--- title: "Nasdaq and S&P 500 Score Record Closes as Iran Peace Signals Send Oil Tumbling and Nvidia Surges" url: https://www.herespartanburg.com/nasdaq-sp500-record-iran-peace-nvidia-surge/ date: 2026-05-09T04:58:43-04:00 modified: 2026-05-09T05:25:13-04:00 author: "A. Preston Acker" categories: ["Business"] site: "HERESpartanburg" attribution: "HERESpartanburg" --- # Nasdaq and S&P 500 Score Record Closes as Iran Peace Signals Send Oil Tumbling and Nvidia Surges *Source: [HERESpartanburg](https://www.herespartanburg.com/nasdaq-sp500-record-iran-peace-nvidia-surge/) — May 9, 2026 by A. Preston Acker* Wall Street logged back-to-back record sessions early in the week of May 6, capping a rally that drew fuel from two powerful catalysts: the strongest geopolitical de-escalation signals yet in the U.S.-Iran conflict, and another round of blowout earnings from semiconductor and AI companies. The S&P 500 closed at 7,365 on May 6, a gain of 1.5 percent, while the Nasdaq Composite advanced 2 percent to 25,839 — both indexes notching fresh all-time highs. The Dow Jones Industrial Average added 612 points, or 1.2 percent, to finish at 49,911. By May 8, Nvidia shares extended the week’s gains, closing at $215.20 — up 1.75 percent on the day and continuing a streak that has seen the chipmaker’s stock roughly double in value over the past year. The company, whose graphics processing units power the data centers at the center of the global artificial intelligence arms race, had set an earlier record close of $208.27 on April 24, the day its market capitalization first crossed back above $5 trillion since October 2025. The spark for the May 6 surge was a diplomatic development in the conflict between the United States and Iran. Reports circulated that American and Iranian officials were nearing a one-page framework agreement to end the war and establish parameters for broader nuclear negotiations. The proposed framework called for a halt to Iran’s nuclear enrichment activities, a phased lifting of American sanctions, and a gradual reopening of the Strait of Hormuz — a waterway through which a significant share of global oil trade flows. President Trump announced he was pausing the administration’s effort to escort ships through the strait, citing what he described as substantial progress toward a complete and final agreement. Oil markets reacted sharply: Brent crude fell roughly 7 percent to around $101 per barrel during afternoon trading, while West Texas Intermediate briefly approached $92. Falling energy costs were a catalyst for the broader rally. Lower oil prices reduce operating costs across transportation, manufacturing, and logistics sectors and ease inflationary pressure that has weighed on corporate earnings. Investors rotated aggressively into risk assets, with technology and semiconductor shares leading the advance. Advanced Micro Devices climbed nearly 19 percent after its first-quarter revenue jumped 38 percent year-over-year, crushing analyst forecasts. Super Micro Computer surged more than 25 percent after announcing a major partnership with Nvidia to build three advanced AI data center manufacturing facilities. Walt Disney advanced more than 8 percent after its quarterly streaming results exceeded expectations. The week’s momentum extended the Nasdaq’s status as the best-performing major U.S. index in April, when it gained roughly 15 percent — the strongest single month since April 2020. Analysts noted that the combination of easing geopolitical risk and continued strength in artificial intelligence spending had re-energized the technology sector after a volatile stretch earlier in the year, when U.S. strikes on Iran in late February sent major indexes below their 50-day moving averages. For South Carolina’s public-sector workforce, the market rally carries direct financial significance. The South Carolina Retirement System Investment Commission, which manages retirement assets for more than 700,000 state and local government beneficiaries including teachers, law enforcement officers, and municipal employees, reported $50.34 billion in assets under management at the close of fiscal year 2025. The commission’s portfolio allocated 43.7 percent of that total to public equities — a pool that includes broad exposure to the technology sector and, through index funds and institutional holdings, to companies such as Nvidia. The commission achieved an 11.34 percent return in fiscal year 2025, with strong public equity performance cited as the primary driver of that result. The rally matters locally in another way. State Treasurer Curtis Loftis, whose office coordinates with the RSIC on behalf of public-sector retirees, has consistently emphasized keeping the pension fund’s equity allocation positioned for long-term growth. A sustained technology sector advance of the kind seen this week benefits the roughly 700,000 South Carolinians whose retirement security is tied to those returns — and a reversal would cut the other way just as quickly, a dynamic that pension fund trustees weigh whenever market volatility spikes. The Nvidia surge also has a tangible physical dimension in the Upstate. TigerDC, a New York-based company, announced in January 2026 that it is the developer behind Project Spero — a proposed $3 billion AI data processing center planned for Spartanburg County’s Tyger River Industrial Park. The project would represent one of the largest private capital investments in the Spartanburg area in recent memory. As Nvidia’s chips become the essential hardware of facilities like Project Spero, the company’s rising valuation reflects surging global demand for exactly the kind of AI data center capacity that TigerDC proposes to build. Spartanburg County Council had been deliberating on final approvals for the project as of early 2026, with residents split between the economic development potential and concerns about environmental and infrastructure impacts. On Capitol Hill, the market backdrop intersects with committee work that involves two South Carolina lawmakers with Upstate ties. Rep. William Timmons, who represents the Spartanburg area in the Fourth Congressional District, sits on the House Financial Services Committee, which oversees securities markets and financial regulation. Sen. Tim Scott, South Carolina’s junior senator, serves on the Senate Banking and Finance committees and has championed policies aimed at broadening market access and supporting technology investment. Both lawmakers are positioned on committees whose jurisdiction is directly shaped by the kind of market activity seen this week. Separately, labor market data released the same week added to optimism about the economic backdrop. Private sector payrolls increased by 109,000 in April according to ADP data — the strongest monthly gain since early 2025, and a sign that the jobs market remains resilient. Government economists forecast nonfarm payrolls near 120,000 for the month, with the unemployment rate expected at 4.3 percent and annual wage growth near 3.8 percent. The confluence of improving diplomatic signals, strong earnings, and durable employment growth formed the backdrop for the broadest equity rally in months.