Michael Jordan #23, Shooting Guard and Small Forward for the Chicago Bulls wearing a warm up jacket looks on during player introductions before the NBA Midwest Division basketball game against the Denver Nuggets

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Stocks climb to new record highs on peace talk optimism and tech rally

Stocks rose on news that President Trump will send Jared Kushner and Steve Witkoff to Pakistan to negotiate peace talks with Iran. Additionally, Intel’s Q1 earnings crush lifted semiconductor stocks.

Tasha Matsumoto

4/24/26 4:04PM

The S&P 500 and Nasdaq 100 both closed at record highs on news that President Trump will send Jared Kushner and Steve Witkoff to Pakistan to negotiate peace talks with Iran. Trump told Reuters that Iran plans to make an offer aimed at resolving US demands, though Tasnim News Agency, which functions like an official media outlet for the Islamic Revolutionary Guard Corps, denied this. The Russell 2000 also rose, closing just shy of its record high.

The information technology sector was the best performer after a huge earnings surprise from Intel lifted the entire semiconductor sector. Healthcare was the worst-performing sector, as its largest constituent, Eli Lilly, slipped after prescriptions for its weight-loss pill came in below expectations in its second week on the market, while competitor Novo Nordisk gained on the news.

Stocks that moved higher:

Intel soared after crushing Q1 earnings and forecasting strong Q2 revenue. Semiconductors Arm, AMD, and even Qualcomm — the worst-performing member of the Philadelphia Semiconductor Index this year — also surged on Intel’s robust results.
Nvidia rallied, snapping its longest run without a record close since the AI boom began.
TSMC surged after Taiwan eased single-stock investment limits for funds, unlocking more institutional buying.
Alphabet climbed after Bloomberg reported its plans to invest up to $40 billion in Anthropic, starting with a $10 billion cash commitment.
Amazon gained after Meta signed a deal to use Amazon’s Graviton chips, a win for its custom silicon business.
Hims & Hers climbed after JPMorgan initiated coverage with an “overweight” rating and a $35 price target, citing a “very compelling catalyst path.”

Stocks that moved lower:

Cable and broadband company Charter Communications had its worst-ever trading day as investors dumped the stock following its Q1 results and forward guidance.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

Stocks climb to new record highs on peace talk optimism and tech rally

More Markets

SpaceX gets a wave of bullish ratings from Wall Street analysts

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

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