Wall Street had a good day on June 29, and it wasn’t because investors suddenly forgot about the simmering conflict between the US and Iran. They just decided they cared more about buying tech stocks.
Major US indexes climbed sharply after a truce was established between Washington and Tehran over hostilities in the Strait of Hormuz. The information technology index led the charge with a 1.7% gain, while the Dow Jones Industrial Average pushed toward record territory. The Nasdaq posted broad gains as growth stocks attracted renewed interest.
Tech leads the rally, crypto watches from the sidelines
Among individual movers, Arm’s shares rose approximately 2.3% in pre-market trading.
Here’s the thing: while equity investors were busy celebrating, crypto markets barely shrugged. Bitcoin traded around $59,700 on the same day, posting only modest gains that looked almost embarrassing next to the equity rally.
