US stocks rise 1% Trump signals Iran deal, tech leads
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- Trump said Iran wants a deal but refused any agreement allowing Tehran a nuclear weapon, and announced a U.S. naval blockade of ships leaving Iranian ports, prompting Tehran to threaten retaliation against Gulf neighbours.
- S&P 500 gained 69.34 points (1.02%) to 6,886.23, while the Nasdaq and Dow also rose, with the Nasdaq up 280.51 points (1.23%) to 23,183.40 and the Dow Jones up 291.09 points (0.61%) to 48,207.66.
- Technology sector was the top gainer, lifted by software giants Microsoft and Oracle, and the iShares Expanded Tech‑Software Index ETF rallied sharply.
- Goldman Sachs shares fell after its Q1 earnings beat, as investors worried about weakness in fixed‑income, currencies and commodities trading revenue.
- Airline stocks including United Airlines, Delta Air Lines and American Airlines dropped on concerns that higher oil prices would raise fuel costs.
- Allogene Therapeutics rallied after interim data from a mid‑stage study showed its blood‑cancer therapy reduced the risk of relapse.
Why it matters: The rally rewards tech investors and those betting on a diplomatic breakthrough, while penalizing energy‑sensitive sectors and banks with exposure to volatile commodities, underscoring how geopolitical optimism can temporarily outweigh inflation and Fed‑policy concerns, shifting short‑term market focus toward political developments.
