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HomeMarket NewsS&P 500, Nasdaq close at record highs led by Tech shares despite Iran war fears
Continued hopes of the US and Iran reaching a resolution for the ongoing war in West Asia has made investors look past those fears and focus on corporate earnings which have just begun to trickle in on Wall Street, along with a renewed focus on the AI trade.
Benchmark indices on Wall Street had a mixed session on Wednesday, April 15, but one in which two out of the three indices ended at record high levels on hopes that the US and Iran would reach a resolution soon to end the ongoing conflict in West Asia.
The S&P 500 notched a new record high of 7,027 overnight, ending higher for the 10th out of the last 11 trading sessions, while the Nasdaq surged for the 11th day in a row to register a new high of 24,026. The Dow Jones, which does not comprise of tech shares, underperformed its peers, ending just below the flat line, despite strong performances from its banking constituents.
Continued hopes of the US and Iran reaching a resolution for the ongoing war in West Asia has made investors look past those fears and focus on corporate earnings which have just begun to trickle in on Wall Street, along with a renewed focus on the AI trade.
As per a Bloomberg report, both parties are considering a two-week ceasefire extension to allow more time to negotiate a deal. While the White House denied that any formal request of a ceasefire extension has been made from their end, they acknowledged that the exchanges of messages continues with Iran. A Pakistani delegation also arrived in Tehran last evening to continue mediation talks.
Oil prices have not seen major price swings over the last few sessions due to the lack of panic action on either side, but continue to remain at elevated levels. Brent closed around $95 a barrel overnight, while WTI or US crude is holding on to $90 a barrel levels in early Asia trading. The two-year yield rose to 3.76%, while the US Dollar index is on the verge of slipping below the mark of 98. Gold prices remain around the $4,800 an ounce mark.
Morgan Stanley and Bank of America, two more major banks on Wall Street reported record trading revenue during the quarter, sending stocks higher after their respective results announcement. Morgan Stanley shares surged nearly 5%, while Bank of America saw a 2% advance.
Today's session will see companies like Netflix, TSMC, PepsiCo, Abbott Laboratories among others report numbers, along with data for industrial production from March.
