Chips Stocks Soar Trump squashes Iran Deal

What this episode covers

US equities finished the week at fresh records, with the S&P 500 rising 0.8% on Friday to cap a sixth straight weekly advance — the longest since 2024. The Nasdaq 100 surged 2.3% and the SOX semiconductor index gained 11% for the week, powered by Intel (+14% on a preliminary Apple chip-making deal) and broad AI momentum. US payrolls rose for a second consecutive month in April, the first back-to-back increase in nearly a year, with unemployment holding at 4.3%. However, consumer sentiment slumped to a fresh record low of 48.2 in early May. Brent settled at $101.29 (+1.2% on the day) but fell for the week as deal hopes swirled. Over the weekend, Trump rejected Iran’s counter-proposal as “totally unacceptable” after Tehran refused to dismantle nuclear facilities or suspend enrichment for 20 years. Netanyahu said the war is “not over” and urged the US to enter Iran and “take out” its uranium. Drones struck a cargo vessel in Qatari waters, and both the UAE and Kuwait intercepted hostile drones. Saudi Aramco warned it would take “several months” to normalise supply even if Hormuz reopens immediately. The Australian budget on Tuesday will reveal negative gearing restrictions, CGT indexation changes affecting all asset classes, and a 30% minimum trust tax. Trump–Xi summit May 14–15. ASX focus: CPI, Cisco, Applied Materials, and the budget.

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This episode is 13 minutes long.

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This episode was published on May 10, 2026.

What is this episode about?

US equities finished the week at fresh records, with the S&P 500 rising 0.8% on Friday to cap a sixth straight weekly advance — the longest since 2024. The Nasdaq 100 surged 2.3% and the SOX semiconductor index gained 11% for the week, powered by...

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