Wall Street closed Friday with a bang. The S&P 500 crossed 7,100 for the first time ever, the Dow surged 1,005 points (2.1%), and the Nasdaq gained 1.5%. All three indices hit new all-time intraday highs. The trigger was Iran declaring Hormuz open plus the Israel-Lebanon ceasefire.
But here's the thing. Iran already reversed that opening today. Markets are closed for the weekend so the reaction comes Monday. Analysts keep saying AI and tech stocks are doing the heavy lifting regardless of geopolitics, accounting for nearly half of S&P 500 market cap.
That might be true. But the April 21 ceasefire deadline lands before Monday's open. Could get interesting.