Wall Street Records Climb; Corporate Profits, Peace Fuel

The S&P 500 rose 0.3%, the Dow added 0.2%, and the Nasdaq composite gained 0.4%, marking a more than 10% leap since late March lows. This market optimism is tempered by rising Brent crude oil prices, which climbed 4.7% to US$99.39, reflecting persistent caution regarding the Iran war's potential impact on global supply, as noted by ING Bank strategists Warren Patterson and Ewa Manthey.

Despite geopolitical uncertainties, major U.S. companies are reporting robust profit growth for early 2026, exceeding analyst expectations. PepsiCo surged 2.3% on strong results, J.B. Hunt Transport Services climbed 6.3%, and Marsh & McLennan rose 4.4% after similarly strong performances.

Technology stocks received a boost from Taiwan Semiconductor Manufacturing Co.'s (TSMC) better-than-expected revenue and profit, with CFO Wendell Huang anticipating continued strong demand. Conversely, Abbott fell 6% after cutting its full-year profit forecast due to its Exact Sciences acquisition, and Allbirds slumped 35.8% after a previous AI pivot-driven surge.

China reported 5% economic growth, but economists warn its exports face future risks from slower global growth. Treasury yields rose slightly to 4.31% following positive unemployment data.