Markets stall as US‑Iran talks falter; oil tops $100

Equities paused after earlier record highs as diplomatic talks between the United States and Iran faltered and investors awaited Friday’s April nonfarm payrolls. West Texas Intermediate crude climbed above $100 a barrel while major technology companies reported strong revenue that lifted valuations.

The Nasdaq and S&P 500 hit new intraday records earlier in the week but momentum slowed as traders sought confirmation from economic data and any concrete progress in US‑Iran negotiations. Market participants said the absence of a diplomatic breakthrough has left asset prices constrained by geopolitical uncertainty.

Amazon, Apple, Meta, Microsoft and Google each reported record revenues driven in part by continued investment in artificial intelligence and cloud services. Market participants noted that current price‑to‑earnings levels are high and will require continued strong results to be sustained.

Energy markets returned to focus as WTI crude moved above $100, reviving concerns about upward pressure on consumer prices. Five central banks — the Bank of England, Bank of Canada, Bank of Japan, Federal Reserve and European Central Bank — provided guidance without signaling aggressive rate hikes. Federal Reserve Chair Jerome Powell’s press conference coincided with a fall in the US dollar, supporting some currencies and commodities. Gold pulled back this week while silver was near flat. Equities and oil rose roughly in tandem over the week.

Traders are watching a packed economic calendar. In the Asia‑Pacific region, the Reserve Bank of Australia holds a policy meeting and New Zealand will publish employment data. The Bank of Japan will release meeting minutes and China will report trade figures. In Europe, Swiss inflation data, eurozone producer prices and purchasing‑managers’ indices are due and ECB President Christine Lagarde is scheduled to speak.

In North America, Federal Reserve Governor John Williams is set to speak and US manufacturing and services PMIs will precede Friday’s nonfarm payrolls report. The private ADP employment survey and Canadian payrolls will also be released this week and could influence market moves if they diverge from expectations.

Elior Manier, an OANDA market analyst, said markets need an actual agreement to sustain the rally and that investors are watching economic data and diplomatic developments for confirmation.