US Stocks Fall from Records

2026-05-28 13:37 By Andre Joaquim 1 min. read

US equities fell on Thursday as an increasingly strained truce between Iran and the US lifted energy prices.

The S&P 500 and the Dow inched below the flatline from their records, and the Nasdaq 100 dropped 0.5%.

The US continued to strike Iranian targets near the Persian Gulf overnight, adding to skepticism over an incoming deal after the White House rejected Tehran's claim that it had a draft of a peace agreement that would restart trade through the Strait of Hormuz.

The tech sector led the losses for a second session as markets assessed the sustainability of strong guidance for the AI sector, with Nvidia and Tesla down more than 1%.

More traditional sectors also slipped as hawkish comments from FOMC members lifted long-term yields, magnified by PCE price inflation rising to a three-year high, while initial claims remained robust.

Snowflake surged 30% on a strong outlook, although the result did not spread to other software companies.

Salesforce fell 2% after its earnings report.



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US stocks wavered following reports that the US and Iran reached a deal to halt their conflict. The S&P 500 swung higher to a new record high, while the Dow was flat and the Nasdaq cut losses to hover only marginally below the flatline. New reports stated that Washington and Tehran agreed to a 60-day memorandum to extend the ceasefire and gradually restore energy exports from the Persian Gulf. Bond yields eased as energy prices pared their rebound, despite data that favors a hawkish Federal Reserve. Jobless claims and consumer spending remained robust, while PCE inflation rose to a three-year high. AI software and infrastructure patrons were sharply higher, with Microsoft, Oracle, and Palantir gaining between 3% and 4%. On the other hand, chip producers fell with Nvidia dropping 1%. Snowflake surged 30% on a strong outlook, although the result did not spread to other software companies. Salesforce fell 2% after its earnings report.
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