Despite geopolitical tensions in Iran disrupting energy markets, US equities soar to record highs, driven by strong corporate earnings, technological dominance, and investor faith in AI’s long-term growth prospects.
The war in Iran has unsettled energy markets, raised the cost of oil and fuel, and prompted warnings from the International Monetary Fund that growth could slow while inflation picks up. Yet equity investors appear to be looking past the disruption. In the US, the Nasdaq has surged back to record territory, with the S&P 500 also hitting a fresh high, as traders bet that the conflict will not derail corporate earnings for long.
According to NZZ, that optimism is being driven by faith in two things at once: a swift easing of the geopolitical shock and a longer-lasting payoff from artificial intelligence. The newspaper said the Nasdaq has now strung together one of its strongest winning runs in decades, while the broader market has also advanced sharply over the past year and beyond.
That rally looks expensive by traditional measures. NZZ noted that the S&P 500 is trading on a price-to-earnings ratio well above its decade average, but it also cited UBS, which argues that company profits are still expanding quickly enough to support current valuations. Even so, most of the earnings momentum is concentrated in a narrow group of stocks, especially large chipmakers and energy companies.
The same concentration of gains helps explain why investors remain willing to pay up for the biggest US technology names. A Federal Reserve Bank of Minneapolis analysis suggests digitalisation could allow firms to generate higher cash flow on invested capital than in the past, while the platform economy may reinforce dominant companies’ pricing power. That is the logic underpinning the huge market capitalisations of firms such as Nvidia and Apple: to justify them, they must keep producing exceptional profits for years. For now, even war-related turbulence has not knocked that thesis off course.
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Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
7
Notes:
The article references recent market developments, including record highs in the S&P 500 and Nasdaq, and mentions the Iran conflict and AI optimism. However, the specific publication date of the original article is not provided, making it challenging to assess its freshness accurately. The latest available data from April 2026 indicates that the S&P 500 and Nasdaq Composite reached record highs on April 23, 2026, driven by optimism for U.S.-Iran peace talks and strong tech earnings. ([investing.com](https://www.investing.com/news/stock-market-news/wall-st-futures-rise-after-trump-touts-israellebanon-ceasefire-extension-4634505?utm_source=openai)) Additionally, the Nasdaq Composite reached a record high on April 23, 2026, amid rising oil prices due to the Iran conflict. ([kvia.com](https://kvia.com/news/business-technology/cnn-business-consumer/2026/04/23/stocks-are-at-record-highs-and-shrugging-off-the-war-with-iran/?utm_source=openai)) The article also discusses AI momentum, noting that the Nasdaq Composite reached its highest level since February 2025, despite evidence of slowing economic activity. ([ubs.com](https://www.ubs.com/global/en/wealthmanagement/insights/marketnews/article.2277868.html?utm_source=openai)) Given the lack of a specific publication date, it’s difficult to determine if the content is recycled or outdated.
Quotes check
Score:
5
Notes:
The article includes direct quotes from UBS and the Federal Reserve Bank of Minneapolis. However, the earliest known usage of these quotes cannot be determined due to the absence of specific publication dates. Without this information, it’s challenging to verify the originality of the quotes. The lack of verifiable sources for these quotes raises concerns about their authenticity.
Source reliability
Score:
6
Notes:
The article cites UBS and the Federal Reserve Bank of Minneapolis, both reputable institutions. However, the absence of specific publication dates and the lack of verifiable sources for the quotes diminish the overall reliability of the content. The lack of verifiable sources for these quotes raises concerns about their authenticity.
Plausibility check
Score:
7
Notes:
The article discusses plausible market dynamics, including the impact of the Iran conflict on oil prices and the influence of AI on tech stocks. However, the lack of specific publication dates and verifiable sources for the quotes makes it difficult to fully assess the accuracy of the claims. The absence of verifiable sources for these quotes raises concerns about their authenticity.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article presents plausible market dynamics but lacks specific publication dates and verifiable sources for its quotes, raising concerns about its freshness and reliability. The absence of verifiable sources for these quotes diminishes the overall reliability of the content.
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