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US stocks, already at record highs, ticked up further Friday morning after Iran said the Strait of Hormuz is open to commercial traffic, a major step in easing US-Iran war tensions.
The S&P 500 (^GSPC) rose 1.2%, while the Nasdaq Composite (^IXIC) gained a stronger 1.5%. The Dow Jones Industrial Average (^DJI) jumped 1.9%, or more than 900 points.
Futures on international benchmark Brent (BZ=F) and US benchmark West Texas Intermediate (CL=F) fell 11% after Iran’s Foreign Minister said on X on Monday that the critical pathway was “completely open” to commercial traffic during the remaining period of the Israel-Lebanon 10-day ceasefire.
Markets have now fully recovered losses tied to the recent Iran conflict. On Thursday, Trump said that negotiations were going well and suggested that a permanent peace deal could be on the way following negotiations over the weekend.
Speaking to reporters at the White House, the president said: “It’s looking very good that we’re going to make a deal with Iran, and it’s going to be a good deal.”
In corporate news, Netflix (NFLX) declined sharply in after-hours trading despite reporting better-than-expected first quarter results. Shares dropped more than 9% as investors focused on a weaker-than-anticipated outlook for the second quarter.
Reporting before Friday’s opening bell, both Truist Financial (TFC) and State Street (STT) beat estimates on both the top and bottom line. Meanwhile, Fifth Third (FITB) met expectations on earnings per share but fell below estimates on revenue.
LIVE 11 updates
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This stock market rally is going global again
Stocks outside the US are back at record highs too.
The iShares MSCI ACWI ex U.S. ETF (ACWX) just hit its first intraday record high since Feb. 25, a reminder that this rally is not just about the US.
Remember last year, when international diversification was all the rage as the dollar was sinking? That dynamic is showing up again. The US Dollar Index (DX-Y.NYB) has fallen in nine of the last 10 sessions for a 2.4% drop, giving a lift to returns not only in the US but around the world.
The S&P 500 (^GSPC) is up 12% over the last 13 trading days and has risen in 12 of them. But several country ETFs have been even stronger. Korea (EWY) is up 33% in that stretch and nearly 60% year to date. Taiwan (EWT) is up over 20% in the last 13 days and more than 30% this year. Greece (GREK), Poland (EPOL), Chile (ECH), and Turkey (TUR) are all beating the US in the current surge.
A few laggards remain, including India (INDA) and China (MCHI). But the bigger read is that global leadership is broadening again.
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Big Tech joins the record-high list
Big Tech is back.
After three straight days of record closes in the S&P 500 (^GSPC), leadership is rotating into the place investors watch most for “risk-on” conviction. The Technology Select Sector SPDR Fund (XLK) is the first large-cap sector ETF to rocket back to record highs.
But this rally isn’t just for the tech giants. The Invesco Small-cap Tech ETF (PSCT) just hit its fifth straight record.
And the momentum inside tech is loud. The iShares Semiconductor ETF (SOXX) has now logged eight straight intraday record highs and is on track for a 13th consecutive day of gains — a streak matched by XLK, the Nasdaq Composite (^IXIC), and the Nasdaq 100 (^NDX).
Here are this morning’s intraday record highs:
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US stocks push above Thursday’s record highs at the opening bell
The US stock market pushed higher at the opening bell on Friday after Iran said the Strait of Hormuz is “completely open” to commercial traffic.
The Dow Jones Industrial Average (^DJI) led gains with a pickup of 1.2%. The S&P 500 (^GSPC) rose 0.8%, while the Nasdaq Composite (^IXIC) gained a stronger 1% after both indexes closed out Thursday at all-time highs.
Futures on international benchmark Brent (BZ=F) fell 10%, while those on US benchmark West Texas Intermediate (CL=F) fell a slightly steeper 10.5% after Iran’s Foreign Minister said on X that the critical shipping lane was “completely open” to commercial traffic on Friday morning.
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Oil plunges after Iran foreign minister says Strait of Hormuz is ‘completely open’
Oil prices plunged on Friday after Iran’s foreign minister said the Strait of Hormuz, the world’s most critical chokepoint for global energy flows, was fully open to commercial traffic.
Futures on Brent crude (BZ=F), the international pricing benchmark, fell 10% to trade below $90 per barrel, while those on US benchmark West Texas Intermediate (WTI) crude (CL=F) fell by 10.6% to trade near $81. Both products opened the week above $100.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Iranian foreign minister Abbas Araghchi wrote in a post on X. He added that vessels will be allowed to use the “coordinated route as already announced” by the regime.
The announcement comes after Israel and Lebanon agreed to a temporary 10-day ceasefire on Thursday, taking some pressure off one of the key sticking points in negotiations between the US and Iran to end the war in the Middle East.
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The market’s most hated rally just keeps getting stronger
This rally still feels doubtful — but the tape keeps acting like a roaring bull market.
The Nasdaq Composite (^IXIC) has now logged a 12-day winning streak, only the third such run since 1990. The Nasdaq 100 (^NDX) is doing the same for the seventh time in that span, while the Philadelphia Semiconductor Index (^SOX) has only one other 12-day streak in data going back to 1994. The Technology Select Sector SPDR Fund (XLK) has only three other 12-day streaks since its 1999 inception.
The closest echo to this convergence of streaks is July 2009 — the only other time the Nasdaq Composite, Nasdaq 100, and XLK lined up like this.
It was also one of the most hated rallies I’ve ever seen — and it happened well below record highs.
This time, the backdrop is even harder to brush off. The S&P 500 (^GSPC), Nasdaq Composite, Nasdaq 100, Russell 2000 (^RUT), Dow Transports (^DJT), and SOX are already at records, while XLK missed its own high by just $0.05 on Thursday.
Now the question is whether today brings another pause — or one more breakout.
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Premarket stock movers on Friday: Netflix, Alcoa, Affirm
As the S&P 500 and Nasdaq stand to open above records on Friday, here’s a look at some active individual stocks trading on Friday morning:
Netflix (NFLX) stock dived 10% in premarket trading after shareholders were disappointed by the company’s second quarter guidance and the company’s co-founder Reed Hastings announced he was stepping down from the board.
Alcoa (AA) stock fell 1.8% in morning trading after its first quarter results fell short of estimates, even as aluminum prices have climbed due to tariffs on the metal.
Affirm (AFRM) stock jumped nearly 6% after Morgan Stanley named it a top stock pick. Analyst James Faucette argued that the company’s private credit risk is overstated and that it has a high likelihood of upward revisions to its margins and earnings targets.
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Stock market notches one of its fastest turnarounds in years
The stock market’s recovery in April has been astounding.
As Yahoo Finance’s Brian Sozzi writes, a convergence of diplomatic optimism, tech leadership, resilient first quarter bank earnings, and a cooler-than-expected Producer Price Index (PPI) helped the market climb a wall of worry to hit fresh records.
Sozzi reports:
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World stocks hold near record highs, oil below $100
SINGAPORE/LONDON, April 17 (Reuters) – World stocks held near record highs on Friday and were set for their third straight week of gains, while benchmark oil prices were pinned below $100 a barrel ahead of a crucial weekend that could pave the way for a near-term resolution of the Iran war.
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In stocks, MSCI’s world share index, which tumbled in March due to the war, hit a record high on Thursday and has risen 8.5% so far in April.
“The debate is ‘has this gone too far too fast?’, and ‘what in the world are equities thinking rallying so hard when oil is still at $100?,'” said Ben Laidler, head of macro and equity strategy at Bradesco BBI.
“But that misses the point,” Laidler said, “(Investors) are forward-looking. Relative valuations look pretty good, earnings remain very strong, and it’s a rare geopolitical event that hasn’t been a buying opportunity.”
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Uber inks single biggest European food group buyout with Delivery Hero
Financial Times reports:
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Tesla targets Taiwan to hire chip experts for Terafab
Reuters reports:
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Oil holds below $100 as week nears end with peace talks settling markets
Bloomberg reports:
