US-Iran peace draft finalized; Nasdaq hits records, Dow flat

Negotiators finalized a draft US‑Iran peace memorandum on May 28, 2026. The document awaits formal sign-off from President Trump and Iran’s Supreme Leader.

The draft calls for reopening the Strait of Hormuz to commercial transit, elimination of Iran’s highly enriched nuclear material and a phased end to a U.S. naval blockade over 30 days. In return the agreement would unfreeze key financial assets for Iran, ease some economic sanctions and establish channels to increase humanitarian aid.

President Trump requested additional days to review the text, and final approval from Iran’s Supreme Leader has not been granted.

Equity markets reacted unevenly to the announcement. The Nasdaq Composite and the S&P 500 reached intraday record levels, while the Dow Jones Industrial Average recorded little net change during the session.

Technology stocks, led by large-cap software and semiconductor companies, drove gains on the Nasdaq. The Dow, with greater exposure to industrial and cyclical firms, remained largely flat as traders weighed sector differences and awaited formal signatures. Many institutional investors maintained cautious positions pending ratification.

Energy markets were subdued. West Texas Intermediate crude traded below $90 a barrel and was largely unchanged intraday. Brent crude fell and moved closer to WTI prices as the international risk premium tied to Middle East tensions diminished.

Traders and technical analysts tracked specific levels on the major U.S. indices. On the Dow, momentum pivot resistance sat near 50,750 with intraday resistance around 50,750–50,900 and stronger resistance near 51,100–51,200; support levels included 50,400–50,500, 49,000–49,100 and deeper momentum support near 48,500 and 48,000. The Dow’s 4‑hour 50‑period moving average was about 50,291.

The Nasdaq aimed to test recent highs near 30,300–30,327. A 4‑hour 50‑period moving average was near 29,535; short‑term support clusters included 29,500–29,650 and 29,100–29,250, with earlier highs providing support around 26,200–26,300.

The S&P 500 posted an intraday record with resistance identified in the 7,550–7,575 range and immediate support at about 7,525. The S&P’s 4‑hour 50‑period moving average was near 7,448, with further support at 7,400 and between 7,250–7,260 and prior pivots around 7,000–7,020.

Market participants noted that headlines and the timing of final approvals will determine whether current gains persist. Trading remained cautious while both leaders review and consider ratifying the memorandum.