Latvia routs Hungary 8-1 to reach quarterfinals at ice hockey worlds

ZURICH (AP) — Latvia advanced to the quarterfinals at the ice hockey world championship by routing Hungary 8-1 on Tuesday.

Latvia moved to third place in Group A in Zurich and secured a top-four finish.

The United States will join Latvia in the next stage if the defending champion beats Austria later Tuesday. Austria will advance with a win. In either case, Germany will drop from fourth to fifth and can't advance.

Host Switzerland and Finland top the standings and face each other later to decide the group winner.

Norway, which has already qualified for the last eight for the first time since 2012, needed overtime to down Denmark 4-3 in Group B action in Fribourg.

In the same group, Sweden faced a must-win game over Slovakia to advance, and group winner Canada played already qualified Czechia.

The quarterfinals are scheduled for Thursday.

AP sports: https://apnews.com/sports

Denmark's Joachim Blichfeld, center-up, scores the a goal against Norway's goaltender Henrik Haukeland, center-down, during the 2026 IIHF Men's Ice Hockey World Championship preliminary round group B game between Norway and Denmark, in Fribourg, Switzerland, Tuesday, May 26, 2026. (Anthony Anex/Keystone via AP)

Denmark's Patrick Russell celebrates after scoring his side's third goal during the 2026 IIHF Men's Ice Hockey World Championship preliminary round group B match between Norway and Denmark in Fribourg, Switzerland, Tuesday, May 26, 2026. (Laurent Gillieron/Keystone via AP)

Denmark's goaltender Nicolaj Henriksen, left, vies for the puck against Norway's Andreas Martinsen, right, during the 2026 IIHF Men's Ice Hockey World Championship preliminary round group B game between Norway and Denmark, in Fribourg, Switzerland, Tuesday, May 26, 2026. (Laurent Gillieron/Keystone via AP)

Latvia's Kristofers Bindulis celebrates after scoring the fifth goal during the 2026 IIHF Men's Ice Hockey World Championship preliminary round group A game between Hungary and Latvia, in Zurich, Switzerland, Tuesday, May 26, 2026. (Claudio Thoma/Keystone via AP)

From left: Hungary's goaltender Bence Balizs, Latvia's Filips Buncis, Hungary's Gabor Tornyai and Latvia's Rudolfs Balcers fight for the puck during the 2026 IIHF Men's Ice Hockey World Championship preliminary round group A game between Hungary and Latvia, in Zurich, Switzerland, Tuesday, May 26, 2026. (Claudio Thoma/Keystone via AP)

NEW YORK (AP) — The U.S. stock market is rising Tuesday as it catches up with others around the world that climbed the day before, when President Donald Trump said negotiations were “proceeding nicely” with Iran on ending their war.

The S&P 500 rose 0.5% after trading resumed following Monday’s holiday. The Dow Jones Industrial Average was up 53 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% higher. All three are near their all-time highs.

The gains came even though fighting continued in the region, and the U.S. military said it carried out “self-defense” strikes in southern Iran, including on missile launch sites and boats placing mines. Markets have rallied in the past on hopes for a coming end to the war with Iran, only to see the conflict drag on.

The price for a barrel of Brent crude, the international standard, rose 3% to $96.25, but that reclaimed only a bit of its 7.1% plunge from Monday. The price for a barrel of U.S crude oil, meanwhile, fell 3.8% to $92.99 after resuming trading following the Memorial Day holiday.

Oil prices have been at the center of the action for financial markets since the United States and Israel attacked Iran in late February. The ensuing war has closed the Strait of Hormuz to most oil tankers, keeping crude pent up in the Persian Gulf instead of flowing to customers worldwide. That in turn has driven up oil’s price and sent a wave of painful inflation around the world.

Hopes for a deal to end the war helped lift stocks of companies with big fuel bills. United Airlines rose 4.5%, and cruise operator Carnival steamed 3.7% higher.

The lower oil prices also helped pull yields lower in the U.S. bond market, which eased the pressure on all kinds of investments. The yield on the 10-year Treasury fell 4.48% from 4.56% late Friday.

It’s a respite following gains for yields in bond markets worldwide recently, which threatened to slow economies and undercut prices for stocks and all kinds of other investments. High yields have already forced the average long-term U.S. mortgage rate to its most expensive level since last summer, and they could curtail companies’ borrowing to build the AI data centers that have supported the U.S. economy’s growth recently.

Big technology stocks also continued their big runs, driven by hopes for continued profits because of the boom around artificial-intelligence technology. Micron Technology jumped 11.2% and was the strongest force lifting the S&P 500 after analysts at UBS led by Timothy Arcuri raised their 12-month price target for the stock to $1,625 from $535.

That helped offset a drop of 8.2% for AutoZone, which reported slightly weaker revenue for the latest quarter than analysts expected, though its profit topped expectations. CEO Phil Daniele said performance for the retailer’s stores in Brazil and Mexico was below its plan.

Most big U.S. companies have been reporting both profit and revenue for the start of 2026 above what analysts expected. The strong performances have helped vault U.S. stocks to records, even with all the uncertainty around oil prices and the war with Iran.

In stock markets abroad, indexes were mixed. South Korea’s Kospi jumped 2.5% as it also caught up with other markets following a Monday closure for a holiday.

London’s FTSE 100 added 0.7% even though British petroleum giant BP fell 4.7% there. It ousted its chairman over what it called serious concerns related to “important governance standards, oversight and conduct.”

Japan’s Nikkei 225 fell 0.2% and fell back from its all-time high set the day before.

AP Business Writer Elaine Kurtenbach contributed to this report.

Specialist Glenn Carell, left, and trader Robert Charmak work on the floor of the New York Stock Exchange, Friday, May 22, 2026. (AP Photo/Richard Drew)

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 25, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2026. (AP Photo/Ahn Young-joon)

A person looks at an electronic stock board showing Japan's Nikkei index at a securities firm Monday, May 25, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands in front of an electronic stock board showing Japan's Nikkei index, seen through the glass wall of an office building Monday, May 25, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)