The S&P 500 and the Nasdaq notched record highs on Friday amid a rally in AI-related stocks, a stronger-than-expected jobs report, and stronger oil prices. The gains in the technology sector led to the highest single-session gain for the Nasdaq since October 2024. The Philadelphia Semiconductor index jumped, bringing its gain so far in the second quarter to 55%. The stock market resilience, driven by strong earnings reports from US companies, was noted against the backdrop of a Middle East conflict and rising oil prices.
Trading information displayed on a screen on the floor of the New York Stock Exchange. The S&P 500 has now gained 8% in 2026, while the Nasdaq has rallied 13%.
BENGALURU: The S&P 500 and the Nasdaq notched record highs on Friday, boosted by gains in Nvidia, Sandisk and other AI-related stocks, while a stronger-than-expected jobs report pointed to labour market resilience. Nvidia climbed 1.8%, while memory and storage sellers Micron Technology and Sandisk soared more than 15% each, lifted by strong demand from the rapid buildout of AI data centers. The Philadelphia SE Semiconductor index jumped, bringing its gain so far in the second quarter to 55%.
The S&P 500 and the Nasdaq have surged to record highs this week as investors focused on strong financial reports from US companies, setting aside concerns that high oil prices related to the Middle East conflict are fueling inflation. First-quarter S&P 500 earnings are on track to climb almost 29% year-over-year, with much of that growth fueled by Wall Street's AI-related heavyweights, according to LSEG.
'This is an economy that seems hard to wreck,' said Rob Williams, chief investment strategist at Sage Advisory Services in Austin, Texas. 'It's the productivity story, the spending, the consumer wealth effect and the earnings. ' Data showed US employment increased more than expected in April and the unemployment rate held steady at 4.3%, reinforcing expectations that the Federal Reserve would leave interest rates unchanged for some time.
Traders expect the central bank will hold interest rates steady in the 3.50% to 3.75% range until the end of the year. The S&P 500 climbed 0.84% to end the session at 7,398.93 points. The Nasdaq gained 1.71% to 26,247.08 points, while the Dow Jones Industrial Average rose 0.02% to 49,609.16 points. The S&P 500 technology index jumped 2.7%, while the utilities sector index fell 0.9%.
The S&P 500 and the Nasdaq notched their sixth straight weekly gains, the longest such winning streak since October 2024. The Dow has logged two consecutive weekly advances. The S&P 500 has now gained 8% in 2026, while the Nasdaq has rallied 13%. The earnings optimism helped investors look past fresh attacks between US and Iranian forces in the Gulf.
Brent crude LCOc1 rose above US$100 a barrel as hopes faded for a quick resolution to the Middle East conflict and the gradual reopening of the Strait of Hormuz, a key transit route for oil and liquefied natural gas. The US said it expected a response from Tehran to its latest proposal later on Friday. Of the 440 S&P 500 companies that have reported first-quarter results so far, 83% have topped analysts' earnings estimates, according to LSEG.
That compares with a long-term average of about 67%. However, there have been some earnings disappointments. CloudflareNET plunged 24% after the cloud services company said it would cut about 20% of its workforce and forecast second-quarter revenue slightly below Wall Street expectations. Trade Desk fell 1.8% after the ad-tech firm forecast second-quarter revenue below Wall Street estimates.
CoreWeave dropped11.4% after the cloud infrastructure technology company raised the lower end of its annual capital expenditure forecast, citing a rise in component costs. Online travel platform Expedia declined 9% after it flagged that the conflict in the Middle East was hurting demand. Declining stocks outnumbered rising ones within the S&P 500 by a 1.4-to-one ratio. The S&P 500 posted 28 new highs and 30 new lows; the Nasdaq recorded 134 new highs and 119 new lows.
Volume on US exchanges was relatively light, with 17.2 billion shares traded, compared to an average of 17.6 billion shares over the previous 20 sessions.
S&P 500 Nasdaq Record Highs Tech Stocks Labor Market Resilience AIG-Related Stocks Midterm Economic Indicators Oil Prices Middle East Conflict
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Median vs minimum: Why Malaysia’s RM3,500 wage target by 2030 matters for ordinary workersMalaysia targets RM3,500 median monthly wage by 2030 under 13MPMedian wage offers a clearer picture of typical earnings than average payPolicy push focuses on lifting incomes...
Read more »
Bursa opens marginally lower on FridayThe situation in the Middle East remains uncertain with the Brent crude prices still elevated at US$100 per barrel, while the US 10-year yield inched higher to 4.386%, says an analyst.
Read more »
Two mule account holders plead guilty, fined RM5,500 in totalCEBU: Under the sweltering heat in this central Philippine province known for its beaches, convoys swept down palm-lined roads carrying South-East Asian leaders bound for the Asean Summit.
Read more »
Police investigate social media posts linked to state unrestNegeri Sembilan police are investigating 49 reports related to social media content that could provoke public unrest. The cases are being probed under the Sedition Act, Penal Code sections 500 and 505(b), and the Communications and Multimedia Act. Offenders could face fines up to RM500,000 or imprisonment.
Read more »