The Globe and Mail reports in its Wednesday, May 6, edition that the S&P 500 and Nasdaq reached record highs on Tuesday, driven by Intel and other artificial intelligence stocks, while a U.S.-Iran ceasefire and strong earnings boosted investor confidence. A Reuters dispatch to The Globe reports that in contrast, the TSX fell due to a significant drop in Shopify shares after its earnings report. Washington said Tuesday that its ceasefire with Iran remains intact, easing concerns that both sides' efforts to control the Strait of Hormuz would lead to escalating hostilities. Investors were focused on AI-related companies. Intel surged 13 per cent in regular trading after it was reported that Apple had held exploratory discussions about enlisting the company's chipmaking services to produce the main processors for its devices. The PHLX chip index jumped 4.2 per cent to a record high, and the index is now up 55 per cent in 2026. S&P 500 companies are on track to post earnings growth of 28 per cent year-over-year for the first quarter, the strongest quarterly profit growth since 2021. The S&P/TSX Composite Index ended down 71.96 points, or 0.2 per cent, at 33,566.91, adding to its declines on Friday and Monday.