{"id":406,"date":"2026-05-29T14:48:55","date_gmt":"2026-05-29T14:48:55","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=406"},"modified":"2026-05-29T14:48:55","modified_gmt":"2026-05-29T14:48:55","slug":"wall-st-extends-rally-on-mideast-peace-deal-hopes-dell-surges","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=406","title":{"rendered":"Wall St extends rally on Mideast peace deal hopes; Dell surges"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>May 29 (Reuters) &#8211; Wall Street&#8217;s major indexes extended their record run, heading \u200bfor weekly and monthly gains on Friday, as gains in tech stocks and reports the U.S. and Iran had reached a deal fanned investor \u200coptimism.<\/div>\n<div>The tech sector (.SPLRCT)<svg><\/svg><span>, opens new tab<\/span> jumped 2.2%, led by gains in chip stocks.<\/div>\n<div>Dell (DELL.N)<svg><\/svg><span>, opens new tab<\/span> surged 34.7% after raising its full-year profit and revenue forecasts on Thursday. Peers Hewlett Packard Enterprise (HPE.N)<svg><\/svg><span>, opens new tab<\/span> and Super Micro Computer (SMCI.O)<svg><\/svg><span>, opens new tab<\/span> gained 13.6% and 17%, respectively.<\/div>\n<div>Sources told Reuters that Washington and Tehran had agreed to extend their ceasefire and lift restrictions on shipping \u200bthrough the Strait of Hormuz, but President Donald Trump was yet to approve it.<\/div>\n<div>All three indexes hit intraday record highs, cruising \u200bon renewed optimism around AI and strong earnings growth, despite some concerns about the Iran war&#8217;s impact on \u2060inflation and the global economy.<\/div>\n<div>&#8220;Markets are ending May with a risk-on bias, driven by AI enthusiasm, lower oil prices and growing expectations that \u200bU.S.-Iran tensions may remain contained, thanks to an extended ceasefire framework,&#8221; said Bob Savage, head of markets macro strategy at BNY.<\/div>\n<div>Nine of the \u200b11 main S&amp;P 500 sectors were in the red. The S&amp;P 500 communications services sector (.SPLRCL)<svg><\/svg><span>, opens new tab<\/span> was down 1.2%, as Alphabet (GOOGL.O)<svg><\/svg><span>, opens new tab<\/span> dipped 1.5%.<\/div>\n<div>The Philadelphia SE Semiconductor Index (.SOX)<svg><\/svg><span>, opens new tab<\/span>, which has gained more than 70% for the quarter, was up 1.7%.<\/div>\n<div>The software services index (.SPLRCIS)<svg><\/svg><span>, opens new tab<\/span> rose almost 4%, erasing all losses since January-end, when concerns over AI disruption had \u200bweighed on the sector.<\/div>\n<div>The S&amp;P 500 was on track for a ninth consecutive weekly gain, its longest winning streak since December 2023. \u200bThe Dow Jones (.DJI)<svg><\/svg><span>, opens new tab<\/span> and the Nasdaq (.IXIC)<svg><\/svg><span>, opens new tab<\/span> were also set to end the week higher. All three indexes are set to log a second straight month \u200cof gains.<\/div>\n<div>At \u206010:05 a.m. ET, the Dow Jones Industrial Average (.DJI)<svg><\/svg><span>, opens new tab<\/span> rose 151.04 points, or 0.30%, to 50,820.01, the S&amp;P 500 (.SPX)<svg><\/svg><span>, opens new tab<\/span> gained 31.69 points, or 0.41%, to 7,594.98 and the Nasdaq Composite (.IXIC)<svg><\/svg><span>, opens new tab<\/span> gained 156.47 points, or 0.58%, to 27,073.94.<\/div>\n<div>U.S. economic data on Thursday showed inflation increased at its fastest pace in three years in April, while GDP for the first quarter was revised lower to a 1.6% annual rise.<\/div>\n<div>&#8220;At the same time, central banks \u200bare still focused on inflation risks, \u200bwith ECB and Fed officials \u2060warning that supply shocks and elevated inflation expectations could keep rate hikes in play as growth sentiment improves,&#8221; Savage added.<\/div>\n<div>The Fed&#8217;s Kansas President Jeffrey Schmid warned that the energy shock may not be temporary, while \u200bVice Chair for Supervision Michelle Bowman said that a persistent rise in inflation might require tighter monetary policy.<\/div>\n<div>Money \u200bmarkets expect the \u2060Federal Reserve to keep interest rates steady for the rest of the year, with some expectations of a 25-basis-point hike in December.<\/div>\n<div>Among other movers, Gap (GAP.N)<svg><\/svg><span>, opens new tab<\/span> shares tumbled 17.7% after the apparel retailer cut its annual sales forecast, while American Eagle Outfitters (AEO.N)<svg><\/svg><span>, opens new tab<\/span> dropped 14.9% after keeping its annual comparable sales forecast unchanged.<\/div>\n<div>Okta jumped \u206021% after \u200bthe digital identity verification firm posted first-quarter revenue above expectations.<\/div>\n<div>Declining issues outnumbered advancers \u200bby a 1.05-to-1 ratio on the NYSE and by a 1.03-to-1 ratio on the Nasdaq.<\/div>\n<div>The S&amp;P 500 posted 20 new 52-week highs and 6 new lows while the \u200bNasdaq Composite recorded 76 new highs and 24 new lows.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=404\">US judge temporarily blocks Trump\u2019s $1.8 billion \u2018weaponization\u2019 fund<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=402\">A new US-Iran deal could be as useless as the last<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=399\">Backlash over fund tests Blanche\u2019s bid for US attorney general<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street&#8217;s major indexes extended their record run, heading \u200bfor weekly and monthly gains on Friday, as gains in tech stocks and reports the U.S. and Iran had reached a deal fanned investor \u200coptimism.<\/p>\n","protected":false},"author":1,"featured_media":405,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[54],"class_list":["post-406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wall St extends rally on Mideast peace deal hopes; 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