The S&P 500 is up 36 points, or 0.5%, and a fresh record.
The 7617 level is the new peak and comes on the same headline’s about a ceasefire that have helped to fuel the rally from 6300 just a few weeks ago
It’s been a sensational rally that’s likely more driven by AI enthusiasm than anything else. That said, the shape of today’s rally once again underscores that Iran headlines are market movers. Under the surface, anything touching computing has joined into the rally in the past month.
Today’s move is led by IBM up 8.7%, HP up 8.6% and Oracle up 9% along with the usual big gains from Nvidia (6%) and Micron 7.5%). The moves are breathtaking and come as SpaceX is reportedly aiming for a valuation of at least $1.8 trillion in its IPO, which is aiming for June 12. That will easily be the largest IPO ever but we also got a report today that Anthropic filed confidentially for an IPO later this year.