4.15pm: In the green
Optimism that a peace deal will soon be reached between the US and Iran and the kickoff of earnings season boosted Wall Street on Monday, with all three major indexes closing higher.
The Nasdaq was up 1.2% at 23,183 points, the S&P 500 was up 1% at 6,886 points, and the Dow Jones gained 0.6% at 48,218 points.
3:45pm: Proactive news headlines
- Ocean Power Technologies Inc (NYSE-A:OPTT) deployed its first PowerBuoy system off California under a U.S. Department of Homeland Security contract to support U.S. Coast Guard maritime surveillance efforts.
- Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) appointed two new board directors, including a nominee from Waratah Capital Advisors, following a recent board resignation.
- M2i Global Inc (OTC:MTWO) is targeting completion of its merger with Volato Group in late May 2026 after the SEC declared effective the required Form S-4 registration statement.
- Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) appointed experienced metallurgist Niels Verbaan as VP of metallurgy to help advance its Lofdal Heavy Rare Earth Project toward a feasibility study.
- Sona Nanotech Inc (CSE:SONA, OTCQB:SNANF) reported early trial results showing immune system activation in late-stage melanoma patients treated with its heat-based cancer therapy, supporting potential combination use with immunotherapies.
- First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) received a non-binding letter of intent from Denmark’s EIFO for a potential €170 million guarantee to support development of its Quebec phosphate mining project.
2:40pm: Market movers
- Credo Technology Group Holding Ltd rose after Bank of America initiated coverage with a Buy rating, saying the market underestimates Credo’s role in AI data center infrastructure and long-term growth potential.
- Spotify Technology SA (NYSE:SPOT) was up after Jefferies maintained a Buy rating ahead of earnings, citing a positive setup and strong momentum for the music streaming platform.
- SanDisk shares rose after the company was selected for inclusion in the Nasdaq-100 Index, replacing Atlassian.
- Replimune Group plunged after the U.S. Food and Drug Administration issued a Complete Response Letter blocking approval of its melanoma therapy.
- Conagra Brands Inc (NYSE:CAG) fell after CEO Sean Connolly announced he will step down, with John Brase set to take over.
- Ocean Power Technologies Inc (NYSE-A:OPTT) deployed its first PowerBuoy system under a contract with the U.S. Department of Homeland Security, marking an operational milestone.
- Goldman Sachs Group Inc (NYSE:GS, XETRA:GOS) fell despite earnings beating expectations as investors focused on mixed divisional performance and rising credit costs.
- M2i Global Inc (OTC:MTWO) & Volato Group said they plan to complete their merger in late May after the U.S. Securities and Exchange Commission cleared a key regulatory filing.
1:45pm: Not the 1970s oil crisis
A repeat of the 1970s is unlikely even under escalation, Bank of America analysts reassured investors on Monday.
"Since the 1970s, the global economy has gradually become less oil dependent: to produce the same amount of GDP, only about a third of oil is used today compared to the early 1970s," analysts noted.
"The OPEC crisis and the oil shocks that followed are remembered as a main source of stagflation. But the global economy has become more resilient to an energy shock of a similar magnitude, in particular the US."
12:40pm: Banks expected to post strong reports
Wall Street banks are expected to deliver strong first-quarter earnings this week, according to Joe Mazzola, Head Trading & Derivatives Strategist at Charles Schwab.
"The rebounding initial public offering (IPO) market, solid mergers and acquisitions (M&A) activity, resilient net interest income (NII), and strong trading revenues are expected to bolster results," Mazzola wrote. "But increased economic uncertainty due to the war and signs of resurgent inflation may lead forward guidance to be more important than first quarter data."
Trading results remain a key focus. Goldman Sachs reported a 27% year-over-year increase in first-quarter equity trading revenue, though fixed-income trading declined. Investors will be watching whether that mixed trend holds across peers.
Major banks reporting this week include JPMorgan Chase and Citigroup on Tuesday, followed by Morgan Stanley on Wednesday. Last quarter, JPMorgan saw equity trading revenue jump 40% year over year, underscoring strong momentum in the segment.
Beyond trading, investors are also expected to focus on credit quality, with concerns building around inflation, private credit exposure and labor market resilience.
11:35am: Escalating tensions drives oil higher
Axel Rudolph, Chief Technical Analyst at IG, said that equities are pulling back as escalating tensions in the Middle East push oil prices above $100 per barrel, raising concerns about stagflation risks.
Rudolph noted that oil prices surged back above $100 per barrel after the US announced a blockade targeting Iranian-linked shipping through the Strait of Hormuz, following the collapse of negotiations with Tehran.
"The move reinforced concerns over prolonged disruption to a key global energy artery, which has already been effectively closed since the conflict began, driving sharp increases in oil and gas prices," the IG analyst added.
10:45am: Week ahead
Wall Street is heading into one of its busiest weeks of the quarter, with earnings season kicking off, fresh inflation data on deck, and a steady drumbeat of Federal Reserve commentary likely to keep investors on edge.
For the banks, investors will be listening closely not just to the numbers, but to what executives say about navigating a volatile backdrop shaped by rising energy prices and geopolitical tensions. Forward guidance is expected to be critical this quarter, with analysts watching for any signs that conflict-related disruptions are starting to dent profitability.
Beyond the banks, earnings from Taiwan Semiconductor Manufacturing Co (ADR) (NYSE:TSM), Netflix Inc (NASDAQ:NFLX, XETRA:NFC) and PepsiCo Inc (NASDAQ:PEP, XETRA:PEP) later in the week should offer a broader read on global demand, tech spending and consumer resilience.
On the macro front, inflation remains firmly in focus. Tuesday’s Producer Price Index (PPI) report will be closely watched for evidence of how recent oil price swings are feeding through to the broader economy.
9.55am: Dow Jones leads fallers as Goldman slides
Wall Street opened in the red, as expected, with the Dow Jones leading the way, before losses were quickly pared.
The Dow was down 0.4% and the S&P 500 and Nasdaq were down 0.1% in opening trades.
At the front of the fallers on the Dow is Goldman Sachs, down 4% despite earnings beating consensus forecasts.
Next are Sherwin-Williams, Nvidia, Home Depot and JPMorgan Chase, all down less than 1.4%.
The top risers across the three main indices included Chevron, Salesforce, Albemarle, Intel, Marvell Technology and SanDisk.
8.20am: Goldman beats forecasts thanks to record stock trading
Goldman Sachs has reported a second quarterly record in a row, as the war in Iran fueled market volatility and led to stronger trading.
Net revenues came in at $17.23 billion, exceeding the Wall Street consensus of around $17 billioon, with diluted earnings per common share of $17.55, beating the analyst consensus of around $16.40.
The investment bank’s equities arm generated revenue of $5.3 billion, beating the previous record of $4.31 billion set at the end of last year.
CEO David Solomon says: "We delivered a very strong performance for our shareholders this quarter, even as market conditions became more volatile.
"Our clients continue to depend on us for high quality execution and insights amid the broader uncertainty, and we remain confident in how we’ve positioned our businesses.
"The geopolitical landscape remains very complex – so disciplined risk management must remain core to how we operate."
7.45am: Wall Street futures called lower after US-Iran talks break down
US futures pointed moderately lower at the start of the week, after the first round of talks between the US and Iran broke down and Donald Trump said there would be a blockade of the Persian Gulf.
Futures for the Dow Jones, S&P 500 and Nasdaq were all down around 0.5% as oil prices rebounded, drawing a lot of the attention as earnings season kicks into gear.
Markets softened globally, though moves remain contained. In Asia, Japan’s Nikkei ended down 0.7% and Hong Kong’s Hang Seng dropped 0.9%, while in Europe, Germany’s DAX was down 1% and the FTSE 100 slipped 0.3%.
Investor focus remains on the Middle East as talks are set to continue between the US and Iran.
President Trump said the discussions “went well” but warned “Iran is unwilling to give up its nuclear ambitions”.
He said the blockade of Iran's ports and the Strait of Hormuz would begin at 10am Eastern Time.
Iran criticised the plans, warning of a “harsh response” and calling restrictions on shipping “an illegal act”.
WTI crude leapt 7.7% to over $104 a barrel on Monday morning.
Despite the tensions, there are still hopes for further negotiations, with mediators from Pakistan, Egypt and Turkiye pushing to “bridge the gaps” ahead of a ceasefire deadline on Tuesday next week.
"All parties still believe a deal is possible," a report from Axios said, with the US demanding a 20‑year freeze on nuclear enrichment and free navigation in Hormuz without tax payments.
Investors will also be turning to corporate earnings, with quarterly results from 27 S&P 500 companies this week, with banks a major focus this week.
This includes Goldman Sachs today; then JP Morgan, Citigroup and Wells Fargo on Tuesday, along with Johnson & Johnson; then Morgan Stanley and Bank of America round off the major US banks on Wednesday, with ASML on the same day; and then tech earnings season sees Netflix on Thursday, along with TSMC, Pepsico, Abbott Labs, Charles Schwab and Prologis.