Hopes for a potential deal between the US and Iran, and a robust start to the corporate earnings season, drove the S&P 500 and Nasdaq indices to record highs, as Bitcoin (BTC) recouped some ground to break above $75,000.
Bitcoin Stuck, US Stocks Jump to Record Highs Amid Hopes of Iran Deal Progress
16 April 2026 - 07:47 CEST
The S&P 500, the leading US equities benchmark, rose 0.80% to close at 7,022.95, its first-ever close above the 7,000 level, while the tech-heavy Nasdaq Composite ended up 1.59% to 24,016.02, marking an 11-day winning streak and an all-time closing high.
Bitcoin was trading just over $75,000, up about 1.5% in the past 24 hours, as of 06:45 UTC, trimming gains after hitting a day high of $75,318 at 22:40 UTC on 15 Apr.
Back to risk assets
An apparent de-escalation between the US and Iran brought buyers back into risk
assets. According to the Associated Press, regional mediators said that the two sides have reached an "in-principle agreement" to extend the current two-week ceasefire, which was scheduled to expire on 22 Apr.
Conversely, safe-haven assets and energy prices cooled off, as gold held steady at $4,845.40 per ounce as of 20:00 UTC. The precious metal has faced pressure during the conflict due to rising 10-year Treasury yields, which increase the opportunity cost of holding non-yielding assets.
War premium downgraded
Brent crude oil traded at $95.03 per barrel, up marginally as of 04:40 UTC,
retreating from an intraday high of $99.27 as diplomacy hopes tempered the war premium.
Markets' fears sent oil prices to nearly $115 per barrel on 2 Apr during the
uncertainty over the reopening of the Strait of Hormuz, a key artery for global energy trade.
According to the US Central Command, operations in the Strait of Hormuz have entered a phase of enforced blockade and "controlled transit", in which all maritime traffic entering or exiting Iranian ports is blocked. Vessels transiting the Strait to or from non-Iranian ports are permitted to operate.
