Stocks close at new record high as US extends ceasefire with Iran |
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 its 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.
|
|
|
Major health insurers spent over $3 million on protecting executives last year, as security budgets at S&P 500 companies across various sectors hit new highs. Read more. |
|
|
-
GE Vernova and Vertiv are giving us a glimpse into the future of the AI boom
GEV’s backlogs are bursting at the seams. One analyst told us he thinks that by the end of this year, GEV could be completely sold out of production capacity for heavy-duty turbines until 2029 or 2030. -
Analyst: “We are now clearly in a bull market phase” as bitcoin hits highest level since February
So far this month, bitcoin is up nearly 15%, surpassing April’s historical average. -
Tesla just opened the door to 50,000 government buyers
Access doesn’t guarantee orders, but it’s a step in the right direction. -
America’s largest home TV shopping group, QVC, has filed for bankruptcy
The business lost its edge as linear TV faded into the background, before TikTok Shop closed the curtain... almost. -
Jersey Mike’s has filed for an IPO just over a year after Blackstone acquired it for around $8 billion
As America’s fastest-growing sandwich chain, the sub specialist has tripled its store count in 10 years. -
OpenAI releases new image generation model with complex capabilities
ChatGPT Images 2.0 marks a big leap forward in image generation as OpenAI seeks to distinguish its features from Anthropic’s Claude. -
How Elon Musk has shifted SpaceX’s goals ahead of its IPO
Not many CEOs could get away with this. -
Justin Sun sues Trump-backed World Liberty over frozen tokens
Sun invested $45 million into the crypto project last year, but has now filed a lawsuit in a California federal court against World Liberty Financial. -
SpaceX seals right to buy coding startup Cursor for $60 billion
After hiring two senior leaders from Cursor last month, Elon Musk explained that “xAI was not built right.”
|
|
|
Was this email forwarded to you? Don’t miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.
Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads.
We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts! |
|
|
Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more |
|
|
SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025 |
|
|
|
