Truist Financial Corp

Major U.S. equity indices surged to new highs Friday after Iran confirmed the Strait of Hormuz would remain open during a 10-day truce, pushing oil prices lower and reviving expectations for Federal Reserve rate cuts later this year.

PayPal shares edged up 1.5% after Truist Financial raised its price target to $45, though the stock trades above that at $50.48. The firm retained a Sell rating amid competitive pressures and a new CEO.

PayPal shares edged higher on April 24 as Truist lifted its price target to $45 while keeping a Sell rating, setting the stage for the company's first earnings report under new CEO Enrique Lores on May 5.