US stocks: S&P 500, Nasdaq hit record highs on AI optimism, Middle East peace hopes
The S&P 500 and Nasdaq hit record highs on Wednesday, driven by enthusiasm around artificial intelligence and hopes of a US-Iran peace agreement. Advanced Micro Devices' strong revenue forecast and a jump in US private-sector employment also contributed to the gains.
The S&P 500 and Nasdaq reached record highs on Wednesday, extending their strong run. Advanced Micro Devices forecast second-quarter revenue above expectations, driven by demand for its data-centre chips. US private-sector employment jumped by 109,000 jobs in April, the biggest increase since January 2025. Oil prices fell to a two-week low as Washington and Teheran neared an agreement to end the war. At 9:56 am ET, the S&P 500 gained 57.64 points to 7,316.86, and the Nasdaq Composite rose 256.35 points to 25,582.48. Eight of the 11 major S&P 500 sectors were in positive territory, with the Philadelphia SE Semiconductor index rising 2.9% to a record high.
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