The S&P 500 and the Nasdaq reached unprecedented closing highs on Thursday amid news of a draft US-Iran ceasefire agreement.

The S&P 500 and the Nasdaq reached unprecedented closing highs on Thursday amid news of a draft US-Iran ceasefire agreement. Axios first reported that the deal, extending the truce by 60 days, awaits President Donald Trump's approval. Investors, meanwhile, faced the challenge of persistent inflationary pressures, with US inflation rising at a three-year peak in April, influenced by higher energy prices amidst the conflict with Iran. Despite economic uncertainties, tech shares soared. The healthcare index, led by Eli Lilly, also saw gains after CVS Health reinstated coverage of Zepbound and added Foundayo. Microsoft and Marvell Technology continued the tech sector's upward trajectory, while Snowflake announced a substantial AI deal with Amazon Web Services, boosting investor confidence in AI and future earnings growth. In the broader market, geopolitical instability highlights the importance of AI investment. Morgan Stanley's Jitania Kandhari posits that these tensions could stimulate spending across AI-reliant sectors like cybersecurity and defense technology. Additionally, Dollar Tree and Best Buy reported favorable forecasts, bolstering the optimistic market outlook despite potential geopolitical uncertainties. (With inputs from agencies.)

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On June 9, 2026, the tech-heavy Nasdaq Composite plunged 2.17%, losing more than 560 points as AI and semiconductor stocks extended their sell-off.