US and Iran reportedly close to reaching a ceasefire agreement, boosting investor confidence. The latest inflation data from the US Commerce Department also lifted market sentiment. Led by technology stocks, the Dow Jones Industrial Average rose 0.05% or 24.69 points on the 28th, the S&P 500 rose 0.58%, and the Nasdaq rose 0.91%. Both the S&P 500 and Nasdaq hit record closing highs. The Philadelphia Semiconductor Index rose 1%, and TSMC ADR rose 0.50% to close at $424.86.
According to foreign media reports, software company Snowflake issued optimistic fiscal second-quarter earnings guidance, with both quarterly revenue and profit exceeding expectations. The company also signed a plan to invest $6 billion in Amazon Web Services over the next five years. Its stock surged 36.5% on the 28th, marking its best single-day performance ever, reigniting investor enthusiasm for AI. Microsoft is reportedly set to release a new programming model next week, with its stock rising 3.5%, leading tech stocks higher.
Axios reported, citing two US officials and one source, that US and Iranian negotiators have reached a 60-day memorandum on extending the ceasefire agreement and will hold further talks on Iran's nuclear program. However, Trump has not yet given final approval to the deal. Separately, the US Commerce Department reported that the Personal Consumption Expenditures (PCE) price index rose 0.4% in April on a seasonally adjusted basis, below economists' expectations of 0.5%, and the 12-month inflation rate remained unchanged at 3.8%.
At the close on the 28th, the Dow Jones Industrial Average edged up 24.69 points, or 0.05%, to 50,668.97. The S&P 500 rose 43.27 points, or 0.58%, to 7,563.63. The tech-heavy Nasdaq Composite Index gained 242.74 points, or 0.91%, to 26,917.47. The Philadelphia Semiconductor Index climbed 126.96 points, or 1.00%, to 12,829.14.
