Closing Bell: Stocks Surge to Fresh Records on Hormuz News

Key Points

• S&P 500, Nasdaq‑100, and Russell 2000 hit fresh record highs; Russell led with a 2.11% gain as Energy lagged.
• iPhone shipments in China jumped 20% YoY in Q1, signaling market share gains despite a broader industry decline.
• Iran signaled open passage through the Strait of Hormuz during the ceasefire, but the U.S. maintained its blockade pending a wider deal.

The S&P 500, Nasdaq‑100, and Russell 2000 all closed at fresh record highs after Iran announced the temporary reopening of the Strait of Hormuz. The S&P 500 rose 1.20%, the Nasdaq‑100 advanced 1.29%, and the Russell 2000 jumped 2.11%. Leadership came from Consumer Discretionary, Industrials, and Information Technology, while Energy was the lone laggard on the session.

Apple Gains Share in China as iPhone Shipments Jump 20% in Q1

Apple’s iPhone shipments in China rose 20% year over year in Q1, bucking a roughly 4% decline in the broader smartphone market. Apple outperformed peers despite industry headwinds from higher chip costs and ongoing supply-chain disruptions, with Apple and Huawei among the few vendors to post growth. The gains point to potential market share capture and resilient iPhone demand, even as overall conditions across China’s handset market remained challenging.

Hormuz Tensions Persist as Iran Signals Open Passage, U.S. Maintains Blockade

Iran said commercial vessel traffic through the Strait of Hormuz will remain fully open during the Lebanon ceasefire period, albeit on a coordinated route overseen by Iranian authorities. However, the U.S. said it will keep its blockade in place until a broader deal with Iran is finalized, with President Trump noting ongoing efforts to clear mines, recover Iran’s enriched uranium, and continue negotiations, potentially with more talks this weekend.

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