Dow Jones down, Nasdaq gains while S&P 500 nears record highs

Tech stocks were led slightly higher as the S&P 500 approached record levels following the Israel–Iran ceasefire.

Major U.S. stock indices were mixed as the S&P 500 approached its all-time high. On Wednesday, June 25, the Dow Jones was down 151.95 points, or 0.35%, while the tech-focused Nasdaq gained 0.24%. The S&P 500 was mostly flat, trading at 6,090 points, close to its February all-time high of 6,144.

Stocks are stabilizing after a major rally earlier this week on the Iran–Israel ceasefire. Just days ago, tensions had threatened to escalate into a broader regional war, with the U.S. facing another potential Middle East entanglement.

Now, markets are adjusting back to their normal dynamics. Crude oil prices also rose 2% to $65 per barrel after dropping from the monthly highs reached during the conflict. On the other hand, tech stocks are gaining as traders see signs of potential rate cuts this year.

Nvidia near ATH, Trump looking for Powell’s replacement

In particular, Nvidia had strong gains, rising 3.4% to $152.93. This puts it on track to surpass its intraday all-time high of $153.13, last seen in January. The rally also pushed Nvidia’s market cap to $3.71 trillion, surpassing Microsoft’s $3.65 trillion.

The rally was likely fueled by Bank of America’s guidance on the stock, which identified it as the leader in AI chips. Moreover, Nvidia and the broader AI sector could benefit from the easier monetary policy that U.S. President Donald Trump is advocating.

After months of pressuring Federal Reserve Chair Jerome Powell, Trump stated that he is actively seeking a replacement. The President said he is now down to 3 or 4 candidates to replace Powell as Fed Chair. Trump did not say whether he would fire Powell before his term officially ends in May 2026.