S&P 500 Hits Record High as Tech Sector Leads Charge

The S&P 500 index reached a record high after a stellar session in which it gained 1.8% to 7,736. The tech-heavy NASDAQ composite index led the gains with a rise of 3.3% to 29,733.

The surge was driven by strong corporate earnings and optimism over a potential U.S.-Iran agreement to reopen the Strait of Hormuz, as well as sharply lower oil prices that eased supply disruption concerns. Treasury yields fell across the curve, with market pricing trimming the likelihood of a Federal Reserve rate hike despite expectations for one 25bp increase this year.

Crypto stocks tracked higher with Coinbase and MicroStrategy gaining 2.9%. In commodities, gold climbed to a fresh record high due to positive supply and demand dynamics.