S&P 500, Nasdaq Hit Record Highs as Iran Ceasefire Talks and AI Rally Boost Markets 
UK Grocery Inflation Slows to 3.1% as Supermarket Price Pressures Ease in May 2026 
Wall Street Reaches New Record Highs as AI Boom and Iran Ceasefire Hopes Boost Markets 
Nikkei Hits Record High as AI Chip Stocks Power Japan Market Rally 
US Dollar Slips as Markets Weigh Potential US-Iran Peace Deal and Oil Price Outlook 
US Imposes Fresh Iran Oil Sanctions Despite Progress on Ceasefire Talks 
Canada and Germany Advance Major LNG Supply Partnership 
Gold Prices Slip as Stronger Dollar and Iran Peace Talk Uncertainty Weigh on Market 
U.S. Launches New Strikes on Iran as Trump Signals Peace Deal Uncertainty 
New World Screwworm Found Near U.S. Border Raises Threat to Cattle Industry and Beef Prices 
Oil Prices Set for Sharp Weekly Losses as U.S.-Iran Ceasefire Hopes Ease Supply Concerns 
Gold Prices Hold Near Record Levels as Inflation Concerns Offset Middle East Ceasefire Hopes 
Asian Currencies Steady as U.S.-Iran Ceasefire Extension Hopes Weigh on Dollar 
U.S. Sanctions Iran’s Strait of Hormuz Authority as Global Oil Markets Face Turmoil 
Dollar Gains Slightly as U.S.-Iran Tensions Keep Forex Markets on Edge 
South Korea Central Bank Holds Interest Rates Steady Amid Inflation Concerns 
The S&P 500 fell sharply Monday as renewed trade war fears rattled markets after President Donald Trump confirmed tariffs on Mexico and Canada will take effect Tuesday. He also signed an order to impose an additional 10% tariff on Chinese imports, bringing the total levy to 20%.
At market close, the Dow Jones Industrial Average dropped 648 points (1.5%), the S&P 500 declined 2%, and the Nasdaq Composite plunged 2.6%. The latest tariffs come as negotiations with Mexico and Canada failed to yield a deal, increasing concerns over economic growth.
Manufacturing data further fueled worries, with the ISM Manufacturing PMI rising to 50.3 in February, below expectations of 50.6. While this marked a second consecutive month of expansion after 26 months of contraction, demand weakened, and companies continued cutting staff. The Atlanta Fed’s GDPNow model now projects a 2.8% contraction in the U.S. economy for Q1, worsening from last week’s 1.5% decline estimate.
Tech stocks took a hit, with NVIDIA (NASDAQ: NVDA) tumbling over 8% after reports that Chinese buyers are bypassing U.S. export bans to access its Blackwell chips. Intel (NASDAQ: INTC) lost 4% despite earlier gains following reports that it is running manufacturing tests with Nvidia and Broadcom (NASDAQ: AVGO).
Bitcoin dropped over 8%, reversing earlier gains despite optimism over Trump’s proposed U.S. Crypto Strategic Reserve, which he said would include Bitcoin, Ether, XRP, Solana, and Cardano.
In M&A news, Capri Holdings (NYSE: CPRI) is reportedly nearing a deal to sell Versace to Prada for approximately $1.6 billion.
Markets remain volatile as investors assess the impact of tariffs and economic uncertainty.
