Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on April 16, 2026. Wall Street stocks were little changed early Thursday, lingering near records amid hopes for a resolution of the US-Iran war as markets continue to shrug off economic effects. Both the S&P 500 and Nasdaq finished at records Wednesday as analysts pointed to an expected surge in equities if a peace deal is reached and to US bank earnings that showed American consumers remain healthy. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

WASHINGTON, DC - APRIL 16: Jerusalem Demsas (Editor-in-Chief - The Argument) speaks on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: Jerusalem Demsas (Editor-in-Chief - The Argument) speaks on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

Madison Industries CEO Larry Gies (C) speaks with traders on the floor of the New York Stock Exchange (NYSE) after Gies rang the opening bell in New York on April 16, 2026. Wall Street stocks were little changed early Thursday, lingering near records amid hopes for a resolution of the US-Iran war as markets continue to shrug off economic effects. Both the S&P 500 and Nasdaq finished at records Wednesday as analysts pointed to an expected surge in equities if a peace deal is reached and to US bank earnings that showed American consumers remain healthy. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

Madison Industries CEO Larry Gies (L) speaks with traders on the floor of the New York Stock Exchange (NYSE) after Gies rang the opening bell in New York on April 16, 2026. Wall Street stocks were little changed early Thursday, lingering near records amid hopes for a resolution of the US-Iran war as markets continue to shrug off economic effects. Both the S&P 500 and Nasdaq finished at records Wednesday as analysts pointed to an expected surge in equities if a peace deal is reached and to US bank earnings that showed American consumers remain healthy. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

An advertisement for Nespresso coffee brand showing English singer and songwriter Dua Lipa (L) and US actor and filmmaker George Clooney is displayed on a giant screen ahead of Swiss food giant Nestle's annual general meeting in Ecublens near Lausanne, on April 16, 2026. (Photo by Fabrice COFFRINI / AFP via Getty Images)

WASHINGTON, DC - APRIL 16: Mark Warner (Senator - Virginia) and Jerusalem Demsas (Editor-in-Chief - The Argument) speak on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: Mark Warner (Senator - Virginia) and Jerusalem Demsas (Editor-in-Chief - The Argument) speak on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)