After another record sessions, US stocks look set for quiet start

• Dell delivered a blowout earnings report after the close, helping boost market sentiment alongside continued AI trade momentum
• Brent crude fell below $93 per barrel, heading for its largest monthly decline since 2020, as potential resumption of unrestricted shipping through the Strait of Hormuz eased supply concerns
• The Iran deal remains uncertain as President Trump has not formally agreed to terms, with VP JD Vance stating it is too early to confirm 'when or if' an agreement will materialize

Market Summary: US Stocks Poised for Quiet Open After Record Highs

Market Overview:

US stock futures edged higher on May 29, 2026, following the third consecutive session of record highs for both the S&P 500 and Nasdaq. Market sentiment remains supported by AI-related momentum and cautious optimism surrounding US-Iran diplomatic developments.

Key Corporate News:

Dell emerged as the standout performer after delivering a blowout earnings report following market close, though specific figures were not detailed in the article.

Geopolitical Developments:

The most significant market driver involves US-Iran negotiations. Reports suggest both parties have tentatively agreed to extend their ceasefire by 60 days, potentially allowing unrestricted shipping through the Strait of Hormuz. However, President Trump has not formally approved the terms, and Vice President JD Vance indicated uncertainty about whether or when a deal would materialize.

Commodity Impact:

Brent crude oil dropped below $93 per barrel, tracking toward its largest monthly decline since 2020. The decline reflects market anticipation of resumed shipping through the Strait of Hormuz, which has been effectively closed, cutting off millions of barrels of daily oil supply.

Federal Reserve Implications:

The Strait of Hormuz closure had previously stoked inflation concerns, complicating Federal Reserve interest rate policy decisions. A potential resolution could ease these inflationary pressures.

Market Outlook:

Despite record-setting sessions, investors are maintaining a cautious stance given the unsigned status of the Iran deal and ongoing monitoring of geopolitical developments that could significantly impact energy markets and broader economic conditions.