Major indices are pushing further into record territory amid a retreat in oil prices, potential end to the Iran conflict, and strong performance from Technology (XLK) stocks.

Trump said this morning he is meeting with aides to make a ‘final determination’ on the deal to extend Iran ceasefire.

The S&P 500 is up 7 days in a row, up 9 weeks in a row, and knocking on 7,600’s door.

Software and hardware names are helping Technology (XLK) to lead despite weakness in semiconductor names. On the other hand, Consumer Staples (XLP) is the worst performer after Costco (COST) disappointed with a mixed Q3 quarterly report.

Several members of the “Mag Seven” are lower or flat this afternoon except for Microsoft (MSFT)  which is standing out. The company continues its solid momentum after reports yesterday that it will soon unveil a new AI-powered coding framework.

Active managers were slow to pick up on the rally, but have thrown out the old buying guidelines and rules. The National Association of Active Investment Managers (NAAIM) number is rebounding and is nearly 100.

The Chicago PMI saw its best number since March 2022 at 62.7.

April U.S. goods trade deficit narrowed to -$82.4 billion from $85.3 billion, with exports up 4% MoM and 15.6% YoY, while imports rose 1.9% MoM.

Have a great weekend!