Trump Iran framework as S&P hits record; sentiment falls

President Donald Trump posted a detailed framework for a potential agreement with Iran on Truth Social on May 29, the same day the S&P 500 closed at a record 7,592 as tech earnings and artificial intelligence momentum lifted U.S. stock indexes. The Nasdaq Composite and the Dow Jones Industrial Average also reached new highs, with the Dow finishing above 50,600. Dell Technologies cited strong AI server sales as part of the tech-driven rally.

Trump outlined conditions that include Iran agreeing never to pursue a nuclear weapon, the Strait of Hormuz being open to unrestricted shipping and the lifting of a naval blockade. His post described a joint operation involving the United States, China, Iran and the International Atomic Energy Agency to remove buried enriched nuclear material. He wrote, “Iran must agree that they will never have a Nuclear Weapon or Bomb,” and added a personal message to sailors held in the Strait: “Say HELLO to your wives, husbands, parents, and families from me, your favorite President.” Former House Speaker Newt Gingrich wrote on the same platform expressing support for a coalition approach and warning that a military campaign remains an option if Iran refuses to negotiate.

Consumer measures moved in the opposite direction. The University of Michigan’s final May consumer sentiment index fell to 44.8, revised down from a preliminary 48.2, marking a record low and the third consecutive monthly decline. The Conference Board’s consumer confidence index eased to about 93.1. The UMich survey found 57% of consumers reporting that high prices are eroding their finances, with gasoline costs linked in part to disruptions around the Strait of Hormuz and food and housing costs remaining elevated. Year-ahead inflation expectations were near 4.8%. Lower-income households and those without a college degree registered the largest declines in sentiment.

Cryptocurrency markets traded alongside equities. Bitcoin held near $73,500 as the CME Group launched 24/7 crypto futures trading, and Ethereum hovered just above $2,000. The total crypto market capitalization steadied above $2.56 trillion even as exchange-traded funds recorded outflows of about $223 million the previous day.

Precious metals rebounded after earlier weakness. Gold traded around $4,543 to $4,545 per ounce, up from lows near $4,380 earlier in the week, and silver was near $75.64 to $76.43 per ounce. Central bank purchases and physical demand continued to support metals prices.

The distribution of financial assets remains uneven: the top 10% of households hold the bulk of U.S. equities while the bottom 50% own little or none. Market participants finished the week watching whether the framework leads to a formal agreement that eases energy-market pressure tied to the Strait of Hormuz and how the Federal Reserve will proceed on interest rates, both factors that could affect equities, cryptocurrencies and precious metals.