WS #5897
Markets closed mixed on Friday with the S&P 500 and Nasdaq hitting record highs on tech strength and renewed Iran peace talk hopes, while the Dow fell. Intel surged 23.6% leading semiconductors higher. However, oil prices remain elevated near $90-95/bbl with the Strait of Hormuz still shuttered, and European jet fuel crisis is worsening with IEA warnings of only 4-6 weeks of aviation fuel reserves. China announced plans to restrict US investment in its AI and tech firms after Meta's Manus acquisition, escalating tech tensions. The US-Iran peace process shows signs of life with Iran's foreign minister heading to Islamabad and US envoys following, but the situation remains fragile. European aviation faces a severe summer crisis with Lufthansa cutting 20,000 flights and jet fuel prices up 103%. Sensex fell 1,000 points on oil surge and rupee weakness. The dominant narrative is a tug-of-war between peace optimism driving tech rallies and the ongoing energy crisis constraining broader markets.
Key developments
- S&P 500 and Nasdaq close at record highs on tech rally and Iran peace talk hopes
- Intel surges 23.6% leading semiconductor rally on peace optimism
- IEA warns Europe faces severe jet fuel crisis with only 4-6 weeks reserves; airlines cut flights
- China plans to restrict US investment in AI and tech firms after Meta's Manus acquisition
- Iran peace talks progress: Foreign minister in Islamabad, US envoys to follow
- Sensex falls 1,000 points on oil surge, rupee weakness, and IT sector selloff
- Meta signs deal with AWS to deploy Graviton processors at scale for agentic AI
- Jet fuel prices up 103% year-on-year; European airlines cut thousands of flights