Overview

• The S&P 500 climbed 1.11% to 6,092.18, bringing it within 1% of its all-time closing high, while the Nasdaq Composite hit a record 20,037.86 after a 1.43% gain.
• A ceasefire brokered between Israel and Iran has held despite initial violations, calming oil markets and reducing geopolitical risk premiums.
• Federal Reserve Chair Jerome Powell told Congress the central bank will keep interest rates on hold as it gauges the inflationary impact of President Trump’s tariffs.
• Corporate results diverged as FedEx shares fell over 5% after withholding full-year guidance, Tesla’s EU registrations plunged nearly 41% in May, and BlackBerry stock rose 9% on stronger-than-expected earnings and an upgraded revenue outlook.
• Analysts predict the Fed could cut rates later this year and expect the S&P 500 to gain another 5% to 6% if trade tensions and inflation remain contained.