S&P 500, Nasdaq Hit Record Highs Amid Oil Price Drop

The S&P 500 and Nasdaq reached new records on May 7, 2026, as oil prices fell nearly 3% following hopes that Iran would accept a US memorandum to reopen the Strait of Hormuz. The Nasdaq 100 surged 0.4% to 28,706 and the S&P 500 rose 0.2% to 7,376.

The May 7 trading session saw the S&P 500 and Nasdaq reach new heights, according to . The market's positivity was largely linked to the decline in oil prices, which dropped 2.9% as investors anticipated a US-Iran peace move. The Nasdaq 100 index climbed 0.4% to 28,706, while the S&P 500 rose 0.2% to 7,376.

In terms of stock-specific performance, reported notable gains from companies like AAON (+36%), Datadog (+30%), and H&R Block (+26%). On the other hand, Planet Fitness (-33%), Insmed (-22%), and Zoetis (-22%) faced declines.

While the stock market's reaction to the Iran deal prospects is positive, investors should remain cautious about the potential risks and challenges associated with the geopolitical situation. The development's impact on the market will likely continue to be closely monitored.

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