---
title: "Stock Market Today: SPY, QQQ Rally to Record Highs as U.S.-Iran Ceasefire Holds Firm; Oil Retreats"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285263303.md"
description: "Both the S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) hit record highs, driven by tech stocks. The U.S.-Iran ceasefire remains intact despite Iranian aggression. Brent crude oil fell 4% but stays at multi-year highs. The U.S. trade deficit was $60.3 billion in March, with exports up 2%. Intel and SanDisk reached all-time highs, while DA Davidson set a price target of $190 for ServiceNow. Earnings reports from AppLovin, Disney, and Uber are expected tomorrow."
datetime: "2026-05-05T20:22:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285263303.md)
  - [en](https://longbridge.com/en/news/285263303.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285263303.md)
---

# Stock Market Today: SPY, QQQ Rally to Record Highs as U.S.-Iran Ceasefire Holds Firm; Oil Retreats

Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) reached new record highs on Tuesday with tech stocks continuing to drive the rally.

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## **News That Moved the Stock Market Today**

-   Both Defense Secretary Peter Hegseth and Joint Chiefs Chair Gen. Dan Caine confirmed that the U.S.-Iran ceasefire is still in place, despite repeated acts of aggression from Iran. Restarting the war is "a political decision above my pay grade," said Caine.
-   Since the ceasefire began on April 8, Iran has carried out attacks on 10 U.S. targets, fired at commercial vessels nine times, and seized two container ships.
-   Brent crude (BZ), the international benchmark for oil, fell 4%, although it still remains at multi-year highs.
-   The U.S. trade deficit was $60.3 billion in March compared to the consensus analyst estimate of $61 billion. Exports rose 2%, driven by a $4.5 billion rise in exports of oil and other petroleum products. Imports increased by 2.3%.
-   The U.S. hiring rate was 3.5% in March, the highest level since May 2024 and recovering from 3.1% in February.
-   Intel (INTC) surged to a new all-time high following a report that Apple (AAPL) is considering using the company's chips for its U.S. devices.
-   SanDisk (SNDK) rallied to a new record high as well amid continued demand for memory names.
-   DA Davidson reiterated its price target of $190 for ServiceNow (NOW), implying upside of over 100%, after the company held its investor day event.
-   AppLovin (APP), Disney (DIS) and Uber (UBER) will report earnings tomorrow.

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- [UBER.US](https://longbridge.com/en/quote/UBER.US.md)
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