S&P 500 and Nasdaq Hit Records on US-Iran Ceasefire Extension
S&P 500 and Nasdaq Hit Records on US-Iran Ceasefire Extension
The S&P 500 and Nasdaq extended gains on Thursday, briefly hitting intraday record highs, after news reports said the U.S. and Iran had reached a deal to extend the ceasefire. Investors also digested key inflation data.
Market Performance
The Dow Jones was flat, while the S&P 500 rose 0.61% and the Nasdaq gained 0.94%. The healthcare sector advanced 1.3%, and tech shares climbed nearly 1.6%. Eli Lilly jumped 3.9% after CVS restored coverage for its weight-loss drug Zepbound.
Inflation and GDP Data
U.S. inflation increased at its fastest pace in three years in April, driven by higher energy prices. First-quarter GDP was revised lower to a 1.6% annualized increase. Despite geopolitical tensions, markets remained resilient.
Key Stock Movers
Microsoft rose 3.8% on reports of a new coding model. Snowflake soared 38% after announcing a $6 billion AI deal with Amazon Web Services. Dollar Tree and Best Buy each gained 18% on strong earnings forecasts.
Impacted Symbols
Symbols affected by this headline and their sentiment signals
Dow Jones Industrial Average Index
The Dow Jones index was flat, with limited impact from the ceasefire news.
The healthcare sector index rose 1.3% on Eli Lilly's gain.
Eli Lilly and Company
CVS restoring Zepbound coverage and adding Foundayo will directly boost Eli Lilly's sales revenue.
CVS Health Corporation
Covering Zepbound may increase CVS's prescription volume, but cost impacts could offset.
S&P 500 Information Technology
Tech stocks are rising on AI and cloud demand; Microsoft and Snowflake news positively impacted the sector.
Microsoft Corporation
News of a new coding model strengthens Microsoft's AI leadership and boosts revenue expectations.
Marvell Technology, Inc.
UBS target price increase and stock doubling year-to-date are positive, but direct news impact is limited.
Snowflake Inc.
Raising annual product revenue forecast and $6B AI deal with AWS significantly boosts growth potential.
Amazon.com, Inc.
The $6B AI deal between AWS and Snowflake will boost Amazon's cloud revenue.
Datadog, Inc.
Snowflake's rise and AI deals may indirectly benefit data analytics firms like Datadog.
MongoDB, Inc.
Snowflake's success and AI spending may positively impact database companies like MongoDB.
Dollar Tree, Inc.
Raising full-year profit forecast indicates strong demand for the discount retailer.
Best Buy Co., Inc.
Raising second-quarter sales forecast signals a recovery for the electronics retailer.
Unusual Machines, Inc.
Trump administration talks to fund drone firms sent Unusual Machines stock up 67%.
S&P 500
S&P 500 rose 0.61% on ceasefire and strong corporate news, but inflation data poses risks.
NASDAQ Composite Index
Nasdaq rose 0.94% on strong tech performance, hitting a record high.
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