TLDR
- Major indices delivered mixed results Friday, with the S&P 500 climbing approximately 0.5% and the Nasdaq advancing nearly 1% to fresh record intraday levels.
- The Dow Jones Industrial Average declined roughly 0.1%, weighed down by weakness in Amgen, Home Depot, and Sherwin-Williams.
- Apple (AAPL) surged 4% following quarterly results that exceeded Wall Street expectations.
- Moderna (MRNA) climbed 3% after reporting better-than-anticipated international COVID vaccine revenue.
- Both the S&P 500 and Nasdaq concluded April with their strongest monthly performance since 2020, ending at all-time record closing levels.
Major U.S. equity benchmarks reached fresh all-time highs on Friday, propelled by a robust wave of corporate earnings that reinforced investor optimism as the calendar turned to May.
The S&P 500 gained approximately 0.5% to settle near 7,246, while the Nasdaq Composite surged 1% to close around 25,149. Both benchmarks established new intraday records and finished at unprecedented closing levels. Meanwhile, the Dow Jones Industrial Average edged down roughly 0.1% to end near 49,620.
Apple stock soared 4% after delivering quarterly earnings that topped analyst projections. The tech giant’s performance capped off a week already buoyed by impressive results from several Magnificent Seven members.
Moderna shares rose 3% following a revenue report that exceeded forecasts, powered by international COVID vaccine sales that came in ahead of expectations. The results provided a welcome positive development for the biotech firm after a challenging period.
Exxon Mobil and Chevron delivered earnings that surpassed estimates but fell short on revenue targets. Operational challenges stemming from Middle East tensions and petroleum shipments delayed at the Strait of Hormuz pressured revenue figures for both energy giants.
Oil prices remained elevated above $100 per barrel after President Trump reaffirmed the continuation of the U.S. naval blockade targeting Iran. Precious metals markets also saw heightened activity as geopolitical tensions kept investors on edge.
Dow Left Behind
The Dow’s strong opening, which saw gains exceeding 300 points, gradually evaporated throughout the trading session. By the closing bell, the blue-chip index had dipped into negative territory.
The benchmark’s decline was driven by underperformance in Amgen, Home Depot, and Sherwin-Williams — each dropping at least 1%. Given the Dow’s price-weighted methodology rather than market capitalization weighting, these high-dollar stocks exerted outsized downward pressure.
The S&P 500 and Nasdaq avoided this headwind. Both indices benefited from widespread strength across technology and software sectors.
Tech and Software Lead the Way
The iShares Expanded Tech-Software Sector ETF climbed 3.1% during Friday’s session. The iShares Semiconductor ETF gained 0.6%.
This broad-based sector strength underscores the extent to which current market momentum remains anchored to AI-related technology investments.
The S&P 500 completed its strongest monthly performance since 2020. Even amid persistent volatility connected to Iranian tensions, all three principal indices remain comfortably above their 2026 starting points.
Corporate earnings season has demonstrated resilience thus far. The diverse results — spanning Apple, Moderna, Exxon, and Chevron — illustrated a market successfully managing legitimate challenges without breaking down.
The U.S. dollar strengthened on Friday with no diplomatic breakthrough emerging regarding Iran. Treasury yields held relatively stable following a temporary surge in Brent crude earlier in the week.
As Friday afternoon trading concluded, the S&P 500 registered 7,246, the Nasdaq settled at 25,149, and the Dow closed at 49,620.
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