US close: Stocks rise on peace deal hopes, Dow hits another record

(Sharecast News) - US stocks rose on Friday with the Dow Jones Industrial Average hitting a record high for the second straight session despite some disappointing economic data, with investors heading into the long weekend in an optimistic mood.

Sentiment was helped by hopes that Washington and Tehran will be able to reach a peace deal, though oil prices edged higher with Iranian leaders still showing reluctance to allow the release of weapons grade uranium.

According to reports, mediators from Pakistan and other countries were working on a supposed letter of intent or MOU to prolong the ceasefire and create a framework for further negotiations between the US and Iran.

The Dow was 0.6% higher at a new closing high of 50,579.70, while the S&P 500 and Nasdaq gained 0.4% and 0.2% respectively. Stock markets are closed on Monday for the Memorial Day national holiday

"Stock markets have continued to drift higher, as we enter the final weeks of a very strong US earnings season," said IG chief market analyst Chris Beauchamp.

"Signs of the rally broadening out beyond tech are the vital next step for the market to retain its bullish outlook, and Dow's record high ticks that box nicely given tech's lower weighting in the iconic index."

Consumer sentiment falls to record low in May

Economic data showed US consumer sentiment fell to a record low in May, with the University of Michigan's final sentiment index dropping to 44.8 from 49.8 in April. The reading was well below the preliminary estimate of 48.2.

Long-term inflation expectations also worsened, with consumers expecting prices to rise at an annualised 3.9% over the next five to 10 years, up from 3.5% in April and the highest in seven months.

One-year inflation expectations stood at 4.8%, as gasoline prices hovering near their highest levels since 2022 added to cost-of-living concerns.

Estee Lauder jumps, Take-Two in the red

Estée Lauder Companies jumped after saying late on Thursday that talks with Spanish fashion and beauty group Puig about a potential merger had ended.

Workday rose after the enterprise software company reported better-than-expected first-quarter results and raised its full-year margin outlook.

Take-Two Interactive Software fell after its results, despite fourth-quarter net bookings coming in ahead of the video-game company's guidance range. Investors were also underwhelmed with the firm's future outlook, with CEO Strauss Zelnick said he expects FY27 results to "new record levels of operating performance".

Meanwhile, IMAX shares surged following a report the cinema firm is exploring a sale and has approached entertainment companies as potential buyers. According to the Wall Street Journal, citing people familiar with the situation, the sale process is in early stages and may not result in a deal.

Dow Jones - Risers

Merck & Co. Inc. (MRK) $122.41 5.64%

Cisco Systems Inc. (CSCO) $120.41 4.86%

Intel Corp. (INTC) $119.84 3.69%

Amgen Inc. (AMGN) $339.30 2.35%

Apple Inc. (AAPL) $308.82 2.29%

Salesforce.Com Inc. (CRM) $180.07 2.13%

Caterpillar Inc. (CAT) $879.89 1.61%

Unitedhealth Group Inc. (UNH) $388.47 1.57%

Johnson & Johnson (JNJ) $234.34 1.13%

JP Morgan Chase & Co. (JPM) $306.38 1.12%

Dow Jones - Fallers

Visa Inc. (V) $328.88 -0.68%

McDonald's Corp. (MCD) $282.27 -0.67%

Walt Disney Co. (DIS) $103.00 -0.56%

Microsoft Corp. (MSFT) $418.57 -0.29%

Boeing Co. (BA) $219.02 -0.27%

Travelers Company Inc. (TRV) $306.46 -0.25%

Home Depot Inc. (HD) $313.07 -0.23%

S&P 500 - Risers

NetApp Inc. (NTAP) $139.36 16.30%

QUALCOMM Inc. (QCOM) $238.16 15.83%

HP Inc (HPQ) $25.24 15.25%

Skyworks Solutions Inc. (SWKS) $82.42 12.46%

Estee Lauder Co. Inc. (EL) $88.32 11.92%

Hewlett Packard Enterprise (HPE) $37.58 10.63%

Qorvo, Inc. (QRVO) $106.43 9.25%

Ford Motor Co. (F) $14.93 9.22%

American Airlines Group (AAL) $13.85 8.93%

Ross Stores Inc. (ROST) $234.81 8.53%

S&P 500 - Fallers

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Take-Two Interactive Software Inc. (TTWO) $227.55 -3.76%

Nvidia Corp. (NVDA) $215.33 -3.64%

Nektar Therapeutics (NKTR) $66.61 -3.30%

Universal Health Services Inc. (UHS) $157.80 -2.86%

Starbucks Corp. (SBUX) $103.11 -2.47%

Diamondback Energy Inc. (FANG) $200.71 -2.35%

Apache Corp. (APA) $38.80 -2.29%

Tyson Foods Inc. (TSN) $65.05 -2.14%

American International Group Inc. (AIG) $77.05 -2.00%

Nasdaq 100 - Risers

QUALCOMM Inc. (QCOM) $238.16 15.83%

Skyworks Solutions Inc. (SWKS) $82.42 12.46%

American Airlines Group (AAL) $13.85 8.93%

NetEase Inc. Ads (NTES) $116.55 8.92%

Ross Stores Inc. (ROST) $234.81 8.53%

Synopsys Inc. (SNPS) $524.74 6.97%

Cadence Design Systems Inc. (CDNS) $373.59 6.36%

Workday, Inc. (WDAY) $128.14 5.11%

Asml Holdings N.V. (ASML) $1,632.90 5.01%

Cognizant Technology Solutions Corp. (CTSH) $52.75 4.98%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Take-Two Interactive Software Inc. (TTWO) $227.55 -3.76%

Nvidia Corp. (NVDA) $215.33 -3.64%

Starbucks Corp. (SBUX) $103.11 -2.47%

Trip.com Group Limited (TCOM) $46.37 -2.46%

JD.com, Inc. (JD) $30.52 -2.29%

Baidu Inc. (BIDU) $127.79 -2.07%

Costco Wholesale Corp. (COST) $1,028.24 -1.34%

eBay Inc. (EBAY) $115.75 -1.25%

Broadcom Inc. (AVGO) $414.14 -0.99%