The S&P 500 and Nasdaq hit fresh intraday record highs on Tuesday as investors bet on a potential US-Iran diplomatic breakthrough and piled into technology stocks led by Micron.

The S&P 500 and Nasdaq hit fresh intraday record highs on Tuesday as investors bet on a potential US-Iran diplomatic breakthrough and piled into technology stocks led by Micron. By CNBCTV18.com US stocks opened higher on Tuesday, May 26, with the S&P 500 and Nasdaq scaling fresh intraday record highs, as investors bet diplomatic efforts between Washington and Tehran could prevent a broader escalation in West Asia while a rally in semiconductor stocks added to market momentum. The S&P 500 rose 0.8%, while the Nasdaq Composite gained 1.3%, with both benchmarks touching new all-time intraday highs. The Dow Jones Industrial Average traded little changed after US markets remained shut on Monday for the Memorial Day holiday. Technology shares were at the forefront of the rally, led by memory-chip maker Micron Technology, whose shares surged 15% after analysts turned increasingly bullish on the stock. UBS said it sees more than 100% upside potential for Micron, citing benefits from long-term supply agreements. The optimism spilled over to other memory-chip makers, with Seagate Technology rising 3% and Western Digital advancing 8%. The Roundhill Memory ETF gained 12%. Investor sentiment was also buoyed by hopes of a diplomatic breakthrough between the US and Iran. US President Donald Trump said on Monday that talks to end the conflict were "proceeding nicely", though he warned Washington could take further action if negotiations fail. Despite reports of fresh military exchanges, including US "self-defense" strikes in southern Iran, markets appeared focused on the possibility of a near-term de-escalation. Oil prices eased as traders assessed the geopolitical situation. US crude futures fell about 2% to around $93 per barrel, while Brent crude traded near $100 per barrel. The decline in crude prices helped support equities, extending a trend seen last week when US crude posted its sharpest weekly decline since April. While lower oil prices offered some relief, crude remains elevated compared with levels seen earlier this year, keeping inflation concerns alive. Investors are therefore closely watching the Federal Reserve's policy trajectory. According to CME Group's FedWatch tool, traders are pricing in an 8.5% probability of a rate hike in July, up sharply from 0.9% a month ago, reflecting concerns that energy-driven inflation could keep monetary policy tighter for longer. The latest gains add to an already strong run for Wall Street, with the S&P 500 coming off its longest weekly winning streak since late 2023 and the Nasdaq posting gains in seven of the past eight weeks. Also Read: BP shares fall after chairman Albert Manifold removed over governance concerns (Edited by : Ajay Vaishnav )

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