Traders work on the floor of the New York Stock Exchange (NYSE) on May 6, 2026 in New York City.
Spencer Platt | Getty Images
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 U.S. and Iran were closing in on an agreement to end the war.
The broad market index was last up 0.2%, while the Nasdaq Composite gained 0.6%. The tech-heavy index also scored a fresh all-time high. The Dow Jones Industrial Average traded around the flatline.
Oil prices were trading below $100 on Thursday. U.S. West Texas Intermediate crude futures dropped 3% to above $91 per barrel. International Brent crude futures slipped 3% to above $97 a barrel.
Along with declining oil prices, more strong quarterly results helped sentiment as well. Fortinet popped 22% after lifting its full-year billings guidance. Meanwhile, DoorDash gained more than 1% after the food delivery giant issued rosy guidance for orders in its second quarter.
Stocks posted strong gains in the previous session, with the S&P 500 and Nasdaq posting record highs. The Dow also popped more than 600 points.
On Wednesday, stocks moved higher and oil prices cooled after Axios reported, citing sources, that the U.S. and Iran are nearing a deal to end the war. Specifically, two U.S. officials and two other sources briefed on the issue told the outlet that the White House believes it is nearing a one-page, 14-point memorandum of understanding to not only end the war, but also establish a framework for more detailed nuclear talks.
An Iranian foreign ministry spokesperson said to CNBC on Wednesday that Iran was evaluating a U.S. proposal for a resolution.
Outside of these hopes for easing Middle East tensions, a “blowout” earnings season has also boosted stocks, along with “just an insatiable demand and momentum behind the AI trade,” according to Ross Mayfield, Baird investment strategist.
“We pretty quickly shifted from, ‘Everyone is bearish,’ to, ‘Boy oh boy, everyone is bullish again,'” he said. “The market is probably overbought here heading into a weaker seasonal period, but those are minor nitpicks rather than true bumps in the road. You kind of are set up for a melt-up scenario here, barring something out of left field.”
