S&P 500 hits new record high, but stocks mostly muted as U.S.-Iran tensions simm

The S&P 500 has reached a new record high. This marks its first intraday and closing record highs since the beginning of the Iran conflict. Despite this performance, broader stock market movements remain mostly muted. The index had previously experienced a decline of 7.4% since the start of the Iran conflict. The S&P 500's recent performance contrasts with earlier trends. The index's decline of 7.4% since the Iran conflict began exceeded the median 6.1% decline observed during previous geopolitical shocks. Simultaneously, oil prices have shown significant movement. The reopening of the Strait of Hormuz on Friday led to a sharp decrease in crude prices. Oil prices reached five-week lows following this development. The Nasdaq Composite has also demonstrated strong performance. It achieved its