Major US indices closed at record levels despite a sharp rise in crude prices, with the NASDAQ outperforming while small-caps lagged.
US equities extended their record run, with the NASDAQ leading gains as markets shrugged off a surge in energy prices. The Dow and broader indices also advanced, though small-cap stocks underperformed, dragging the Russell 2000 lower for the session.
Crude oil stole the spotlight, with the July contract jumping $5.13, or 5.91%, to settle at $92.52. Prices swung between a low of $88.45 and a high of $94.78 amid heightened volatility tied to Middle East tensions. The rally stalled just shy of a key technical level at $94.88, the 38.2% retracement of the March 2026-December 2025 decline.
Technical resistance at the 200-hour moving average ($93.43) and support at the 100-hour moving average ($90.34) remain in focus. A break above $94.88 could fuel further momentum, while a retreat below $90.34 may signal near-term weakness.