Traders work on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, May 6, 2026.
Michael Nagle | Bloomberg | Getty Images
Futures linked to the S&P 500 were little changed on Wednesday night after the index touched new highs, buoyed by hopes that the U.S. and Iran were closing in on an agreement to end the war.
S&P 500 futures slipped 0.1%, and Nasdaq 100 futures lost 0.2%. Futures tied to the Dow Jones Industrial Average fell 34 points, or less than 0.1%.
Shares of DoorDash popped 10% in Wednesday’s extended trading session after the food delivery giant issued rosy guidance for orders in its second quarter. Meanwhile, cybersecurity stock Fortinet climbed 16% after lifting its full-year billings guidance.
During the day’s regular session, the broad S&P 500 climbed 1.46%, while the tech-dominated Nasdaq Composite jumped 2.02%. Both indexes reached new intraday and closing highs. The Dow surged 612.34 points, or 1.24%.
Stocks moved higher and oil prices cooled after Axios reported, citing sources, that the U.S. and Iran are nearing a deal to end the war. Specifically, two U.S. officials and two other sources briefed on the issue told the outlet that the White House believes it is nearing a one-page, 14-point memorandum of understanding to not only end the war, but also establish a framework for more detailed nuclear talks.
Stocks came off their highs after President Donald Trump said that a deal was not finalized, saying that it was “perhaps, a big assumption” that Iran would accept the proposal. The president threatened to resume military strikes if it did not comply.
“If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before,” the president wrote in a Truth Social post.
An Iranian foreign ministry spokesperson said to CNBC on Wednesday that Iran was evaluating a U.S. proposal for a resolution.
Outside of these hopes for easing Middle East tensions, a strong earnings season has also boosted stocks. Samantha McLemore, Patient Capital Management founder, expects the rally to keep ripping higher from here.
“It’s a secular bull market,” she said on CNBC’s “Closing Bell” on Wednesday afternoon. “People have been talking about this — are we in a bubble, has it gone too far — for over a year now, so I think that’s kept a lid on valuations, and we’ve mostly just seen the moves track the earnings.”
McDonald’s, Shake Shack, Shell, Planet Fitness, Tapestry, Datadog, Peloton Interactive, Tripadvisor, Papa John’s, Unity Software and Valvoline are set to report earnings before Thursday’s opening bell. Traders will also watch out for the latest readings on construction spending, consumer credit, jobless claims for the week ending May 2 and first-quarter preliminary unit labor costs and productivity indexes.
Japan’s Nikkei 225 tops 62,000 for the first time as Asia markets look past Trump’s Iran threats
Japan stocks rose more than 5% on Thursday, with the benchmark Nikkei 225 hitting 62,000 for the first time as Asia-Pacific markets rallied despite renewed tensions in the Middle East.
The broader regional advance came after President Donald Trump warned Iran would be bombed “at a much higher level” if it failed to agree to a peace deal.
The Nikkei 225 advanced 5%, led by gains in basic materials, technology and financial stocks. Shares of index heavyweight Softbank surged more than 13%.
The Topix also advanced 2.37%. In Australia, the S&P/ASX 200 rose 0.9%.
South Korea’s Kospi reversed gains, falling 0.68%, while the small-cap Kosdaq Index slid 0.56%. Hong Kong Hang Seng index jumped 1.47% while mainland China’s CSI 300 edged 0.38% higher.
— Lee Ying Shan
Nine of the 11 GICS sectors end Wednesday higher
On Wednesday, nine of the 11 GICS sectors ended the day higher than where they began.
Gains were led by the industrials sector, which added 2.60%. Both the information technology and communication services sectors also gained more than 2%.
On the other hand, the only two sectors to fall in Wednesday were energy and utilities. The groups respectively lost 4.07% and 1.45%.
— Lisa Kailai Han
Stocks making the biggest moves after hours: DoorDash, Zillow Group and more
These are the stocks moving the most in extended-hours trading:
- DoorDash — Shares popped 12% after the food delivery giant issued rosy guidance for orders in the second quarter.
- Zillow Group — The real estate marketplace fell 6% after posting first-quarter residential revenue of $450 million, below StreetAccount’s $454.2 million estimate.
- Arm Holdings — The semiconductor company reversed earlier gains and tumbled 7% on underwhelming guidance. Arm also said that its mobile market unit growth will be flat or slightly negative in fiscal year 2027.
Read the full list of stocks moving here.
— Lisa Kailai Han
