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US Stocks Eye Best Week as Middle East Tensions Ease
22 May
Summary
- US stock futures climb amid easing treasury yields and Middle East de-escalation.
- S&P 500 on track for an eighth consecutive weekly gain.
- Workday jumps 11.1% on strong quarterly earnings and revenue.
US stock futures indicated a positive start on Friday, with the S&P 500 poised for its eighth consecutive weekly gain, marking its strongest performance since 2023. This upward trend is supported by declining treasury yields and positive developments in de-escalating Middle East conflicts. Reports of diplomatic talks between Iran and Pakistan, aimed at halting the nearly three-month war, have been met with cautious optimism.
Investor focus also centered on corporate news. Workday experienced a significant jump of 11.1% in pre-market trading following better-than-expected first-quarter revenue and profit results. Semiconductor stocks, including Nvidia, Intel, and AMD, showed strength, with Nvidia edging up despite a prior day's dip. Take-Two Interactive also saw a notable rise after confirming the November 19 launch date for Grand Theft Auto VI.
Further bolstering market sentiment, Kevin Warsh was scheduled to be sworn in as the new Federal Reserve chair later in the day at the White House by President Donald Trump. This development adds to the significant corporate and geopolitical factors influencing market movements.
