S&P 500 Hits Record Above 7,300 as Markets Eye Iran Deal, Jobs Data

The S&P 500 reached a fresh all-time high on Wednesday, CNBC reported, closing above 7,300 for the first time ever as traders grew increasingly hopeful about a potential deal involving Iran.

A Session Fueled by Geopolitical Optimism

Investor sentiment shifted meaningfully higher as diplomacy around Iran appeared to gain traction. The rally was broad-based, with several individual names posting outsized gains. Corning surged roughly 12% on Wednesday after CNBC revealed it had agreed to build three new manufacturing facilities dedicated solely to optical technologies for Nvidia. At its intraday peak, Corning was up 20% before trimming gains. The stock has now more than doubled in 2026. Nvidia itself added nearly 6% in the session.

Earnings Front and Center Thursday

Several closely watched companies step into the spotlight Thursday. McDonald’s reports before the open, though its shares have struggled lately, falling about 13% over the past three months and sitting roughly 17% below its early March peak. Analysts will parse performance closely, particularly across its China operations.

After the closing bell, two names dominate attention. Block, the payments company led by CEO Jack Dorsey, reports quarterly results. The stock has climbed 36% since Dorsey announced plans in February to cut roughly half the workforce, citing artificial intelligence as a replacement for headcount. The stock remains about 14% below its August high despite the sharp recovery.

CoreWeave, the New Jersey-based AI cloud infrastructure provider, also reports after the bell. Its shares have gained 53% over the past three months, though they remain well below their June peak.

Citigroup holds its investor day Thursday, with CEO Jane Fraser set to speak publicly. Citi stock has risen 9% year-to-date but pulled back about 5.6% from its late-April high.

Labor Market Data Adds Another Variable

Wednesday’s ADP private payrolls report showed 109,000 jobs added in April, beating expectations. However, the firm’s chief economist flagged a rise in lower-wage, part-time positions within the figure, adding a note of caution.

Thursday brings weekly jobless claims at 8:30 a.m., with consensus estimates pointing to around 206,000 initial filings. The bigger test arrives Friday with the official April nonfarm payrolls report. Prediction markets currently show 67% of bettors expecting gains above 60,000 jobs, with fewer than a quarter anticipating more than 120,000.

The New York Federal Reserve also releases its consumer expectations survey Thursday at 11 a.m., offering a fresh read on household sentiment as gasoline prices have risen since the onset of the Iran conflict.

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