The S&P 500 Index closed up 0.42% on Friday, reaching a five-week high, while the Dow Jones Industrial Average and the Nasdaq 100 Index rose 0.29% and 0.33%, respectively. Key futures also reflected gains, with September E-mini S&P futures up 0.43% and September E-mini Nasdaq futures gaining 0.35%. The uptick in market sentiment was partly driven by President Trump’s comments that the U.S. would continue diplomatic talks with Iran, reducing some geopolitical tensions that had affected energy prices.
September oil futures fell nearly 1%, reflecting ongoing concerns over U.S.-Iran relations, while prospects for strong second-quarter earnings are seen as a positive indicator for stocks, with Bloomberg Intelligence forecasting a 23% increase in earnings. The U.S. market is currently pricing in a 32% chance of a 25 basis point rate hike by the Federal Open Market Committee in its upcoming meeting.
Notable market movements included South Korea’s SK Hynix, which surged over 12% on its first day of trading in the Nasdaq 100, and EquipmentShare, which rose more than 17% after raising its full-year earnings guidance. Conversely, cybersecurity stocks faltered, led by Okta, which closed down more than 6%, and CrowdStrike, down over 5%.
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