Overview

• A U.S.-brokered ceasefire between Israel and Iran held after early violations, easing Middle East tensions and boosting risk appetite.
• The Nasdaq 100 closed at a fresh record high and the S&P 500 finished within 1% of its all-time peak on broad gains in tech stocks.
• Oil futures plunged over 6% in two days as worries about supply disruptions faded, helping to calm inflation pressures.
• Fed Chair Jerome Powell said further rate cuts will wait until the impact of tariffs is clear, while some colleagues have hinted at possible easing in July if inflation remains muted.
• Positive earnings surprises from Uber’s Waymo partnership, Carnival’s profit beat and chipmaker strength in Intel and AMD underpinned the market rally despite a drop in consumer confidence over tariffs and job-market fears.