US Stocks Surge on Iran Deal Hopes; AMD Rallies on Earnings
U.S. stock markets hit new records on Wednesday as investors grew optimistic about a potential peace agreement with Iran, while major companies like AMD, Disney, and Uber posted strong earnings. The Nasdaq and S&P 500 both reached all-time highs.
Market Performance
U.S. large cap indexes are setting new records again today as they advance on hopes for an Iran deal. At last look, the Nasdaq Composite was up 1.36% to 25,670, the Dow was up 1.14% to 49,854, and the S&P 500 was up 1.10% to 7,338.89.
Earnings Highlights
Advanced Micro Devices (AMD) surged 16% in early trading after a strong first-quarter earnings report driven by demand for AI data center chips. Uber Technologies (UBER) rose 6% after beating first-quarter earnings expectations. Disney (DIS) gained nearly 8% after topping second-quarter earnings and revenue estimates on strength in streaming and parks.
Iran Deal Progress
The White House believes it is getting close to an agreement with Iran on a one-page memorandum of understanding to end the conflict and set a framework for more detailed nuclear negotiations, Axios reported. The U.S. expects Iranian responses on several key points in the next 48 hours, according to the report.