US stocks closed mixed on May 26, with the S&P 500 and Nasdaq ending at record highs as AI-driven gains in semiconductor shares lifted the market.

The rally outweighed investor concerns over the Iran conflict and uncertainty surrounding efforts to contain tensions following recent US strikes.

The Dow Jones Industrial Average fell 0.23% to 50,461.68, while the S&P 500 rose 0.61% to 7,519.12, and the Nasdaq gained 1.19% to 26,656.18.

Semiconductor stocks led the move. The Philadelphia Semiconductor Index rose 5.5% to an all-time high.

Micron, a US memory chipmaker, jumped 19% after UBS raised its price target.

Qualcomm climbed about 4.5% after a reported chip supply deal with ByteDance, while Marvell Technology, a US chip company, ended 6% higher.

Brent crude rose about 4% after the US military carried out strikes in Iran, adding to uncertainty over whether a deal would be reached soon to end the war and reopen shipping flows through the Strait of Hormuz.

Investors also tracked earnings. London Stock Exchange Group data showed first-quarter earnings growth is expected to reach 29% year on year, up from an estimate of 16.1% a month earlier.

🔗 Source: Reuters