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S&P 500 closes at 7,563.63, a fresh high, driven by Snowflake’s surge and optimism over a US‑Iran ceasefire extension.
The S&P 500 finished Thursday at 7,563.63, up 0.58% and setting a new all‑time high [1].
Tech stocks led the charge. Snowflake surged 36.5% after posting a strong earnings beat and issuing upbeat fiscal‑Q2 guidance, while also announcing a $6 billion spend plan with Amazon Web Services [1]. The rally lifted other software names, with the iShares Expanded Tech‑Software Sector ETF climbing 2.8% and memory‑chip maker SanDisk up 3.3%. Chip giants Qualcomm and AMD jumped 4.2% and 4.6% respectively, underscoring a broader AI‑driven optimism.
The market’s lift also reflected geopolitical relief. Axios reported that U.S. and Iranian negotiators had reached a 60‑day memorandum of understanding to extend the ceasefire and continue talks on Iran’s nuclear program, though President Trump had not yet signed off [1]. Traders interpreted the news as a “first knee‑jerk reaction” that could push discretionary names higher, according to David Wagner of Aptus Capital Advisors [1]. Oil prices slipped modestly after the report, with WTI settling at $88.90 a barrel and Brent at $93.71 [1].
Adding to the upbeat tone, the Commerce Department said the personal consumption expenditures price index rose 0.4% in April, a touch below the 0.5% forecast, while the 12‑month inflation rate held at 3.8% [1]. The softer reading eased fears of persistent price pressures, even as the annual rate remains above the Fed’s 2% target.
The confluence of a tech‑heavy earnings beat, tentative diplomatic progress, and a cooler inflation print helped push the broad market to a fresh peak. The lingering question is whether the ceasefire talks will survive political approval and whether the inflation trend will continue to soften, both of which could shape market momentum in the weeks ahead.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jun 16, 2026 · How we report
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