Dow Hits Record as Ceasefire Hopes Lift Markets, Broadcom Drags Nasdaq Lower

CNBC reported Thursday that the ceasefire trade roared back to life on Wall Street, pushing the Dow Jones Industrial Average to a fresh all-time high while oil prices fell sharply. The S&P 500 also edged into positive territory. The Nasdaq, however, slipped into the red after a dramatic miss from Broadcom.

Ceasefire Trade Lifts Blue Chips and Crude Falls

President Donald Trump said he would be “honored” to sit down with Iran’s new Supreme Leader Ayatollah Mojtaba Khamenei if a deal could be secured. The Wall Street Journal separately reported that Trump was reluctant to restart full military engagement with Tehran. Brent crude dropped 2.8% to close at $95.03 per barrel, while West Texas Intermediate settled 3.1% lower at $93.04. Both contracts continued falling in Asian Friday trading.

Despite the optimism, Iran-backed Hezbollah publicly rejected the terms of a U.S.-backed ceasefire framework agreed between Israel and Lebanon. The group called the terms “absurd, humiliating and insulting” and insisted on full Israeli withdrawal as a precondition for any agreement.

Broadcom Miss Chips Away at Tech Sentiment

Chip stocks bore the session’s sharpest pain. Broadcom fell roughly 15% after its quarterly revenue came in below analyst expectations. That single stock was enough to pull the Nasdaq down nearly 0.1%, even as broader indices climbed. The damage rippled into Asian markets, dragging key regional indexes lower on Friday.

Senator Elizabeth Warren invited Nvidia CEO Jensen Huang to appear before the Senate Banking Committee on June 11. The hearing will focus on Nvidia’s ongoing China sales strategy and the wider debate over U.S. export controls on advanced semiconductors.

A Look at What Got Markets Here

The ceasefire trade is not new. Markets spent much of 2026 swinging between risk-on and risk-off sentiment as the Iran conflict escalated and periodically showed signs of easing. Oil surged earlier in the year following the outbreak of hostilities, pushing inflation concerns back into the foreground and rattling equity markets globally.

Private Credit Cracks and the SpaceX Buzz

Beyond macro, CNBC reported that Blackstone has capped investor withdrawals from its flagship private credit fund after a spike in redemption requests. Switzerland’s Partners Group took a similar step for one of its private equity vehicles and warned that restrictions could spread.

On the IPO front, Wall Street banks including Bank of America, JPMorgan and Morgan Stanley are vying for client attention ahead of SpaceX’s planned listing. The deal is targeting a record $75 billion raise at a $1.75 trillion valuation. S&P Global separately signaled that an immediate inclusion in its benchmark index after the IPO is far from guaranteed.

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