Coverage of market moves, trends, and key drivers across asset classes.
Taiwan reported first-quarter GDP growth of 13.69 percent, marking a 39-year high as its equity market surpassed Canada’s to become the sixth-largest in the world.
The S&P 500 set a record high while more constituent stocks hit new lows than new highs, marking only the third time such a divergence has occurred since 1990.
The S&P 500 closed 7.7% above its 50-day moving average while only 52% of its individual stocks traded above their own 50-day averages.
Brent crude stayed above $100 a barrel on Friday, more than 38% above pre-conflict levels.
The Dow Jones Industrial Average fell 557 points as geopolitical tensions in the Strait of Hormuz threatened a fragile ceasefire.
Brent crude prices surged 5.8 percent to $114.44 per barrel after Iran reportedly attacked vessels from the United Arab Emirates in the Strait of Hormuz.
The S&P 500 reached a record high of 7,230.12 as investors favored strong corporate earnings over rising geopolitical tensions and oil prices exceeding $100 a barrel.
The S&P 500 climbed 29 percent over the past year as record corporate profits shielded large-cap firms from rising energy costs.
U.S. Central Command is deploying 15,000 service members and more than 100 aircraft to escort stranded merchant vessels through the Strait of Hormuz.
Brent crude surpassed $125 a barrel on April 30 as a U.S. naval blockade and the closure of the Strait of Hormuz trapped 14 million barrels of daily supply.
Brent crude jumped above $125 a barrel after the Strait of Hormuz shut down and a ceasefire collapsed.
The S&P 500 rose more than 10% in April, its best month in nearly six years, after seven record highs.
