S&P, Nasdaq close at records on Iran ceasefire extension, earnings

STORY: U.S. stocks ended higher on Wednesday, with the Dow adding about seven-tenths of a percent, the S&P 500 rising 1% and the Nasdaq climbing more than 1.6%.The gains pushed the S&P 500 and Nasdaq to record closing highs.Investor optimism was fueled by President Donald Trump's extended ceasefire with Iran, along with a round of solid corporate earnings.Shares of Tesla climbed about 4.5% in extended trading after the EV maker reported a surprise positive free cash flow in the first quarter.Tech in general had a strong session, led by gains in chip stocks such as Micron Technology, which surged 8.5% to close at a record high. That helped the Philadelphia Semiconductor Index hit an intraday record for an 11th straight session and notch its 16th straight day of gains - its longest streak ever.Mike Mussio is president of FBB Capital Partners."Big tech earnings are gonna be next week, but we're starting to see some of the things within that AI complex start to announce. All signs are pretty much full speed ahead as far as we know in terms of the AI capital spend, and that's pulling stocks in general and the Nasdaq, the tech-heavy Nasdaq up as well. And some of these chip companies that hadn't moved much - Nvidia being the most obvious - over the course of six months or so, from September to March, have all of a sudden started moving in a pretty big way in the last four weeks.":: ServiceNowOn the downside, however, shares of ServiceNow plummeted 13% in extended trading after the software company said its first-quarter subscription revenue growth was impacted by the delayed closure of several large deals due to the ongoing conflict in the Middle East.Elsewhere in the market, shares of Lululemon Athletica, down 2% at the close, tumbled another 5% in extended trading after the company picked former top Nike executive Heidi O'Neill as its next chief executive. The move comes as the retailer faces pressure from its founder and a large activist investor to revive its struggling business.