US stocks near record highs as oil falls on Iran deal hopes
financeMay 7, 20269144
The S&P 500 and Nasdaq Composite hovered near record highs on Thursday as oil prices tumbled after reports that the United States and Iran are close to a deal to de-escalate regional tensions. Brent and U.S. crude extended losses, dragging down energy stocks and lifting large-cap growth names and semiconductor suppliers. Only 22 percent of S&P 500 companies outperformed the index over the past 30 days, the smallest share in three decades, showing gains concentrated in a handful of stocks. Cheaper oil would ease inflationary pressure and consumer fuel costs, while concentrated market breadth raises the risk of a sharper pullback if the Iran détente stalls.
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