# The S&P 500 and the Nasdaq reached new heights Thursday after reports surfaced of a U.S.-Iran deal and promising inflation data.

*business, genai · news · 2026-05-28 · Devdiscourse*

## Key points

- The S&P 500 and Nasdaq hit new highs amid reports of a U.S.-Iran nuclear truce.
- Snowflake's stock surged 38% after announcing a $6 billion AI deal with Amazon Web Services.
- Marvell Technology's price target was raised by UBS, boosting its stock by 3.6%.
- Rising stocks indicate renewed AI confidence, overpowering concerns from surging inflation and geopolitical tensions.
- Axios reported a possible 60-day U.S.-Iran truce pending President Trump's approval.

The S&P 500 and the Nasdaq reached new heights Thursday after reports surfaced of a U.S.-Iran deal and promising inflation data. Axios hinted at nuclear program discussions during a 60-day truce pending approval from President Trump. Meanwhile, inflation surged three years high due to energy prices linked to the Iran conflict. Tech stocks bolstered gains as Microsoft rose 3.8% on forthcoming coding updates, while Marvell Technology jumped 3.6% after UBS elevated its target price. Snowflake's stock skyrocketed 38% following a $6 billion AI deal with Amazon Web Services. Renewed AI confidence fuels the stock surge, even amid Middle Eastern tensions. Earnings growth and resilience in corporate profits are overshadowing risks, noted by Jitania Kandhari, deputy CIO at Morgan Stanley Investment Management. The market remains optimistic despite geopolitical instability, suggesting potential accelerated investment in AI, cybersecurity, and other tech areas. Advancing issues outpaced decliners in both NYSE and Nasdaq, marking robust market performance. (With inputs from agencies.)

**Companies:** Microsoft, Amazon Web Services, Marvell Technology, Snowflake
**Countries:** United States, Iran

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