26.05.202615:23:49UTC+00S&P and Nasdaq Reach New Highs

The S&P 500 rose 0.7% on Tuesday and the Nasdaq advanced more than 1% to notch fresh record highs, while the Dow Jones reversed earlier gains to trade about 80 points lower. Investors returned from the long weekend focused on ongoing developments in the Middle East. Sentiment remained cautiously optimistic that the US and Iran could still reach an agreement, with many traders viewing the two sides as closer than ever to a deal despite mixed signals and additional US strikes.

Technology, industrials, and materials led the market higher, while energy stocks recorded the sharpest losses. Among notable movers, Micron Technology jumped more than 16%, lifting its market capitalization above $1 trillion for the first time after UBS raised its price target and suggested the shares could more than double. Alphabet added 1%, Broadcom gained 3%, and Tesla climbed 1.8%. On the downside, Nvidia slipped 0.5%, while Microsoft and Amazon fell 0.8% and 0.7%, respectively. Exxon Mobil also declined 1.9%.