Stocks Turn Positive on US-Iran Ceasefire Progress; Oil Gains Fade

U.S. stocks reversed losses and turned higher midday on May 28, 2026, after reports that the U.S. and Iran reached a preliminary agreement to extend a ceasefire and push forward negotiations to end hostilities. The development cooled investor fears over Middle East turmoil, causing oil prices to pare earlier gains. The S&P 500 rose 0.5%, the Nasdaq 100 gained 0.8%, and the Dow Jones Industrial Average hovered near flat. July Brent crude slipped 0.4% to $93.78 a barrel. The deal, still needing President Trump’s approval, reduced the risk premium that had lifted energy markets. Separately, April consumer spending met forecasts with a 0.1% monthly rise, while core PCE inflation came in slightly below concerns. Initial jobless claims increased 5,000, exceeding expectations, and first-quarter GDP was revised down to a 1.6% annualized rate. Analysts cautioned that markets are priced for a near-perfect scenario, with the S&P 500 eyeing a ninth consecutive weekly gain — a streak recorded only four times since 1985.