The S&P 500 climbed to another record high on Tuesday, driven by a rally in technology stocks and optimism that negotiations between the U.S. and Iran could eventually lead to an end to the conflict.

The benchmark index gained 0.61% to close at 7,519.12. The May 27 Polymarket contract implied a roughly 61% probability that the S&P 500 would open higher on Wednesday.

Why That Number Matters

Technology stocks continue to power the market’s advance, helping push the S&P 500 and Nasdaq Composite to fresh intraday and closing records.

Micron Technology’s (NASDAQ:MU) shares surged 19% on Tuesday, topping $1 trillion in market capitalization for the first time and lifting sentiment across the semiconductor sector. Fellow memory-chip makers Seagate Technology (NASDAQ:STX) and ...