The blue-chip Dow touched an intraday record high on Tuesday as oil prices slid further on optimism around a U.S.-Iran peace deal, while SpaceX surpassed Amazon’s market value to become the fifth-most valuable U.S. firm.

Shares of SpaceX climbed almost 9.5%, helping the company overtake Amazon’s market value.

The Elon Musk-led company said it would acquire software firm Anysphere for $60 billion in a bid to ramp up its presence in the enterprise AI market.

Memory chip stocks rose, with Western Digital and Seagate Technology adding 9% and 6%, respectively.

Still, the S&P tech index was down 0.5% after a sharp rally in the previous session.

Seven out of 11 major S&P 500 sector indexes moved higher as investors rotated into economically sensitive pockets of the market. Financial shares led gains with a 1.1% rise.

Goldman Sachs gained 1.3%, aiding the Dow, while JPMorgan and Bank of America added 1.8% and 1.2%, respectively.

The energy index lost 0.4% as oil prices dropped to nearly a three-month low.

U.S. stocks rallied in the previous session after U.S. President Donald Trump said a preliminary agreement to end the conflict had been signed.

Still, doubts swirled around the deal as shippers said it could take weeks for confidence to return after any reopening of the Strait of Hormuz.

Markets will next turn to the Federal Reserve’s monetary policy decision on Wednesday. The central bank is widely expected to hold interest rates at the 3.50-3.75% range, with investors closely watching Warsh’s comments on inflation, unemployment and the economic outlook.

“All eyes are on Warsh’s press conference, guidance and expectations for the market. But given the (U.S.-Iran) deal seems to be inked he has a little bit more latitude to be balanced,” said Thomas Hayes, chairman at Great Hill Capital.

“Historically, the market gets tested with a new Fed chair in the first year or so. There’s usually some market volatility.”

Inflation, in particular, is stuck more than a percentage point above the Fed’s 2% target, and Warsh’s characterization of whether and when it is likely to fall will be a key first step in the evolution of monetary policy under his leadership.

Traders see a 42% chance of a 25-basis-point rate hike in December, as per CME Group’s FedWatch tool, with rate cuts seen coming only after mid-2027.

At 9:42 a.m. ET the Dow Jones Industrial Average rose 360.77 points, or 0.70%, to 52,031.80, the S&P 500 gained 7.49 points, or 0.10%, to 7,561.78 and the Nasdaq Composite gained 35.07 points, or 0.13%, to 26,719.01.

The benchmark S&P 500 was also near early June record highs after a slump driven by concerns about high valuations in the technology sector and the U.S.-Iran conflict.

Qualcomm rose 3.6% after the Information reported that the chipmaker was in talks to acquire AI chip startup Tenstorrent for $8 billion to $10 billion.

Robinhood was up 1.1% as the trading platform said it would cut 10% of its full-time workforce and close remaining open roles.

Advancing issues outnumbered decliners by a 2.19-to-1 ratio on the NYSE and by a 1.39-to-1 ratio on the Nasdaq.

The S&P 500 posted 12 new 52-week highs and no new lows, while the Nasdaq Composite recorded 46 new highs and 31 new lows.

(Reporting by Sruthi Shankar and Twesha Dikshit in Bengaluru; Editing by Maju Samuel)