The S&P 500 index climbed to another record high on Tuesday, rising 0.81% to close at 7,259.22, as easing oil prices and upbeat earnings continued to fuel the market rally.

The Polygon-based Polymarket crowd is overwhelmingly bullish heading into Wednesday. The May 6 market shows about 88% odds of an "Up" open for the benchmark index.

Why That Number Matters

Markets continue to respond positively to signs of de-escalation in the Middle East, alongside strong corporate earnings.

Investor sentiment improved further after President Donald Trump said "Great Progress" had been made toward reaching an agreement with Iran, adding that the U.S. would pause "Project Freedom," the initiative aimed at escorting stranded ships through the Strait of Hormuz.

Oil prices fell for a second straight session following the comments, helping to support risk appetite and easing concerns about energy-driven inflationary pressures.

The latest leg higher in equities has also been powered by earnings. Roughly 84% of S&P 500 companies reporting so far have beaten expectations, according to FactSet data.

Chip stocks remained a key driver of momentum. In extended trading, Advanced Micro Devices (AMD) surged after issuing strong guidance, while investors also reacted to fresh AI-related optimism across the broader semiconductor sector.

Markets are now awaiting earnings from companies such as Walt Disney (DIS), CVS Health (CVS), and Uber Technologies (UBER), along with the April ADP private payrolls report.

The Bull Case

Futures were higher early Wednesday, with S&P 500 futures rising 0.28%. Broader risk sentiment also improved globally as investors continued piling into AI-linked trades and semiconductor stocks.

Samsung Electronics (SSNLF) reached $1 trillion in its market capitalization on Wednesday as the Korean chipmaker's shares rose over 15%.

How The Previous Bet Played Out: Polymarket did not list a May 5 S&P 500 opening bet, and the company did not publicly provide a reason for the absence despite user queries online.

The S&P 500 opened Tuesday at 7,233.62, above the prior close of 7,200.75, meaning the May 4 Polymarket bet resolved "Up," with traders correctly anticipating a higher open.