the NIM could remain under pressure in the second quarter. Investors are closely watching the bank’s $210.2 billion in loans to non-bank financial institutions, of which approximately $36.2 billion is directed toward private credit firms. Following the announcement, Wells Fargo's stock plummeted over 7% intraday, marking its largest drop in nearly a year.
Lagarde: Eurozone economy has fallen below the ECB’s baseline scenario; no current inclination toward rate hikes. European Central Bank President Christine Lagarde stated that the Eurozone is currently positioned "between the baseline and adverse scenarios" (the adverse scenario projects peak inflation of 4.2%). She also denied that the ECB has a tightening bias, asserting that the core of the bank's guidance remains "price stability underpinned by financial stability."
Top 10 Most Actively Traded Stocks
The chart below lists the ten most actively traded stocks in the market last Friday. With massive trading volumes and high liquidity, these assets have become key benchmarks for tracking global market dynamics.
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