The big three indexes closed higher again yesterday, with each one making a new all-time high in the process.

While the fragile ceasefire technically appears to still be in place, the exchange of fire between Iran and the U.S. also intermittently continues. The latest came when the U.S. conducted "self-defense" strikes on Iranian radar and drone sites, after Iran shot down a U.S. drone operating over international waters.

Nonetheless, peace negotiations continue.

Although, President Trump has yet to make a final determination on last week's "memorandum of understanding," which would formally extend the ceasefire for 60 days, while the two sides continue negotiations on Iran's nuclear program. It also would begin the process of reopening the Strait of Hormuz, with Iran removing their mines within 30 days, followed by the U.S. gradually lifting their naval blockade.

While everything continues to move forward informally, in spite of plenty of uncertainty surrounding the state of the talks, it's clear that neither side appears anxious to resume full-fledged hostilities. And for that, the market has continued to respond favorably.

In other news, it was announced that Israel and Hezbollah have agreed to a ceasefire. Something Iran has asked for, and which has threatened to upend U.S. talks without it.

Getting back to the markets, the record AI-driven rally continues.

That was further underscored yesterday with AI-related names Nebius gaining 14.46%, Sandisk adding 3.92%, ARM Holdings rallying 15.73%, Micron up 6.64%, and Dell up 10.70%, to name a handful.

Even though earnings season is winding down, we heard from Hewlett Packard after the close, and they posted a positive EPS surprise of 46.3%, and a positive sales surprise of 8.74%. That translated to a quarterly EPS growth rate of 107.9% vs. this time last year, and a sales growth of 40.0%. They cited an expansion of AI data centers as boosting demand for its servers and networking products. They also said that AI orders and AI backlog nearly doubled. They lifted full-years EPS guidance to a midpoint of $3.40 vs. estimates for a midpoint of $2.40. And they lifted their full-year revenue growth outlook to 29%-33% from 17%-22%. They were up 9.20% in the regular session before earnings, and soared by another 27% in after-hours trade following earnings.

Today we'll hear from another 84 companies on deck to report, including AI-related Palo Alto Networks after the close.

Additionally, on Wednesday, we'll hear from Broadcom and CrowdStrike.

Separately, it was reported that Anthropic had confidentially filed for its IPO yesterday. That comes on the heels of OpenAI's reported confidential filing on May 22. OpenAI's target listing window is reported to be September. That could put Anthropic's window in August (at the earliest) to October. But Anthropic said the timing "will depend on market conditions and other factors." So we shall see.

The other widely anticipated IPO this year is SpaceX. Their listing date is currently scheduled for June 12. And they are expected to be the largest IPO in history.

On the economic report front today, we'll get Motor Vehicle Sales, and the Job Openings and Labor Turnover Survey report (or JOLTS for short).

But the report everybody is really waiting for is this week's always important Employment Situation report on Friday.

In the meantime, we'll see if the markets can continue their winning streak and historic rally.

See you tomorrow,