Equity futures moved higher after a record-setting Friday in which major U.S. indexes closed at new all-time highs. The S&P 500 posted its eighth straight weekly gain, the Dow Jones Industrial Average reached a new high, and the Nasdaq also closed at a record level. The Russell 2000 rose with the broader rally despite not reaching a record high. Treasury yields were mixed, with the most notable buying occurring from the belly of the curve through the long end. The 30-year bond finished at 5.06% and the 10-year note at 4.56%. Oil prices dropped sharply as expectations for progress in Iran peace talks reduced the war premium. Brent and WTI fell, natural gas rose, and gold and silver ended the week higher amid geopolitical optimism.
"Futures are trading higher as investors return to a holiday-shortened trading week after a record-setting Friday, when the S&P 500, which posted its eighth straight weekly gain, and the Dow Jones Industrial Average both posted new all-time highs, closing at 7,473 and 50,579, respectively. Not to be left behind, the Nasdaq closed at a record high of 26,343. The small-cap-heavy Russell 2000 did not hit a record high, but it shared in the across-the-board rally, finishing the session at 2,869."
"The hopes for a settlement with Iran have been the driving force behind the strong rally, as first-quarter earnings, which are all but over, came in better than expected, with 85% of companies beating Wall Street analysts' expectations. Treasury Bonds: Yields were mixed across the curve, but the maturities that saw the biggest buying were from the belly of the curve to the long end. The 30-year bond, which hit levels not seen in almost 20 years early last week, finished the day at 5.06%, while the benchmark 10-year note was last seen at 4.56%."
"Bond traders scooped up the long end as the yield had touched 5.18% earlier in the week. Oil and Gas: Hopes for an end to the conflict with Iran sent oil prices spiraling lower Friday. Positive comments from President Trump on progress in peace negotiations are helping to cut into the huge war premium that had sent prices higher, which was cited as the chief reason for the big decline. Brent Crude finished the day at $96.14, down 7.15%, while West Texas Intermediate finished at $90.30, down 6.52%."
"With Memorial Day marking the unofficial start of summer and the busy summer driving season, investors cheered the drop in crude prices. Natural gas had a solid day Friday, closing up 0.21% at $2.92. Gold: Gold closed the week on a solid note in front of the holiday weekend, as traders were also positive on the geopolitical news. Gold was last seen at $4,569, up 1.35%, and Silver finished at $77.95, up 3.38%."
Read at 24/7 Wall St.
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