00:00The Dow closed at a record on Wednesday on signs of progress for a peace deal with Iran,
00:05while the Nasdaq saw its first decline in five sessions as SpaceX and EMD stumbled following their quarterly earnings.
00:14A proposed deal between Iran and Oman would give Tehran control over ships entering the Gulf through the Strait of
00:21Hormuz,
00:22a senior Iranian source and two regional officials told Reuters in one of the biggest concessions yet to Iran.
00:30I think we've seen a rally in technology names.
00:35We've seen very good earnings coming out of a lot of companies, even outside of the technology sector.
00:40And I think that that's really caused the market as a whole to have good positive momentum.
00:49A lot of the rebound we've seen in the technology stocks, believe it or not, has to do with the
00:54wind down of the situational awareness hedge fund.
00:58He was a forced seller, and now that forced seller is no longer in the market.
01:02There's a lot of buyers who were just looking for a good entry point in a lot of these names,
01:07and this gave them the opportunity.
01:09So it's really helped buoy these stocks to higher levels.
01:13And the valuations are attractive, even in the mega caps and in the hyperscalers.
01:19The valuations are attractive.
01:21The earnings have been good.
01:22And I think that momentum has really helped the overall market this week.
01:27The majority of his book were NVIDIA, Marvell, Palantyne, all the names you would expect.
01:34He also had some shares in private companies like Anthropic.
01:39And so those are all things that put pressure on technology stocks last week and in the beginning of this
01:45week.
01:45But removing a forced seller from the market has allowed for buyers to come in to take advantage of the
01:54lower prices and buy the dip, if you will.
01:58Stocks rallied to the start of the week, with the Dow and S&P 500 closing at records on Tuesday
02:03as oil prices and U.S. treasury yields dropped on hopes peace stocks could lead to a deal,
02:09easing inflation pressures and lowering expectations for a rate hike from the Federal Reserve.
02:13The S&P 500 lost 12.97 points to end at 7,723.55 points, while the Nasdaq Composite lost
02:22221.55 points to 26,363.44.
02:28The Dow Jones Industrial Average rose 263.24 points to 54,349.12.
02:37The Dow Jones Industrial Average
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