Good evening and welcome to Markets Desk, your close of business briefing on the stories moving markets and the world.
The S&P five hundred has printed a new record high, and Wall Street's consensus is that the bull market has room to run. The index has more than doubled since its last major bottom, and as it enters its fifth year, strategists are cautiously lifting their targets, though valuations leave little margin for error if earnings disappoint.
Shifting to geopolitics, Houthi missile activity is forcing airlines to abandon a critical flight corridor through Saudi airspace, severing a key route between two of the world's largest economies. The disruption compounds an already volatile global energy picture and is adding pressure to Republican candidates navigating a restless electorate ahead of the election.
And in the chip space, Elon Musk's Terafab project is now creating complications for Intel after initially supercharging the stock. Intel shares more than doubled in April after joining the foundry venture as its first major outside commitment, but Wall Street is now scrutinizing whether that relationship can hold, and whether Intel's manufacturing ambitions are truly back on solid footing.
That's the tape. Markets Desk, signing off the floor.
