S&P 500 and Nasdaq Surge Amid U.S.-Iran Deal News and Tech Growth
The S&P 500 and Nasdaq continued their upward momentum, reaching intraday record highs fueled by a reported U.S.-Iran deal and positive tech sector growth. While inflation concerns persist, strong earnings in AI and tech bolster market optimism. Eli Lilly's gains and notable tech advancements further invigorate the rally.
The S&P 500 and the Nasdaq reached new heights Thursday after reports surfaced of a U.S.-Iran deal and promising inflation data. Axios hinted at nuclear program discussions during a 60-day truce pending approval from President Trump. Meanwhile, inflation surged three years high due to energy prices linked to the Iran conflict.
Tech stocks bolstered gains as Microsoft rose 3.8% on forthcoming coding updates, while Marvell Technology jumped 3.6% after UBS elevated its target price. Snowflake's stock skyrocketed 38% following a $6 billion AI deal with Amazon Web Services. Renewed AI confidence fuels the stock surge, even amid Middle Eastern tensions.
Earnings growth and resilience in corporate profits are overshadowing risks, noted by Jitania Kandhari, deputy CIO at Morgan Stanley Investment Management. The market remains optimistic despite geopolitical instability, suggesting potential accelerated investment in AI, cybersecurity, and other tech areas. Advancing issues outpaced decliners in both NYSE and Nasdaq, marking robust market performance.
(With inputs from agencies.)
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