Trump's Iran War 'Close To Over' Prediction, Bank Earnings Lift S&P 500, Nasdaq To Record Highs: These ETFs Gain

U.S. stocks rallied on signs of a potential end to the Iran conflict and on a strong start to the first quarter earnings season.

The S&P 500 closed above 7,000 for first time on Wednesday and hit its first closing high since January. The index gained 3% so far this week. The Nasdaq Composite Index hit new all-time highs, extending its winning streak to 11 consecutive sessions. The tech-heavy index has risen 5% week-to-date.

President Donald Trump said in an interview with FOX Business anchor “Mornings on Maria” on Wednesday that the Iran war is "very close to over" with Tehran vying for a peace deal.

Big banks were off to a strong start to earnings season with Bank of America (NYSE:BAC), Morgan Stanley (NYSE:MS), and JPMorgan (NYSE:JPM) reporting stronger-than-expected earnings.

We have highlighted three ETFs that reached new all-time highs on Wednesday:

ETFs	All-Time High	YTD Price Performance
QQQ	$637.83	23.1%
SPY	$700.28	18.0%
QTUM	$123.50	13.7%

Invesco QQQ Trust Series 1 (NASDAQ:QQQ)

This ETF offers exposure to companies at the forefront of innovation across a diverse range of sectors by tracking the Nasdaq-100 Index.

QQQ surged 1.4% on Wednesday. Its top holdings – Nvidia Corp. (NASDAQ:NVDA) and Apple Inc. (NASDAQ:AAPL) – rose 1.2% and 2.94%, respectively.

SPDR S&P 500 ETF Trust (NYSE:SPY)

SPY is the oldest ETF and tracks the S&P 500 Index. Robinhood Markets Inc (NASDAQ:HOOD) and DoorDash Inc. (NASDAQ:DASH) were the top-performing stocks in the ETF portfolio.

SPY was up 0.8% on Wednesday. HOOD and DASH gained 10.4% and 10%, respectively.

Defiance Quantum ETF (NASDAQ:QTUM)

QTUM provides exposure to companies in the global quantum computing and machine learning industries. It follows the BlueStar Machine Learning and Quantum Computing Index.

Most quantum computing stocks scored double-digit gains on Wednesday, driven by Nvidia's launch of new quantum AI models and IONQ Inc. (NYSE:IONQ) Defense Advanced Research Projects Agency contract win.

QTUM gained 1.09% on Wednesday. IONQ shares surged 20.93%. Other stocks in the QTUM portfolio, such as Rigetti Computing (NASDAQ:RGTI), D-Wave Quantum (NYSE:QBTS), and Quantum Computing (NASDAQ:QUBT), also ended higher, going up by 13.3%, 22.6% and 15.9%, respectively.

Benzinga Edge Stock Rankings indicate that QQQ, SPY and QTUM ETF has a Momentum score in the 61th percentile, 54th percentile and 79th percentile, respectively. All three funds are trending strongly across short, medium, and long-term time frames.  

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