S&P 500 Hits New All-Time Intraday High On Iran Peace Hopes — Oil Drops 3% to Below $92

The S&P 500 hit a new all-time intraday high on Thursday as oil prices fell for another day, buoyed by hopes that the United States and Iran were closing in on a memo to end the war. The index rose 0.15% (+11.14 points); the Nasdaq added 0.51% (+130.98 points); the Dow slipped 0.05% (−25.13 points). WTI crude fell 3% to above $91 per barrel. 579 earnings reports landed on the day.

The Numbers

S&P 500: +0.15% (+11.14 pts) — new intraday all-time high
Nasdaq Composite: +0.51% (+130.98 pts)
Dow: −0.05% (−25.13 pts)
WTI crude: −3% to ~$91/barrel
Initial jobless claims: 200,000 — below 206,000 consensus, +10,000 vs prior week

What Drove The Move

Iran-US war-end memo hopes — Iran reply expected Thursday
Strait of Hormuz “safe passage possible” language from IRGC Navy
Oil collapse easing inflation read for the next CPI print
Earnings outperformance — “S&P 500 is not just beating expectations, it’s blowing them up”

Earnings Day Highlights

579 reports on Thursday
Morning: McDonald’s, Unity, Datadog, VST, Celsius, Peloton, Shell
Fortinet +22% after lifting full-year billings guidance (separate story today)
DoorDash +1%+ on rosy Q2 orders guidance
Super Micro Computer followed Wednesday’s surge on AI data centre demand

Sector Rotation

Tech, communication services, consumer discretionary led
Energy lagged (WTI -3%)
Defensives mixed
Small caps held up — Russell 2000 holding May highs

Macro Read

Fed cut path expectations stable — oil cool helps the doves
Risk-on tape ignores the Beirut strike (separate story today) for now
VIX easing further; risk premium compressing
Friday’s jobs report still ahead — that’s the next macro pivot

The Caveat

Markets that hit fresh records during active diplomacy are vulnerable to a single headline reversal. Iran’s reply Thursday and any Lebanon spillover from the Beirut strike are the immediate downside risks.