Good morning and Happy Friday,

The S&P 500 continued to reach new record highs yesterday after resetting the history book on Wednesday. The index added 0.3%, the equal-weight rose 0.5% and the Russell climbed 0.2%. The modest gains occurred despite crude rising ~4%. That put the Energy sector in the lead for the day, with Real Estate, Tech and Utilities also among the leaders. Healthcare and Industrials were the main laggards. After a few days of incremental news flow on Iran, there been some major news over the past 24 hours. Yesterday a ceasefire between Israel and Lebanon was announced, paving the way for this morning’s news. Axios reported that the US was considering releasing $20 billion of Iran’s frozen funds in return for Iran giving up its enriched nuclear stockpile. That sent S&P futures up and crude down another level. Right after that news, Iran’s Foreign Minister Araghchi posted that in line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire…” S&P futures, already up modestly, ripped higher and oil fell out of bed.