New York/Seoul: Markets in the United States, Japan, South Korea and Taiwan reached record highs on Wednesday, May 6, 2026, despite energy and shipping disruptions from the Iran war.
The S&P 500 rose to 7,273, while the NASDAQ-100 hit 28,298. In Asia, Japan’s Nikkei 225 reached 61,402, South Korea’s KOSPI rose nearly 7% to a record, and Taiwan’s TAIEX touched 40,885.
The rally came as the Strait of Hormuz disruption affected an estimated 10 million to 12 million barrels of oil a day. Around 80% of the oil and oil products that normally move through the waterway go to Asia.
Technology and artificial intelligence-linked shares led the gains. Alan McIntosh, chief investment officer at Quilter Cheviot Europe, said SK Hynix and Samsung account for 44% of South Korea’s market, while TSMC accounts for 45% of Taiwan’s market.
Big Tech and hyperscalers, including Amazon and Google parent Alphabet, supported the US rally by investing in artificial intelligence infrastructure.
First-quarter earnings also beat expectations. Analysts expected S&P 500 companies to report 13% earnings growth, but they delivered 28%, led by strong positive surprises from the technology sector.
Russ Mould, investment director at AJ Bell, said a short squeeze added momentum after hedge funds and algorithm-driven traders covered bearish positions taken during the March sell-off.
Investors are also betting that diplomacy could ease the Strait of Hormuz crisis and that central banks may respond if higher energy costs weaken growth.