Stocks Close at Records as Oil Jumps 6% on Iran Tensions
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- S&P 500 rose 0.26% to 7,599.96, the Nasdaq gained 0.42% to 27,086.81, and the Dow added 46.42 points (0.09%) to 51,078.88 — all three indexes hit new all-time intraday highs and closed at records.
- Nvidia jumped more than 6% after unveiling a new PC processor, lifting Dell (+10%) and HP (+8%), while Intel fell over 4% as it ceded ground in the PC chip market.
- Oil prices spiked as WTI crude gained 5.93% to $92.54/barrel and Brent added 4.24% to $94.98, after Iranian state media said Tehran would shut the Strait of Hormuz in retaliation for Israeli attacks on Lebanon.
- President Trump told CNBC 'I really don't care' if peace negotiations with Iran are over, but posted on Truth Social hours later that talks 'are continuing, at a rapid pace.'
- U.S. Central Command said American forces intercepted two Iranian ballistic missiles targeting U.S. troops in Kuwait overnight — even as negotiators had reached a 60-day ceasefire extension memorandum the prior week.
- Evercore ISI's Julian Emanuel warned of 'record concentration in handful of AI names' driving the index, noting that Micron, Nvidia, and Alphabet alone account for over 40% of year-to-date S&P 2026 EPS revisions.
- Goldman Sachs more than doubled its Dell price target to $500 (from $230) on AI-driven growth confidence, while Barclays cut Robinhood's target to $82, saying Trump Accounts will be 'de minimis' to the brokerage's P&L.
Why it matters: The market shrugged off a 6% oil spike and an active U.S.-Iran shooting war to close at records, suggesting traders view the 60-day ceasefire as holding. But the rally is unusually narrow: Evercore ISI calculates that just three AI names account for over 40% of S&P 2026 earnings revisions, meaning Nvidia's chip launch is doing nearly all of the lifting.
