TLDR
- The S&P 500 advanced approximately 0.5% while the Nasdaq climbed roughly 1%, with both reaching fresh intraday records on Friday.
- The Dow Jones declined about 0.1%, weighed down by weakness in Amgen, Home Depot, and Sherwin-Williams.
- Apple (AAPL) rallied 4% following quarterly earnings that exceeded analyst expectations.
- Moderna (MRNA) climbed 3% after international COVID vaccine sales surpassed forecasts.
- The S&P 500 completed its strongest monthly performance since 2020, with both the S&P and Nasdaq achieving record closing levels.
Major U.S. equity indexes posted impressive gains on Friday, with the S&P 500 and Nasdaq reaching unprecedented highs as robust corporate earnings reinforced optimistic sentiment entering May.
The S&P 500 climbed approximately 0.5% to settle near 7,246. The Nasdaq advanced 1%, closing around 25,149. Each benchmark achieved new intraday peaks and concluded the session at all-time closing highs. The Dow Jones edged down roughly 0.1%, finishing near 49,620.
Apple stock surged 4% after the tech giant delivered quarterly financial results that topped Wall Street projections. The performance continued the momentum from a week already boosted by encouraging Magnificent Seven earnings reports.
Moderna shares advanced 3% following revenue figures that exceeded analyst estimates, propelled by robust international COVID vaccine demand. The results offered an encouraging development for the biotech company during a challenging period.
Exxon Mobil and Chevron each delivered earnings that surpassed expectations while revenue fell short of forecasts. Operational challenges related to Middle East tensions and petroleum shipments delayed behind the Strait of Hormuz impacted revenue figures for both energy giants.
Oil prices maintained levels above $100 per barrel following President Trump’s announcement that the U.S. naval blockade targeting Iran would remain in effect. Gold markets experienced heightened activity as geopolitical tensions kept investors on edge.
Dow Left Behind
The Dow Jones initial surge exceeding 300 points gradually evaporated during afternoon trading. By market close, the blue-chip index had turned marginally negative.
Downward pressure came from Amgen, Home Depot, and Sherwin-Williams — each declining 1% or more. The Dow’s price-weighted methodology means these expensive stocks exert disproportionate influence compared to market capitalization-weighted indexes.
The S&P 500 and Nasdaq avoided similar challenges. Both benefited from widespread gains across software and technology 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%.
Such broad-based sector strength demonstrates how significantly the market’s current trajectory depends on AI-related technology investments.
The S&P 500 concluded its most impressive monthly gain since 2020. Despite persistent uncertainty surrounding the Iran conflict, all three primary indexes remain well above their 2026 starting levels.
Corporate earnings season has delivered solid performance through the initial reporting period. The diverse results — spanning Apple, Moderna, Exxon, and Chevron — demonstrated market resilience amid legitimate economic challenges.
The U.S. dollar strengthened Friday as the Iran situation remained unresolved. Treasury yields held relatively stable following a temporary jump in Brent crude pricing earlier during the week.
At Friday’s closing bell, the S&P 500 registered 7,246, the Nasdaq reached 25,149, and the Dow settled at 49,620.
