Dow climbs 900 points, S&P 500 and Nasdaq rise as Iran says Strait of Hormuz ‘completely open’

Stocks outside the US are back at record highs too.

The iShares MSCI ACWI ex U.S. ETF (ACWX) just hit its first intraday record high since Feb. 25, a reminder that this rally is not just about the US.

Remember last year, when international diversification was all the rage as the dollar was sinking? That dynamic is showing up again. The US Dollar Index (DX-Y.NYB) has fallen in nine of the last 10 sessions for a 2.4% drop, giving a lift to returns not only in the US but around the world.

The S&P 500 (^GSPC) is up 12% over the last 13 trading days and has risen in 12 of them. But several country ETFs have been even stronger. Korea (EWY) is up 33% in that stretch and nearly 60% year to date. Taiwan (EWT) is up over 20% in the last 13 days and more than 30% this year. Greece (GREK), Poland (EPOL), Chile (ECH), and Turkey (TUR) are all beating the US in the current surge.

A few laggards remain, including India (INDA) and China (MCHI). But the bigger read is that global leadership is broadening again.

Big Tech is back.

After three straight days of record closes in the S&P 500 (^GSPC), leadership is rotating into the place investors watch most for “risk-on” conviction. The Technology Select Sector SPDR Fund (XLK) is the first large-cap sector ETF to rocket back to record highs.

But this rally isn’t just for the tech giants. The Invesco Small-cap Tech ETF (PSCT) just hit its fifth straight record.

And the momentum inside tech is loud. The iShares Semiconductor ETF (SOXX) has now logged eight straight intraday record highs and is on track for a 13th consecutive day of gains — a streak matched by XLK, the Nasdaq Composite (^IXIC), and the Nasdaq 100 (^NDX).

Here are this morning’s intraday record highs:

The US stock market pushed higher at the opening bell on Friday after Iran said the Strait of Hormuz is “completely open” to commercial traffic.

The Dow Jones Industrial Average (^DJI) led gains with a pickup of 1.2%. The S&P 500 (^GSPC) rose 0.8%, while the Nasdaq Composite (^IXIC) gained a stronger 1% after both indexes closed out Thursday at all-time highs.

Futures on international benchmark Brent (BZ=F) fell 10%, while those on US benchmark West Texas Intermediate (CL=F) fell a slightly steeper 10.5% after Iran’s Foreign Minister said on X that the critical shipping lane was “completely open” to commercial traffic on Friday morning.

Oil prices plunged on Friday after Iran’s foreign minister said the Strait of Hormuz, the world’s most critical chokepoint for global energy flows, was fully open to commercial traffic.

Futures on Brent crude (BZ=F), the international pricing benchmark, fell 10% to trade below $90 per barrel, while those on US benchmark West Texas Intermediate (WTI) crude (CL=F) fell by 10.6% to trade near $81. Both products opened the week above $100.

“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Iranian foreign minister Abbas Araghchi wrote in a post on X. He added that vessels will be allowed to use the “coordinated route as already announced” by the regime.

The announcement comes after Israel and Lebanon agreed to a temporary 10-day ceasefire on Thursday, taking some pressure off one of the key sticking points in negotiations between the US and Iran to end the war in the Middle East.

This rally still feels doubtful — but the tape keeps acting like a roaring bull market.

The Nasdaq Composite (^IXIC) has now logged a 12-day winning streak, only the third such run since 1990. The Nasdaq 100 (^NDX) is doing the same for the seventh time in that span, while the Philadelphia Semiconductor Index (^SOX) has only one other 12-day streak in data going back to 1994. The Technology Select Sector SPDR Fund (XLK) has only three other 12-day streaks since its 1999 inception.

The closest echo to this convergence of streaks is July 2009 — the only other time the Nasdaq Composite, Nasdaq 100, and XLK lined up like this.

It was also one of the most hated rallies I’ve ever seen — and it happened well below record highs.

This time, the backdrop is even harder to brush off. The S&P 500 (^GSPC), Nasdaq Composite, Nasdaq 100, Russell 2000 (^RUT), Dow Transports (^DJT), and SOX are already at records, while XLK missed its own high by just $0.05 on Thursday.

Now the question is whether today brings another pause — or one more breakout.