U.S. stocks are on an upward trajectory, with the S&P 500 set for its eighth consecutive weekly gain, while the Dow and Nasdaq also show strong performance. This rally is attributed to investor expectations of a de-escalation in Middle Eastern tensions, particularly as reports indicate that Iran is considering a U.S. peace proposal.
President Trump has expressed willingness to wait for Iran's response, which has further fueled market optimism. On Thursday, the Dow Jones Industrial Average closed up 276.31 points, marking a record high. Meanwhile, Asian markets opened higher, reflecting Wall Street's gains. However, oil prices remain volatile, with Brent crude and U.S.
West Texas Intermediate futures both rising about 2% in early trading, despite mixed signals regarding the peace negotiations. Additionally, the International Energy Agency has warned that the oil market could face challenges as inventories decrease ahead of the summer travel season.
In domestic news, Trump has delayed an executive order on artificial intelligence, which was intended to enhance government oversight of AI models. This comes as tech companies, including Microsoft, continue to invest heavily in AI, with Microsoft reportedly in talks to supply AI chips to Anthropic.
Lastly, quantum computing stocks surged after the U.S. government announced $2 billion in funding for nine firms in the sector, with IBM receiving the largest share of $1 billion, resulting in a 12% increase in its stock price