U.S. stocks rose for a fourth straight session, with the Dow Jones Industrial Average and the S&P 500 hitting intraday and closing records and the Nasdaq reaching a one-and-a-half-month high, while Treasury yields eased and the yield spread narrowed, according to Ming Pao.

Oil prices tumbled after talks on reopening the Strait of Hormuz showed progress. U.S. Treasury Secretary Scott Bessent said he expects the United States and Iran could reach an agreement to reopen the strait within one or two days. Reports said Iran has softened its stance and is considering allowing Europe to take part in mine-clearing operations at the strait.

Bessent also said a weak yen increases the risk of Asian currency depreciation and added that many people believe the Chinese yuan is undervalued.

Separately, SpaceX reported quarterly revenue above expectations, but its capital expenditure surged and its stock fell more than 7% in after-hours trading.