Stocks notch new closing high, buoyed by end-of-war optimism and strong bank earnings
The S&P 500 and Nasdaq 100 both notched new record closes as President Trump said the Iran war was “very close to over” and as strong earnings from Morgan Stanley and Bank of America bolstered investor sentiment.
The S&P 500 notched a new all-time closing high, its first since January, as it closed above the 7,000 level for the first time, continuing its four-session win streak. The Nasdaq 100 rose for the 11th consecutive session and also claimed a new record close, its first since last October.
Stocks were buoyed by hopes for an end to the war in Iran, as President Trump said it was “very close to over.” Strong earnings from Morgan Stanley and Bank of America also bolstered investor sentiment.
Information technology was the best-performing sector as software stocks continued their run, while materials and industrials fared the worst.
Stocks that moved higher:
Allbirds went vertical after announcing it is leaving shoes behind to become an AI infrastructure company.
Broadcom jumped on an expanded chip deal with Meta.
Robinhood and Webull gained as the SEC approved the removal of the pattern day trading rule. (Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company.)
Snap climbed after the social media company announced that it may cut about 1,000 roles, or roughly 16% of its full-time employees, in an attempt to improve profitability.
Quantum computing stocks D-Wave Quantum, Rigetti Computing, Infleqtion, Quantum Computing, and IonQ continued to surge after Nvidia launched open AI models to improve calibration and error correction.
American Eagle rose after announcing a second Sydney Sweeney ad campaign.
Hims & Hers climbed after Secretary of Health and Human Services Robert F. Kennedy Jr. said the FDA will ease restrictions on 12 peptides.
Uber rose after reportedly committing more than $10 billion to robotaxis, marking a massive move away from its asset-light roots.
Lyft, by contrast, is focusing less on owning the cars and more on operating the systems around them. Shares of the company rose as it released new details about how exactly it plans to manage Alphabet’s Waymo fleet for their partnership in Nashville.
Stellantis ticked higher after reporting 1.36 million Q1 deliveries, compared to the 1.29 million Wall Street had expected.
Stocks that moved lower:
ASML dropped after issuing weaker-than-expected Q2 sales guidance.
Lucid sank after TD Cowen cut its price target to $10 from $19.
TeraWulf shares dropped after the company reported preliminary Q1 revenues and an upsized $900 million equity raise.
First Solar ticked lower on news that China is reportedly weighing limits on exports of solar manufacturing equipment to the US.
