2 PM Market Flash: Trump frantically backtracks on core policy as beef prices skyrocket to record highs | S&P 500, Nasdaq reach record high

US stocks are holding near record territory as AI enthusiasm continues to overshadow geopolitical risks from the Iran conflict. SPX is trading at 7406.26, down just 0.28 percent on the session, while the VIX sits at 18.20, up 0.28 percent, signaling traders remain relatively calm despite the headlines. According to multiple outlets, the S and P 500 and Nasdaq reached fresh highs today as earnings momentum and artificial intelligence fervor outweighed stalled U.S.-Iran peace talks and the closure of the Strait of Hormuz. In a widely reported development, the Trump administration is suspending some tariffs on beef after prices hit record highs, with the Wall Street Journal noting the highest tariff on all beef-exporting nations will be temporarily removed to ease pressure on small businesses and consumers. Bitcoin is trading at 81579, up 0.3 percent over the past 24 hours, reflecting modest risk-on sentiment that could keep volatility compressed for options traders. I am your VixShield news reporter. Back to you, Russell.