US stocks extended their record-breaking rally as a tentative Iran ceasefire deal and falling Treasury yields fueled a broad risk-on move across all major indices.
US stocks extended their record-breaking rally as a tentative Iran ceasefire deal and falling Treasury yields fueled a broad risk-on move across all major indices.

US stocks extended their record-breaking rally as a tentative Iran ceasefire deal and falling Treasury yields fueled a broad risk-on move across all major indices.
The S&P 500 rose 0.6% to a record 7,563.63 on Thursday, extending its all-time high as a tentative 60-day Iran ceasefire deal and easing bond yields drove broad-based gains.
Traders pointed to two catalysts: a tentative agreement to extend the ceasefire in the war with Iran by 60 days, which helped rein in oil prices, and a drift lower in Treasury yields that supported growth-oriented sectors.
The Nasdaq composite climbed 0.9% to 26,917.47, also a record, while the Dow Jones Industrial Average added less than 0.1% to 50,668.97. The Russell 2000 index of smaller companies rose 0.6% to 2,936.57. For the week, the S&P 500 is up 1.2%, the Nasdaq has gained 2.2%, and the Russell 2000 has advanced 2.3%.
The rally leaves the S&P 500 up 10.5% year to date, with the Nasdaq surging 15.8% and the Russell 2000 jumping 18.3%. The next test for markets comes as investors assess the implications of looming mega IPOs from SpaceX and OpenAI, which could push market concentration toward levels not seen since the dot-com era, according to Bank of America strategists.
Tech Leads as Megacap Names Surge
Technology stocks powered the advance, with the sector adding 1.2% as a group. Dell soared after reporting blowout earnings, saying 2027 revenue would come in at $167 billion, well ahead of Wall Street's $142 billion estimate. First-quarter sales jumped 88% on the back of AI server orders, which accounted for $16.1 billion of the company's $43.8 billion in total revenue.
Snowflake shares skyrocketed 38%, their best day on record, after the cloud data platform reported fiscal first-quarter revenue growth of 33% year over year to $1.39 billion and expanded a $6 billion multiyear deal with Amazon Web Services. The gains helped lift the Expanded Tech-Software Sector ETF by about 3%.
Breadth and Cross-Asset Context
Advancing stocks outnumbered decliners by a roughly 2-to-1 ratio on the New York Stock Exchange, with 52-week highs outpacing lows. The 10-year US Treasury yield eased, extending a weekly decline, as the Iran ceasefire deal reduced demand for safe-haven assets. The Bloomberg Dollar Spot Index was on track for a 0.7% monthly gain, its fourth monthly advance since the greenback's 2025 downtrend began, though strategists at Wells Fargo and Morgan Stanley expressed caution about further upside, according to Bloomberg.
This article is for informational purposes only and does not constitute investment advice.