Standard & Poor’s 500 sets a new record, surpassing 8,700 for the first time in its history. The latest leg of this rally comes thanks to positive—though yet to be consolidated—news from Hormuz, which pushed Brent below $80. Once again, markets are betting on a possible positive turning point in one of the most important geopolitical flashpoints of recent decades.

NASDAQ 100 is also rising, driven by the chip sector—with Micron performing well, along with AMD, Intel, and Broadcom—but the tech sector is generally performing well, with the sole exception of $AMZN, which is pricing in the announcement of significant sales by its founder, Jeff Bezos. Most cryptocurrency stocks are also performing well, with Solmate the only negative exception of the day.

Market update

Scott Bessent spoke of the possibility of an imminent agreement, which could prevent the possibility of another major attack by the United States against Iran, an event that would ultimately undermine the faint hopes of a return to normality in the Strait of Hormuz.

As for cryptocurrency stocks, $NAKA is performing well, as is Coinbase $COIN, while $CRCL is also doing well and benefiting from Cathie Wood’s latest purchases. The real story, however, lies elsewhere. Once again, it is in the chip sector, which had experienced a difficult July, up to the liquidation—if that is what we want to call it—of Leopold Aschenbrenner, the scapegoat offered to appease the God of Markets during one of the most important bull runs of all time.

NASDAQ is trading at +3.10%, the S&P 500 at +1.80%, and the Dow Jones at 1.95%, in what will go down in history as a major day of confirmation.

SpaceX to report after the market close—and so will AMD

Two important earnings reports will be released after the market close. We have already discussed SpaceX here, and in addition to Elon Musk’s company, we will also hear from AMD, one of the day’s top performers and, more generally, one of the top performers in this phase of the market.

There will therefore be tension after the market close as well. The data are expected at around 10:30 p.m. Italian time—and although after-hours sessions are generally characterized by low liquidity and few participants, it will still be interesting to follow the trading.

In this case too, markets will nevertheless focus more on guidance—particularly regarding revenue and capex—than on the current figures.