US-Iran Peace Hopes Push the S&P 500 and Nasdaq 100 to Record Highs

Stocks rallied as hopes for an extended US-Iran ceasefire pushed the S&P 500 and Nasdaq 100 to record highs, lifting risk assets and trimming safe-haven demand. The S&P closed +0.80% while the Nasdaq 100 gained +1.40%; E-mini S&P and Nasdaq futures rose roughly +0.8% and +1.4%, respectively. Easing geopolitical risk and stronger-than-expected regional manufacturing data pushed 10-year Treasury yields slightly higher, while industrials lagged on concerns about potential US metals tariffs. Fed commentary remained hawkish but markets still price only a small chance of a near-term rate hike. Sector leadership came from software and cybersecurity names, while select industrials and energy showed weakness.