S&P 500, Nasdaq Hit Record Highs as Micron Jumps 17% on Iran Deal Hopes

5 articles · Updated · CNBC · May 25

The S&P 500 rose 0.6% and the Nasdaq 1.1% to fresh intraday records Tuesday, while the Dow hovered near flat after the Memorial Day market closure.
Micron surged 17%, helping lead the tech advance after upbeat analyst calls, with UBS saying the stock has more than 100% upside; Seagate gained 3%, Western Digital 8% and the DRAM ETF 12%.
Trump said Monday that talks with Iran were "proceeding nicely," reinforcing hopes for a deal to end the war, though he also warned the U.S. could go on the offensive if negotiations fail.
U.S. forces then carried out what they called self-defense strikes in southern Iran early Tuesday, hitting missile launch sites and boats laying mines; WTI fell 2% to $93 while Brent rose 4% to $100.
The rally also builds on stronger earnings expectations and recent market momentum, even as elevated oil prices have reduced hopes for Fed easing and lifted July rate-hike odds to 8.5% from 0.9% a month ago.

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