US Stock Market 2026: S&P, Nasdaq Record Highs Thursday

Wall Street ends higher as geopolitics drive risk-on mood

U.S. equities closed higher on Thursday, with both the Nasdaq and the S&P 500 touching intraday record highs as investors leaned into the view that the U.S.-Iran war could end soon. The Dow Jones Industrial Average added 115.00 points, or 0.24%, to close at 48,578.72. The S&P 500 rose 18.33 points, or 0.26%, to 7,041.28. The Nasdaq Composite gained 86.69 points, or 0.36%, ending at 24,102.70. The tone was broadly constructive, helped by easing oil prices and lower Treasury yields into Friday morning.

Futures edge up as traders position for more headlines

Stock index futures were modestly higher on Friday morning, reflecting continued risk appetite. June S&P 500 E-Mini futures (ESM26) were up 0.23%, while June Nasdaq 100 E-Mini futures (NQM26) were up 0.20%. Separately, late Thursday, Nasdaq 100 and S&P 500 futures were reported up about 0.1%, while Dow futures were up 0.2% at around 9 p.m. ET. The moves signaled that investors were watching geopolitical developments closely rather than reacting to a single data point. Even small shifts in headline risk have mattered this week because energy prices and inflation expectations have been sensitive to conflict-related supply concerns.

Trump signals Iran deal could be announced soon

U.S. President Donald Trump said he expects a deal with Iran to be announced “fairly soon.” He also claimed that Tehran had agreed to terms it had long resisted, including abandoning ambitions for a nuclear weapon and turning over nuclear material. Trump said negotiations with Iran could resume this weekend. He also said he was open to traveling to Islamabad to finalize the deal. These remarks added to the market narrative that diplomacy may reduce the risk of prolonged disruption to global energy flows.

Israel-Lebanon ceasefire adds to broader de-escalation hopes

A 10-day ceasefire between Israel and Lebanon came into effect, increasing the prospect of a broader peace in the region. The temporary truce was scheduled to begin at 5 p.m. ET on Thursday, following meetings in Washington, according to the same news flow. Traders linked the ceasefire headlines with the U.S.-Iran discussions as part of a broader shift toward de-escalation. The renewed focus on ceasefire steps helped equities recover from earlier war-linked pressure seen during the week.

Oil drops and yields ease, supporting equities

West Texas Intermediate crude dropped more than 3%, helping reduce inflation concerns tied to energy. WTI was also reported trading near $13 per barrel late Thursday, down more than 3% for the week, while Brent settled above $19 and also hovered above $19 in late trade. In rates, the benchmark 10-year U.S. Treasury yield was quoted around 4.28% in broader market coverage and at 4.30% in another update, down about 0.46%. Lower yields and softer crude prices typically improve the backdrop for growth stocks, and the Nasdaq’s leadership fit that pattern.

Corporate movers: Netflix slides, chip and software names lead

Some negative company-specific news limited gains in U.S. equity futures. Netflix fell more than 9% in pre-market trading after issuing below-consensus second-quarter guidance and saying chairman and co-founder Reed Hastings will step down from the board when his term ends in June. Alcoa slipped nearly 3% pre-market after reporting weaker-than-expected first-quarter results. In the prior session, chip stocks rallied after Taiwan Semiconductor Manufacturing Co. delivered a profit beat and raised its full-year revenue growth guidance. ON Semiconductor surged more than 10%, while Advanced Micro Devices jumped more than 7% to lead Nasdaq 100 gainers.

More earnings reactions: logistics up, brokerage down

The earnings tape had clear winners and losers. J.B. Hunt Transport Services rose more than 6% after reporting better-than-expected first-quarter results. On the downside, Charles Schwab slumped more than 7% and was the top percentage loser on the S&P 500 after reporting weaker-than-expected first-quarter revenue. Software stocks also advanced, with Oracle up more than 5% and Atlassian gaining more than 4%. The mix suggested investors were still willing to reward positive surprises even as macro and geopolitical headlines dominated.

Economic data: jobless claims below estimates

U.S. economic data on Thursday were described as mixed, but the labor signal was supportive. Initial jobless claims fell by 11,000 to 207,000, below the 213,000 estimate mentioned in the same update. Elsewhere, markets also reacted to cooler-than-expected producer and import price data, as cited in broader coverage of Thursday’s move. Together with falling oil prices, this helped underpin a view that inflation pressures may be moderating at the margin.

Global markets and Indian cue: Europe firm, Gift Nifty points to gap-up

European equities were positive, with the Euro Stoxx 50 up 0.56% as investors processed the same Middle East headlines. In Asia, China’s Shanghai Composite closed slightly lower as investors took profits following a recent rally and awaited clarity on whether the U.S. and Iran will extend their truce, while Japan’s Nikkei 225 closed lower after retreating from a record high as investors trimmed risk ahead of the weekend.

For Indian markets, Gift Nifty was referenced at two different points: it was trading around 24,228, at a premium of nearly 370 points to the Nifty futures’ previous close, indicating a gap-up start. In an earlier update, Gift Nifty was around 23,941, with a premium of nearly 80 points, indicating a positive start. These cues matter because Indian indices often react first to overnight moves in U.S. equities, crude, and bond yields.

Key numbers snapshot

Market impact: what investors are reacting to now

The dominant driver has been the market’s sensitivity to war-related energy disruption risks and how quickly those risks might fade. The conflict that began in February disrupted traffic through the Strait of Hormuz and affected one-fifth of global oil flows, according to the same coverage. That link between geopolitics, oil, and inflation is why a drop in crude and lower Treasury yields quickly translated into higher index futures and record levels in U.S. benchmarks. At the same time, single-stock reactions showed that earnings and guidance still matter, as seen in Netflix’s sharp drop despite the broader risk-on tone.

Analysis: why the record highs arrived with caution

Record highs in the S&P 500 and Nasdaq arrived alongside modest futures gains, reflecting optimism but not full conviction. Some leaders in Gulf Arab states and Europe said a full U.S.-Iran peace agreement could take about six months to finalize even if the ceasefire holds, according to a Bloomberg report cited in the same news flow. That timeline helps explain why investors are still trading headlines rather than repricing risk in one step. The week’s action also showed a preference for areas with clear catalysts, such as chips after TSMC’s guidance raise, while punishing companies that disappoint on near-term outlook.

Conclusion

Thursday’s gains pushed U.S. benchmarks to record territory as traders weighed Trump’s comments on a potential Iran deal, a 10-day Israel-Lebanon ceasefire, and softer crude and yields. Near-term focus remains on weekend diplomacy signals and follow-through in corporate earnings and guidance, with Gift Nifty providing an early read-through for Indian equities.