US stocks begin to climb on Friday morning as di whole world dey wait for update on US–Iran peace talks. Di S&P 500 don notch im eighth straight weekly win, wey secure di index longest weekly winning streak since 2023.
Markets start di week on down note, as concern about persistent inflation dey stoke worries about Federal Reserve rate hikes. Since reports of movement on US-Iran talks pick up on Wednesday, investors don get reason to believe say one primary source of rising prices fit resolve soon.
But uncertainty around US-Iran deal still dey for focus. Secretary of State Marco Rubio and Iranian media signal progress for negotiations between US and Iran for peace deal. However, clear sticking points remain over Iran uranium stockpile and di Strait of Hormuz.
Di consequences of Strait of Hormuz closure on gas prices and other cost pressures weigh on consumers again for May. According to University of Michigan, consumer sentiment fall to record low as inflation expectations rise. Earnings season also continue to wrap up, with major government contractor Booz Allen Hamilton reporting earnings beat but revenue shortfall versus estimates.
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