SPY is extending its recent rally after closing at $771.33 on August 4, 2026, up 1.80%, with pre-market trading near $772.55. The move is driven mainly by easing geopolitical tensions around Iran and the Strait of Hormuz, which have pushed oil prices lower and reduced inflation worries. Strong earnings from large technology and AI-related companies are amplifying gains, lifting the index’s heavily tech-weighted sectors and helping the S&P 500 trade near record levels.