Wednesday, May 27, 2026
[4:00 PM ET closing prices for stocks; 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri. Feb. 27…regular $2.98…diesel $3.75
Wed., May 27…reg. $4.45…diesel $5.57
Yes, the average price at the pump is coming down, and should be at $4.25 by Sunday unless we get another spike up in gasoline futures as well as Oil.
Gas futures early today fell below $3.10 before bouncing ack to $3.15 or so this afternoon, but this is down from a high of $3.75. If we eventually get back below $3.00 and stay there for a while, you’ll see the price at the pump get to below $4.00. That’s the way it should work.
But also today, what drove gas, and oil futures, down was a report from Iranian state media that it had the initial details of the “Memorandum of Understand” for the U.S.-Iran peace deal, and among the provisions, per Iran’s reading of it, was:
U.S. Military forces will withdraw from the vicinity of Iran; the U.S. Navy will lift its blockade of the Strait of Hormuz; Iran has committed to restoring the number of commercial transit ships through the Strait of Hormuz to pre-war levels within 1 month; and management and routing of ship traffic through the Strait will be handled by Iran in cooperation with Oman.”
Nothing on the nuclear program.
The White House then issued a statement calling the unofficial draft of the interim peace deal a “complete fabrication” and “not true.”
President Trump said soon after, in taking questions from reporters at a Cabinet meeting, that the United States is “not talking about easing sanctions;” there is “nothing” about Iran having control of the Strait, the Strait will remain open to all traffic; and Iran will not have a nuclear weapon.
Secretary of State Rubio has warned that any peace agreement could still take several days to complete.
The market is clearly optimistic that the two sides will reach an agreement, despite the conflicting signals from both sides.
It is also true that two non-Iranian supertankers crossed Hormuz on Tuesday for the first time in a week, so that was mildly encouraging…but certainly not enough to throw a block party in your neighborhood.
One other side bar…Russia is reportedly considering limits on diesel and jet fuel exports as refinery activity weakens amid escalating Ukrainian attacks. Slava Ukraini!
Stocks hit more record highs today, albeit barely in the case of the S&P and Nasdaq, driven by the astounding ongoing gains in the memory chip space, led by Micron Technology, which was $92.20 last May 30 and hit $956 today. [$92 to $950 in one year.]
And with oil down, bonds rallied a little further…like a single basis point….
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For the record, since I mentioned the Texas Senate primary yesterday, my man, Republican Sen. John Cornyn, got his butt kicked, 64% to 36% by Trump-endorsed Ken Paxton. And we’ll leave it at that.
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One note from the world of sports you might not have seen from last night’s action in the major leagues.
The Yankees routed the Royals 15-1 in Kansas City, and while not a Yankees fan, I of course perused the box score to see how Aaron Judge did.
The Yanks had 24 hits, four of them by former Met Amed Rosario, who had two home runs. [Mets never should have traded him, though they did pick up Francisco Lindor as part of the multi-player deal.] Judge was 2-for-3 with an RBI double.
But the reason why I mention the game is it was the first time, in Yankee history, that everyone in the starting lineup had two hits! I just found this astounding; given New York’s rather rich past.
Starter Cam Schlittler was the beneficiary of this offensive explosion, going six innings, one run, in improving to 7-2, 1.50 ERA for New York.
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Dow Jones +182…+0.4% [50644…record]
S&P 500 +1…+0.02% [7520…record]
Nasdaq +18…+0.1% [26674…record]
Oil (WTI) $89.55.…Brent $95.15
Gold $4450
Silver $74.65
Bitcoin $74,924 [4:00 PM ET]
U.S. 2-yr. 4.03%
U.S. 10-yr. 4.48%
Japanese 10-yr. 2.68%
Back Thurs.
Brian Trumbore
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