S&P 500 and Nasdaq close at new records, lifted by tech rally: Live updates

U.S. stock indexes closed at record highs on Thursday, led by a surge in tech stocks amid positive earnings news and geopolitical developments. The S&P 500 gained 0.58% to 7,563.63, while the Nasdaq Composite rose 0.91% to 26,917.47, both hitting intraday all-time highs. The Dow Jones Industrial Average increased slightly by 0.05% to 50,668.97. The rally was fueled by Snowflake, a cloud-based data platform provider, which saw its shares jump 36.5% after reporting strong second-quarter guidance and beating earnings expectations. The company also announced a $6 billion investment in Amazon Web Services over five years. This boosted other enterprise software stocks, with the iShares Expanded Tech-Software Sector ETF (IGV) rising 2.8%, while memory and chip stocks like Sandisk, Qualcomm, and AMD also climbed. Market sentiment improved further after Axios reported that U.S. and Iranian negotiators had agreed on a 60-day memorandum of understanding to extend the ceasefire and discuss Iran’s nuclear program. However, former President Donald Trump has not yet approved the agreement. Oil prices reacted modestly, with West Texas Intermediate crude settling at $88.90 per barrel and Brent at $93.71, following earlier volatility tied to U.S. strikes in Iran and tensions in the Strait of Hormuz. Inflation data also supported the market’s positive momentum, as the Commerce Department reported a 0.4% rise in the personal consumption expenditures price index in April, below expectations. The annual inflation rate remained at 3.8%, easing concerns about persistent price pressures despite staying above the Federal Reserve’s 2% target. Traders interpreted the softer reading as a sign that inflation may be cooling, contributing to broader market optimism.