By Heard Editors

What Happened in Markets Today

Markets were mostly higher, led by technology. The S&P 500 gained 0.6% and the Nasdaq rose 1.2%, boosted by chip stocks. Micron Technology and ON Semiconductor were the top gainers in the S&P 500, rising 19% and 9.3% respectively.

Bonds rose and oil prices were mixed as the outcome of Iran negotiations remains unclear. The 10-year Treasury yield declined 0.080 percentage point to 4.490%. Front-month Brent crude futures settled up $3.44, or 3.6%, to $99.58 a barrel. WTI crude fell $2.71 a barrel, or 2.8%, to $93.89.

BP removed its chairman over concerns about his behavior. The board of the London-based oil major said it had unanimously decided that Albert Manifold should no longer serve as chair. This came after the board was told that he was verbally abusive and bullying toward employees, and had mishandled company information, The Wall Street Journal reported. BP's London-traded shares fell 4%.

Ferrari's first electric vehicle was poorly received. The company unveiled images of the $640,000 car designed by former Apple maestro Jony Ive and was met with widespread online ridicule. Former Ferrari Chairman Luca di Montezemolo told local media: "If I say what I think, I'd cause harm to Ferrari. We're risking the destruction of an icon." The company's stock fell 8.4%.

This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.

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(END) Dow Jones Newswires

May 26, 2026 17:03 ET (21:03 GMT)

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