Good evening, you're listening to Markets Desk.
Equity markets closed at fresh record highs today, with the S and P five hundred gaining nearly three quarters of a percent and the Nasdaq one hundred surging two full points, driven by strong technology earnings that reminded investors why big tech remains the backbone of this rally.
The fuel behind that move came partly from the commodity complex, where oil dropped sharply after Treasury Secretary Scott Bessent signaled that a deal to reopen the Strait of Hormuz is imminent. Brent crude fell roughly four percent as Iranian and Omani negotiators agreed on a temporary shipping arrangement, easing one of the more serious geopolitical pressure points weighing on global supply chains.
Bessent was also in the news for a second reason, defending Federal Reserve governor Kevin Warsh and pushing back on the current pace of Fed guidance, describing markets as going through a, quote, detox from too much central bank communication. Notably, he also questioned whether an interest rate hike is even necessary at this stage, a comment bond traders will be parsing carefully heading into tomorrow's session.
That's the tape. Markets Desk, signing off the floor.
