Stocks climb to new records amid peace prospects; chip stocks rally

The S&P 500, Nasdaq 100, and Russell 2000 all closed at record highs after President Donald Trump said negotiations with Iran are “proceeding nicely” and reports emerged that the US Navy has restarted shepherding vessels through the Strait of Hormuz. Chip and memory stocks rallied, led by Micron soaring after UBS more than tripled its price target, while energy stocks fell as oil prices declined on the peace prospects.

Stocks climb to new records amid peace prospects; chip stocks rally Hopes of an imminent peace deal with Iran and reports that the US Navy has restarted shepherding vessels through the Strait of Hormuz sent stocks higher and oil prices lower. The S&P 500, Nasdaq 100, and Russell 2000 all notched fresh record closing highs after President Donald Trump said in a Truth Social post that negotiations with Iran are “proceeding nicely.” Trump’s comments, along with reports that the US Navy has restarted shepherding vessels through the Strait of Hormuz, contributed to a worldwide rally in stocks https://sherwood.news/markets/global-stocks-soar-on-hopes-of-us-iran-deal-boundless-bullishness-on-memory-stocks/ and sell-off in crude oil. Information technology was the best-performing sector as chip and memory stocks rallied https://sherwood.news/markets/micron-soars-ubs-more-than-triples-price-target-to-1625-wall-street-high-memory-chips-ai-boom/ , while energy was the worst-performer as oil prices fell. Stocks that moved higher: Micron https://robinhood.com/us/en/stocks/MU/?source=sherwood soared, with its market cap topping $1 trillion for the first time https://sherwood.news/markets/micron-soars-ubs-more-than-triples-price-target-to-1625-wall-street-high-memory-chips-ai-boom/?utm source=robinhood , after UBS more than tripled its price target to $1,625 from $535. The massive upgrade lifted the entire memory sector, with Sandisk https://robinhood.com/us/en/stocks/SNDK/?source=sherwood , Western Digital https://robinhood.com/us/en/stocks/WDC/?source=sherwood , and Seagate Technology Holdings https://robinhood.com/us/en/stocks/STX/?source=sherwood all climbing on the news. Oklo https://robinhood.com/us/en/stocks/OKLO/?source=sherwood jumped after saying it's in advanced negotiations with the US Department of Energy https://sherwood.news/markets/oklo-us-plutonium-recycling-selection/?utm source=robinhood to recycle Cold War-era plutonium into commercial nuclear fuel. Qualcomm https://robinhood.com/us/en/stocks/QCOM/?source=sherwood spiked after a report that it's reached a deal to supply AI chips to TikTok owner ByteDance https://sherwood.news/markets/qualcomm-spikes-after-report-that-its-selling-millions-of-ai-chips-to-tiktok-owner-bytedance/?utm source=robinhood . Modine https://robinhood.com/us/en/stocks/MOD/?source=sherwood soared after announcing a $4 billion data center cooling deal https://www.investing.com/news/stock-market-news/modine-stock-surges-14-on-4b-data-center-cooling-deal-93CH-4709369 . TeraWulf https://robinhood.com/us/en/stocks/WULF/?source=sherwood jumped after announcing its acquisition of a 1-gigawatt Kentucky data center site https://sherwood.news/markets/terawulf-jumps-on-1-gigawatt-kentucky-data-center-site-acquisition/ . Vicor https://robinhood.com/us/en/stocks/VICR/?source=sherwood surged after boosting its Q2 revenue guidance https://sherwood.news/markets/wolfspeed-and-navitas-soar-huawei-tech-breakthrough-vicor-guidance/ to $142 million from $126 million. The raised guidance lifted power semiconductor peers, with Wolfspeed https://robinhood.com/us/en/stocks/WOLF/?source=sherwood and Navitas Semiconductor https://robinhood.com/us/en/stocks/NVTS/?source=sherwood also soaring on the news combined with positive spillovers from a Huawei tech breakthrough. Ouster https://robinhood.com/us/en/stocks/OUST/?source=sherwood surged after announcing a strategic agreement https://investors.ouster.com/node/11811/pdf to supply its lidar technology for ARGUS Interception's defense drones. Pony AI https://robinhood.com/us/en/stocks/PONY/?source=sherwood climbed after saying it expects its 2026 robotaxi revenue to be 3.5 times its 2025 level https://cnevpost.com/2026/05/26/pony-ai-raises-2026-robotaxi-revenue-target/ . Stocks that moved lower: Ferrari https://robinhood.com/us/en/stocks/RACE/?source=sherwood dropped after unveiling its first fully electric vehicle https://www.reuters.com/business/autos-transportation/ferrari-bets-generational-tech-shift-with-luce-five-seat-ev-2026-05-25/ . BP https://robinhood.com/us/en/stocks/BP/?source=sherwood tumbled after its board removed Chairman Albert Manifold https://www.cnbc.com/2026/05/26/bp-chair-albert-manifold-removed-conduct-governance-issues.html , citing unacceptable governance oversight and conduct issues. AutoZone https://robinhood.com/us/en/stocks/AZO/?source=sherwood sank on a Q3 revenue miss https://uk.finance.yahoo.com/news/autozone-falls-revenue-misses-despite-115807229.html . Kroger https://robinhood.com/us/en/stocks/KR/?source=sherwood fell after announcing price cuts https://www.bloomberg.com/news/articles/2026-05-21/kroger-plans-biggest-price-cuts-in-years-to-take-on-walmart-costco aimed at taking on Walmart https://robinhood.com/us/en/stocks/WMT/?source=sherwood and Costco https://robinhood.com/us/en/stocks/COST/?source=sherwood , raising margin concerns. Enhanced Group https://robinhood.com/us/en/stocks/ENHA/?source=sherwood plunged after the Enhanced Games produced merely one record-breaking performance https://sherwood.news/markets/enhanced-games-producer-plunges-after-merely-one-record-breaking-performance-with-several-clean-athletes-winning/ , with several clean athletes winning events. Dropbox https://robinhood.com/us/en/stocks/DBX/?source=sherwood dipped after its CEO announced he's stepping down https://www.cnbc.com/2026/05/26/dropbox-ceo-drew-houston-ashraf-alkarmi.html after 19 years in charge of the cloud storage company.