The major U.S. stock indices closed at record highs, led by strong gains in the NASDAQ. The lone weak spot was the small-cap sector, with the Russell 2000 finishing lower on the day. Equities managed to advance despite a sharp jump in energy prices, highlighting the market's continued resilience in the face of geopolitical uncertainty.
Crude oil was a major focus, with the July contract surging $5.13, or 5.91%, to settle at $92.52. Volatility remained elevated as traders reacted to ongoing Middle East headlines, with prices swinging between a low of $88.45 and a high of $94.78. The rapid intraday moves underscore how sensitive the energy market remains to developments in the region.
From a technical perspective, crude oil remains trapped between two key hourly moving averages. The 100-hour moving average, currently at $90.34, is providing support from below, while the 200-hour moving average at $93.43 is acting as nearby resistance. Today's rally pushed prices toward an important technical hurdle at the 38.2% retracement of the decline from the March 2026 high to the December 2025 low. That retracement level comes in at $94.88, and today's high of $94.78 stalled just shy of that target.
The inability to break above the $94.88 retracement level leaves buyers with more work to do. A move above that level would strengthen the bullish case and could encourage additional momentum buying. Conversely, failure to extend higher, especially if prices fall back below the 200-hour moving average and then the 100-hour moving average, would suggest that sellers remain active and could lead to another period of volatile, range-bound trading.
Looking at the closing stock levels:
- Dow industrial average rose 47.02 points or 0.09%
- S&P index rose 19.90 points or 0.26%
- NASDAQ index rose 114.19 points or 0.42%
- Russell 2000 fell -13.57 points or -0.47%
Consumer discretionary stocks fell on the back of comments from Pres. Trump saying that he doesn't care if the negotiations between the US and Iran break down. Amazon shares fell -3.47, and Costco shares fell -1.07%. Since it's record high reached on May 19, the price has moved down -13.72% (in 8 trading days). Today the shares of Costco closed below its 200 day moving average for the first time since January 30.
Shares of Nvidia moved sharply higher as investors cheered on the news of Nvidia making chips for PCs. Nvidia shares rose 6.25%.
PC makers who would include the chips also moved sharply to the upside. IBM moved up 7.60%, and Dell surged by 10.7%. Dell shares are up over 100% over the last seven trading days.
Hewlett-Packard shares rose 9.20%, and after the close announced earnings which have pushed the price of an additional 30% in after-hours trading (crazy?). Shares of Hewlett-Packard are up over 200% since February 20.
A loser on the news was Intel shares which saw it price down -4.67%.
