Market Updates
U.S. Indexes Stayed Near Record Highs Overlooking Oil Volatility and Hormuz Risks
Barry Adams
05 May, 2026
New York City
Stocks on Wall Street retained an upward bias amid escalating tensions in the Middle East.
The S&P 500 Index decreased 0.3%, and the tech-heavy Nasdaq Composite declined 0.2% as Iran and the U.S. claimed control of the Strait of Hormuz.
Despite the lingering uncertainty in the Middle East, benchmark indexes traded at new record highs following strong earnings reports from leading tech and industrial companies.
West Texas Intermediate crude oil prices edged down 2.3% to $103.90 a barrel, and international Brent crude oil prices declined 1.4% to $112.76 a barrel as investors hoped for a speedier resolution to talks between Iran and the U.S.
Since the end of March, the S&P 500 index has rebounded nearly 15%, and the Nasdaq Composite has advanced nearly 19% amid a recovery from the initial shock of the start of the war in the Middle East.
On the economic front, investors are excited for the release of April’s non-farm payrolls data on Friday, and they are anticipating an increase of net 40,000.
U.S. Movers
Duolingo decreased 1.5% to $108.75 after the language-learning mobile app operator reported better-than-expected quarterly results.
Revenue increased 27% to $292.0 million, and total bookings jumped 14% to $308.5 million from a year ago, respectively.
The company reported 133.1 million monthly active users last quarter, sharply lower than the 145 million estimated by analysts on Wall Street.
Net income increased to $43.5 million from $35.1 million, and diluted earnings per share advanced to 89 cents from 72 cents a year ago.
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