S&P 500, Nasdaq Hit Records on Ceasefire Hope
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- S&P 500 rose 1.05% to close at 7,137.90, erasing all losses from the Iran conflict and reaching a new record high.
- Nasdaq Composite gained 1.64% to settle at 24,657.57, hitting an intraday all-time high amid improving market sentiment.
- Trump extended the U.S. ceasefire with Iran, citing Tehran’s 'seriously fractured' government and a request from Pakistani leaders, though no timeline was given.
- Iran's navy seized two container ships in the Strait of Hormuz on Wednesday, maintaining pressure despite the ceasefire extension and keeping oil prices elevated.
- Boeing shares jumped 5.5% after reporting a smaller-than-expected quarterly loss, contributing to positive market momentum.
- Cannabis stocks surged on reports the White House is reclassifying marijuana, with Trulieve up nearly 20% and Canopy Growth rising 17%.
Why it matters: Markets are pricing in de-escalation despite persistent geopolitical risk, as equities rally on ceasefire hopes and strong earnings. The divergence—rising stocks alongside seized ships and stalled diplomacy—shows investors are prioritizing near-term corporate performance over unresolved strategic threats, with real capital flowing into sectors like cannabis on regulatory anticipation.
