U.S. Three Major Stock Indices Hit Record Highs: Nasdaq and S&P 500 Close at New Records

## U.S. Three Major Stock Indices Hit Record Highs On May 28, U.S. stocks closed higher, with all three major indices setting new records. Micron Technology extended its epic rally, while oil fell on hopes of a US-Iran ceasefire. ## Major Index Closing Performance - Dow rose 182.60 points, or 0.36%, to 50,644.28; - Nasdaq rose 18.55 points, or 0.07%, to 26,674.73; - S&P 500 rose 1.24 points, or 0.02%, to 7,520.36. ## Oil Decline Provides Market Support The drop in oil prices provided support. After Iran's state TV reported that the country pledged to restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, U.S. crude futures fell over 5% to around $88 per barrel. However, the White House denied the report, calling it "completely fabricated." ## Micron Technology Extends Strong Performance Micron Technology closed up 3.6% on Wednesday. The stock surged 19% the previous day on an optimistic UBS report, with its market cap surpassing $1 trillion for the first time. UBS believes there is still more than double upside as memory suppliers sign long-term agreements to drive AI adoption. Investors have shifted focus to memory chip makers as a top choice to participate in the AI bull market. Micron's South Korean peer SK Hynix also reached a $1 trillion market cap overnight. ## Tech Stocks Drive Indices to Records Gains in the tech sector pushed the broader market and the tech-heavy Nasdaq to new intraday and closing highs in the previous session. The S&P 500 rose 0.61% on Tuesday, while the Nasdaq jumped 1.19%. The blue-chip Dow Jones fell 118.02 points, or 0.23%. ## Market Sentiment and Divergent Outlooks Investors were also encouraged by President Trump's comments that talks to end the war with Iran were "going well." Despite a U.S. "self-defense" strike in southern Iran early Tuesday morning, Central Command spokesman Tim Hawkins said the U.S. showed restraint during the "ongoing ceasefire." Expectations of easing Iran tensions, combined with a strong earnings season, have pushed stocks to records this month. However, Citigroup U.S. equity strategist Drew Pettit believes there is limited room for further gains. He noted that with high yields—the 10-year U.S. Treasury yield around 4.50%—rising inflation expectations, and a flatter yield curve year-to-date, these factors do not support sustainable higher valuation multiples. Pettit's year-end target for the S&P 500 is 7,700 points, implying only a modest 2% upside. Goldman Sachs holds a different view. The bank raised its year-end S&P 500 target from 7,600 to 8,000 late Tuesday, citing sustained strong earnings growth despite some geopolitical headwinds.