Defensive sectors and blue-chip gains offset tech weakness as easing geopolitical tensions boosted sentiment and Treasury yields dipped.
The S&P 500 rose 0.17% to close just 0.74% below its all-time high, extending its weekly winning streak to seven amid optimism over a potential Iran deal. The gain erased earlier losses as 10-year Treasury yields slipped 1.4 basis points, reflecting improved risk appetite.
Defensive sectors and blue-chip stocks led the advance, pushing the Dow Jones to a record high. The Nasdaq gained 0.09%, though tech underperformance persisted, with Nvidia falling 1.77% post-earnings. IBM surged 12.43% after securing a $1bn US government contract for quantum chip production.
Futures and Asian markets followed the upward trend, while earnings disappointments weighed on Intuit and Walmart, which dropped 20.02% and 7.27%, respectively. The index remains on track for an eighth consecutive weekly gain, its longest streak since 2023.