S&P 500 Set for Higher Open at Records as Oil Plunges 9% on Iran Strait Reopen

The S&P 500 closed at a record high and eyes a higher open on April 17 after Iran reopened the Strait of Hormuz, plunging oil over 9% and fueling bullish sentiment alongside 20% iPhone shipment growth in China. This caps a rally from April 14's upside with Nasdaq's nine-session streak and mixed banks (Wells Fargo $12.1B NII miss vs. $12.3B est.), April 15's near-record push on ASML guidance lift and Morgan Stanley's 2% gain, to April 16's all-time highs driven by TSMC's 58% profit surge and peace optimism. Cramer's notes flag overbought risks amid tech strength and selective analyst cuts.