HomeMarket NewsS&P 500, Nasdaq touch record highs as oil retreats on US-Iran deal report
Wall Street advanced on Thursday, with the S&P 500 and Nasdaq hitting fresh record highs after reports suggested progress in US-Iran ceasefire negotiations. Oil prices pared earlier gains as hopes of a diplomatic breakthrough eased concerns over supply disruptions.
By Megha Rani May 28, 2026, 10:45:20 PM IST (Updated)
US stocks advanced on Thursday, May 28, with the S&P 500 and Nasdaq Composite hitting fresh record highs after reports of a potential breakthrough in ceasefire negotiations between the United States and Iran eased some geopolitical concerns.
The S&P 500 rose 0.6%, while the Nasdaq gained 0.8%. The Dow Jones Industrial Average was little changed, up 38 points during the session.
Markets moved higher after Axios reported, citing two US officials and a regional source, that American and Iranian negotiators had agreed on a 60-day memorandum of understanding aimed at extending the ceasefire and enabling further talks over Tehran’s nuclear programme.
However, the report noted that US President Donald Trump has not yet given final approval to the agreement, leaving investors cautious despite the initial optimism.
Oil prices pared earlier gains following the Axios report. West Texas Intermediate crude traded above $89 per barrel, while Brent crude hovered around $95 per barrel after both benchmarks had surged earlier in the day.
The earlier spike in oil prices came after Iran’s Revolutionary Guard said it had targeted a US airbase, according to Iran’s Tasnim News Agency. The development followed fresh US military strikes on an Iranian military facility, heightening concerns over supply disruptions in the region.
Investors also assessed fresh inflation data released by the US Commerce Department. The personal consumption expenditures (PCE) price index — the Federal Reserve’s preferred inflation gauge — rose 0.4% in April on a monthly basis, below economists’ expectations of 0.5%. The annual inflation rate stood at 3.8%, in line with market forecasts.
The softer-than-expected inflation reading, combined with easing oil prices and hopes of diplomatic progress in West Asia, helped support investor sentiment across Wall Street.
First Published:
May 28, 2026 10:43 PM
IST
