S&P 500 and Nasdaq hit record closing highs as US and Iran agree to extend ceasefire

S&P 500 and Nasdaq hit record closing highs as US and Iran agree to extend ceasefire

By Saeed Azhar, Twesha Dikshit and Utkarsh Hathi

Thu May 28, 2026

There was bad news all around on the inflation front as PCE came in at a three-year high, mostly due to the Iran war, and GDP, for the first time in quite some time, was downwardly revised to 1.6% with expectations of more of the same in Q2. But the news of a tentative extension of the ceasefire (still to be approved by Trump) put all that on the backburner. Any good war news is good for tech since the oil supply and inflation so directly impact tech.  

Once again, money rushed out of industrials and into a straight shot upward in tech. Are we getting ahead of ourselves? As today’s expert pointed out, “Markets continue to look through these risks because the global economy and corporate earnings remain relatively resilient.” Moreover, earnings are moving up faster than stock prices which is another key signal that this is probably not a bubble. The S&P is trading at almost 22x earnings vs a 10-year average of almost 20.  Again, volume at 19.2 billion is very close to the 19.03 average. 

DJ: 50,644.28  +182.60       NAS: 26,674.74  +18.55        S&P: 7,520.36  +1.24             5/27

DJ: 50,668.97  +24.69         NAS: 26,917.47  +242.74      S&P: 7,563.63  +43.27           5/28

Thu 5-28-26 4:30 pm S&P 500 and Nasdaq hit record closing highs as US and Iran agree to extend ceasefire | Reuters