Stock market today: S&P 500 and Nasdaq rise, oil pares gains on report of US-Iran breakthrough
US stocks rose Thursday after Axios reported a US-Iran negotiators’ breakthrough on a 60-day memorandum of understanding for a peace deal, though President Trump approval is still required. S&P 500 gained 0.4% and Nasdaq 0.5%, while Dow was flat. Oil eased; Brent ~ $93 and WTI fell below $90. Tech earnings from Snowflake, Marvell and HP supported AI sentiment; PCE rose 0.4% in April.
How this was made
The 30-second read
Why it matters
Progress toward a peace deal reduces immediate tail risk, helping equities rebound; simultaneously, AI-related earnings (cloud/chips/computers) support the tech bid, while PCE and jobless claims keep macro/rate uncertainty in focus.
Market read
Near-term trading is driven by (1) geopolitical headline risk easing and (2) AI earnings boosting tech sentiment, partially offset by ongoing rate sensitivity from PCE.
What to watch
PCE inflation came in only slightly cooler than expected, so rate sensitivity remains; geopolitical headlines can dominate intraday regardless of AI earnings strength.
Background
The article cites Axios that US and Iranian negotiators reached a 60-day memorandum of understanding after renewed strikes near the Strait of Hormuz; it also notes tech earnings strength after the bell.
Ticker impact
Snowflake reported strong earnings and announced a $6B AWS deal, driving a >30% stock move and AI-spend read-through.
Bullish bias near-term; elevated volatility likely around AI/cloud read-through.
The article attributes the standout move to both earnings strength and a specific $6B AWS deal, which typically supports momentum and multiple expansion.
Marvell reported strong earnings after the bell, reinforcing AI-driven demand for chips and supporting tech risk appetite.
Mild-to-moderate upside bias; follow-through depends on broader tech/semis sentiment.
The article confirms strong earnings but provides no detailed guidance/metrics, limiting precision on magnitude and duration.
HP reported strong earnings, supporting the AI trade narrative tied to cloud, chips, and computers.
Supportive near-term tone; likely correlated with broader tech moves rather than company-specific incremental news.
The piece mentions strong earnings but lacks deal details or forward guidance specifics.
Amazon Web Services is named as the counterparty in Snowflake’s announced $6B deal, linking AMZN to AI/cloud spending momentum.
Limited direct price impact expected; more likely sentiment read-through than a standalone catalyst.
The article frames the deal as Snowflake’s headline; it does not quantify AMZN revenue impact or provide AWS-specific incremental guidance.
Market effects
Geopolitical de-risking (US-Iran talks progress) supports broader risk assets; AI earnings reinforce the AI/cloud/chips/PC complex.
Primarily US market sentiment; reduced immediate Strait of Hormuz risk can ease energy-linked pressure on equities.
Oil price reaction (Brent/WTI off highs) can influence global inflation expectations and risk premia.
Counterpoint
Oil pared gains may not mean the geopolitical risk is resolved; any renewed strike risk could quickly reverse the risk-on move.
Key entities
- geopoliticsUS-Iran negotiators
Reported breakthrough on a 60-day memorandum of understanding, pending President Trump approval.
- companySnowflake
Reported strong earnings and announced a $6B AWS deal; stock up more than 30%.
- companyMarvell
Reported strong earnings, reinforcing AI chip demand narrative.
- companyHP
Reported strong earnings, supporting AI-driven computer demand expectations.
- companyAmazon Web Services (AWS)
Counterparty in Snowflake’s $6B deal, linking AWS to AI/cloud spending momentum.
