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April 10, 2026 – 11:18

(Bloomberg) — US stocks fluctuated after a seven-day rally as investors looked to talks between the US and Iran for signs a fragile truce can hold. Oil was set for its steepest weekly loss in nine months.

Equity futures were flat, with the underlying S&P 500 index on track for its biggest weekly advance in almost a year. Europe’s Stoxx 600 gained 0.2%. Brent crude rose 2% to around $98 a barrel.

Traders are waiting to see if Tuesday’s two-week ceasefire accord that sent stocks on a tear and oil slumping can be cemented into a lasting peace. President Donald Trump said he was “optimistic,” even as he threatened Tehran over charging fees in the Strait of Hormuz where there’s little sign of a meaningful pickup in traffic since the truce began.

“The market is starting to price in some sort of agreement can be reached over the weekend,” said Hao Hong, chief investment officer at hedge fund Lotus Asset Management. “My quant model shows that the technical rebound should continue for a few more days at least. The market is starting to look beyond the war.”

US Treasuries were on track to snap a four-day run of gains as investors await March US inflation data due later Friday to see the impact of higher oil prices from the Iran war. The dollar ticked up 0.2%, still headed for its sharpest drop in a week since January.

Economists project a 0.9% increase in the consumer price index, the sharpest one-month advance since 2022, according to a Bloomberg survey.

“Headline risk pertaining to the war remains far and away the biggest driver of volatility,” Kyle Rodda, a senior financial market analyst at Capital.com, wrote in a note. “However, inflation data also presents meaningful event risk.”

What Bloomberg’s Strategists Say

“The market appears to have settled into an optimistic equilibrium ahead of this weekend’s talks, supported by Brent trading below $100/bbl. While Fridays have typically seen selloffs during the war, there is now a stronger sense of a potential off ramp.”

— Skylar Montgomery Koning, macro strategist. For the full analysis, click here.

The US and Iran appeared to pause most strikes after fighting continued in the region on Wednesday. Israel’s Prime Minister Benjamin Netanyahu agreed to hold talks with Lebanon.

On Thursday evening, the Kuwaiti Foreign Ministry said fresh drone attacks were carried out by Iran and its proxies, which targeted a number of vital facilities in the country.

“I’m not trimming into the weekend,” said Rajeev De Mello, global macro portfolio manager at Gama Asset Management SA. “The direction of travel seems to be to talk rather than to fight.”

Corporate Highlights:

Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell summoned Wall Street leaders to an urgent meeting on concerns that the latest artificial intelligence model from Anthropic PBC will usher in an era of greater cyber risk. A $7 billion private credit fund managed by Carlyle Group Inc. capped redemptions after investors asked to pull 15.7% of the shares in the first quarter. Taiwan Semiconductor Manufacturing Co. reported a 35% increase in quarterly revenue, suggesting global AI chip demand remained intact during the first weeks of war in the Middle East. Intel Corp. said Alphabet Inc.’s Google has committed to using future generations of its Xeon processors and other chips. Chevron Corp. said its production fell as much as 6% in the first quarter due in part to the Iran war, echoing a similar disclosure from Exxon Mobil Corp. earlier this week. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.3% as of 10:14 a.m. London time S&P 500 futures fell 0.1% Nasdaq 100 futures fell 0.1% Futures on the Dow Jones Industrial Average fell 0.2% The MSCI Asia Pacific Index rose 0.6% The MSCI Emerging Markets Index rose 0.9% Currencies

The Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.1% to $1.1685 The Japanese yen fell 0.2% to 159.30 per dollar The offshore yuan was little changed at 6.8326 per dollar The British pound fell 0.1% to $1.3418 Cryptocurrencies

Bitcoin fell 1% to $71,688.84 Ether fell 1.1% to $2,188.21 Bonds

The yield on 10-year Treasuries advanced two basis points to 4.30% Germany’s 10-year yield advanced four basis points to 3.03% Britain’s 10-year yield advanced six basis points to 4.81% Commodities

Brent crude rose 1.7% to $97.58 a barrel Spot gold fell 0.5% to $4,743.90 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Winnie Hsu, Abhishek Vishnoi and Anand Krishnamoorthy.

©2026 Bloomberg L.P.