S&P 500 Hits Fresh Record Highs as US-Iran Deal Progress Fuels Rally

The S&P 500 surged into new all-time highs on May 6 amid reports of the US and Iran nearing a one-page memo to end the war, lifting risk sentiment after policy pauses. This extends May 5's intraday record near 7,260, reached despite Brent crude's 6% spike to $110 on renewed Iran tensions, with investors viewing the conflict as contained. Technical buyers defend 7,200 support, but the rally faces risks from stretched positioning, potential diplomatic setbacks, or hawkish Fed signals ahead of key US data like ADP, jobless claims, and NFP.