Stocks close at new record high as US extends ceasefire with Iran
The mood was risk-on as traders bought Big Tech, AI names, and speculative stocks.
Stocks rose on yesterday’s news that the US extended its ceasefire with Iran indefinitely. The S&P 500 and Nasdaq 100 posted new closing highs as every Magnificent 7 stock gained, while the Russell 2000 finished just shy of its record close. Traders were in a risk-on mood, pouring into speculative stocks. Oil also rose, as Iran fired on three ships in the Strait of Hormuz.
Information technology was the best-performing sector while real estate was the worst performer.
The AI trade was back in full force as the Philadelphia Semiconductor Index ended the day by extending one record (for consecutive record closes) and setting another (for consecutive gains):
Bitcoin jumped to its highest level since early February.
Stocks that moved higher:
Shares of POET Technologies continued their parabolic surge after CFO Thomas Mika confirmed to Stocktwits that the company would be booking revenues from custom chip and networking specialist Marvell Technology.
Pot stocks Canopy Growth, Tilray, Cronos Group, and SNDL Inc. went vertical on reports that President Trump plans to reclassify marijuana.
GE Vernova, a top AI energy play, rose after posting strong Q1 results and lifting full-year sales guidance.
Boeing climbed on better-than-expected Q1 earnings and revenue.
Shares of Alphabet jumped on a flurry of announcements from Google’s Cloud Next ’26 event, including new TPU 8 chips, a new Gemini Enterprise Agent Platform, and a partnership with Nvidia.
Broadcom also rose on the announcement of a collaboration with Google on a product to monitor network performance.
Rivian jumped on news that it has begun production of R2 SUVs, just days after a tornado hit its factory in Normal, Illinois.
Adobe rose on news of its $25 billion stock buyback.
Stocks that moved lower:
Low-cost airlines Frontier, JetBlue, Southwest Airlines, and Allegiant plunged on reports that the Trump administration is close to a $500 million rescue deal for Spirit Airlines.
United Airlines, which reported Q1 results after the bell yesterday, dipped despite beating on earnings and revenue estimates, as the airline lowered its full-year profit guidance amid surging jet fuel prices.
Vertiv Holdings dropped after its uninspiring Q2 guidance overshadowed a solid Q1 beat.
Capital One slipped on a Q1 earnings and revenue miss.
ASML ticked down on news that TSMC is delaying the adoption of its newest chipmaking machines until 2029.
