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Stocks eke out new record close as traders await Big Tech earnings and peace talk updates

In the absence of further developments for resolving the US-Iran conflict, gains in stocks were muted during today’s trading.

Tasha Matsumoto

The S&P 500 and Nasdaq 100 managed to close at new record highs, while the Russell 2000 closed just shy of its record.

This weekend, President Trump scrapped plans to send Jared Kushner and Steve Witkoff to Pakistan to negotiate a peace deal with Iran. Last night, Axios reported that Iran, through Pakistan, is offering a fresh proposal to reopen the Strait of Hormuz and end the conflict. However, in the absence of further developments for peace talks, gains in stocks were muted during today’s session.

This week will bring earnings from Alphabet, Meta, Amazon, Microsoft, and Apple, as well as the Fed’s interest rate decision. Traders in prediction markets are anticipating a 99% chance that the central bank will leave rates unchanged. (Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Gains in Alphabet helped propel communications to be the best-performing sector, while consumer staples fared the worst.

Bitcoin once again flirted with the $80,000 level last night before pulling back amid geopolitical uncertainty.

Stocks that moved higher:

Stocks that moved lower:

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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.

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