Back-and-Forth With Iran Continues as NASDAQ, S&P Make Records; Oil Tumbles; Gold, Silver Lower; Dick's Down On Earnings Miss

After a long weekend of back-and-forth, peace or war rhetoric with Iran, the U.S. decided to take "defensive" action by bombing the port of Bandar Abbas in southern Iran, near the Straight of Hormuz around midnight Monday.

President Trump had already warned Iran that the alternative to accepting a peace plan would foment more destruction. The president also insisted upon the U.S. taking control of Iran's stockpile of enriched uranium, scuttling the hopeful deal that has been in negotiation for the better part of three weeks.

The heinous tactic of the U.S. - promise, promise, negotiate, escalate - has grown old. The U.S. citizenry has caught onto the rogue, barbaric teasing and attacking, calling the other side out for violations of the ceasefire and negotiating in bad faith. Somehow, the mainstream U.S. press continues to overlook the obvious.

Whether it be war of peace, Wall Street appears to be satisfied with either condition. While the Dow on Tuesday dropped back from its record high, the NASDAQ and S&P each ended the session at record closing levels. The Shiller PE rose to 42.32, continuing a ramp-up that has risen relentlessly since January of 2023.

Some first quarter company results were announced Wednesday morning prior to the open:
Abercrombie & Fitch (ANF) - EPS of 1.47 boost stock 7%
Bath & Body Works (BBWI) - Sales topped estimates, stock up 11% pre-market.
Dick's Sporting Goods (DKS) - Foot Locker acquisition turns positive, but company short on earnings, shares down 2%

After the close Wednesday, Salesforce (CRM), HP (HPQ), and Marvell (MRVL) report. On Thursday, before the open, Hormel Foods (HRL), Kohl's (KSS), Best Buy (BBY), and Burlington (BURL) highlight the earnings parade.

Stocks are looking for a positive start Wednesday morning. Dow futures are up 75 points; NASDAQ futures are adding 205; and S&P futures are up 19 a half hour before the bell. Precious metals are taking their usual mid-week beating with gold at $4,430 and silver at $74.36.

WTI crude oil had risen above $94 on Tuesday, but is currently leveling off just above $88.

Give peace a chance?

At the Close, Tuesday, May 26, 2026:
Dow: 50,461.68, -118.02 (-0.23%)
NASDAQ: 26,656.18, +312.21 (+1.19%)
S&P 500: 7,519.12, +45.65 (+0.61%)
NYSE Composite: 23,295.50, +69.75 (+0.30%)