S&P 500 closes above 7,600 for first time as AI momentum offsets Middle East tensions; Dow, Nasdaq futures edge lower overnight

On Tuesday, the S&P 500 closed above 7,600 for the first time, the Dow Jones added more than 200 points to close 0.45% higher, and the Nasdaq Composite was up 0.03%. Overnight, Dow futures fell 0.08%, S&P 500 futures declined 0.04%, and Nasdaq 100 futures traded 0.10% lower as of 9:07 p.m. ET on Tuesday.

Chip companies and AI infrastructure players posted sharp gains, helping extend the momentum that has carried the S&P 500 in the green for the ninth straight week. Marvell Technology Inc. (MRVL) surged more than 32% at close on Wednesday following Nvidia CEO Jensen Huang's comments about it becoming the next trillion-dollar company.

U.S. stock markets climbed despite ongoing Middle East tensions, including reported 'self-defense' strikes by CENTCOM on Iran's Qeshm Island. U.S. President Donald Trump stated on Truth Social that conversations with Iran are ongoing, saying 'The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today.'