Latest Stock Market Updates: S&P 500 and Nasdaq Approach Record Highs

Traders work on the floor at the New York Stock Exchange in New York City, U.S., June 5, 2025.

The S&P 500 traded less than 1% below 6,147.43, the intraday record set on Feb. 19. It was also within reach of its closing all-time high of 6,144.15. The Nasdaq traded less than 1% from its peak reached in December.

Shares of Nvidia rose by 3% and were less than 1% off their record high. Alphabet and AMD also saw gains of 2% and 3% respectively.

The S&P 500 remained relatively unchanged on Wednesday as investors monitored its progress towards the all-time high.

For the week, the S&P 500 has risen over 2% following a subdued Iranian response to U.S. attacks. President Donald Trump's announcement of a ceasefire further boosted equities, calming concerns about disruptions in global crude supply.

Wall Street's upward trend coincides with easing trade tensions and a stable ceasefire in the Middle East between Iran and Israel. However, the ceasefire faced initial challenges with accusations of violations from both sides.

Leah Bennett, chief investment strategist at Concurrent Asset Management, noted the market's battle between long-term positive factors like AI and technological innovations, and short-term challenges such as policy uncertainties.

Despite fears of a global recession due to escalating U.S. tariffs, the S&P 500 has recovered from being nearly 20% below its record high. Labor and inflation data have remained resilient.

Investors are closely following new home sales data and Federal Reserve Chair Jerome Powell's testimony before the Senate Banking Committee.

According to the source: CNBC.