Key Highlights
- Both the S&P 500 and Nasdaq composite achieved record intraday and closing highs on Friday, gaining approximately 0.5% and 1% respectively.
- The Dow Jones Industrial Average dipped roughly 0.1%, weighed down by declines in Amgen, Home Depot, and Sherwin-Williams.
- Apple (AAPL) shares soared 4% following quarterly results that exceeded analyst expectations.
- Moderna (MRNA) rallied 3% after reporting better-than-anticipated international COVID vaccine revenue.
- The S&P 500 concluded its strongest monthly performance since 2020, with both the S&P and Nasdaq reaching unprecedented closing levels.
Major U.S. equity indexes pushed to fresh record territory on Friday, propelled by a wave of positive earnings reports that bolstered market sentiment as traders headed into a new month.
The benchmark S&P 500 index advanced approximately 0.5% to close near 7,246, while the tech-heavy Nasdaq composite surged 1% to finish around 25,149. Both benchmarks reached unprecedented intraday peaks and ended the session at all-time closing highs. Meanwhile, the Dow Jones Industrial Average declined about 0.1% to settle near 49,620.
Shares of Apple climbed 4% after the tech giant delivered quarterly financial results that surpassed Wall Street forecasts. The performance added momentum to a week already buoyed by encouraging earnings from several Magnificent Seven technology companies.
Moderna stock advanced 3% following the biotech company’s revenue beat, powered by robust COVID vaccine sales in international markets. The results provided an unexpected positive development for the company amid challenging market conditions.
Energy giants Exxon Mobil and Chevron delivered earnings that topped forecasts but fell short on revenue expectations. Supply disruptions related to Middle East tensions and delayed oil shipments at the Strait of Hormuz negatively impacted their revenue figures.
Crude oil remained elevated above the $100 per barrel threshold after President Trump verified that the U.S. naval blockade targeting Iran would remain in effect. Precious metals markets also saw heightened activity as geopolitical tensions kept investors on edge.
Blue-Chip Index Struggles to Maintain Gains
The Dow Jones Industrial Average saw its morning surge of over 300 points evaporate during afternoon trading. By market close, the index had slipped into negative territory.
Weakness in Amgen, Home Depot, and Sherwin-Williams — each falling more than 1% — dragged the index lower. The Dow’s price-weighted methodology means these expensive stocks exerted outsized influence on overall performance.
By contrast, the S&P 500 and Nasdaq avoided such headwinds. Widespread strength across technology and software sectors propelled both indexes higher.
Technology Sector Powers Market Advance
The iShares Expanded Tech-Software Sector ETF jumped 3.1% during Friday’s session. The iShares Semiconductor ETF posted a more modest 0.6% gain.
Such broad-based strength across technology segments underscores the extent to which artificial intelligence investment themes continue driving market dynamics.
The S&P 500 just completed its most impressive monthly gain since 2020. Even with persistent uncertainty surrounding Middle East conflicts, all three major benchmarks remain well above their 2026 opening levels.
Corporate earnings have proven resilient thus far this reporting season. The diverse results from Apple, Moderna, Exxon, and Chevron demonstrated the market’s ability to weather significant challenges without breaking down.
The U.S. dollar strengthened on Friday amid ongoing uncertainty regarding the Iran situation. Treasury yields held relatively stable following a brief jump in Brent crude earlier in the week.
By Friday’s closing bell, the S&P 500 registered at 7,246, the Nasdaq composite at 25,149, and the Dow Jones Industrial Average at 49,620.
