The S&P 500 recorded its 25th record close of the year, the first since June 2. The Nasdaq has rebounded nearly 10% from its low last week. The immediate catalysts for this rally include US Treasury Secretary Bessent's statement that a deal with Iran could be reached "today or tomorrow," which sent oil prices down about 6%, leading to a decline in inflation expectations and lower government bond yields. Additionally, the Magnificent Seven (Mag 7) tech giants surged nearly 10% in four days, with Amazon's market cap returning to $3 trillion and NVIDIA's market cap reclaiming $5 trillion, making a broad recovery in the tech sector the core driver of the index's breakthrough. Market sentiment quickly shifted from extreme pessimism to widespread buying, with short covering also contributing to the rally.