TLDR
- The S&P 500 advanced approximately 0.5% while the Nasdaq surged roughly 1%, with both benchmarks achieving record intraday peaks on Friday’s session.
- The Dow Jones declined approximately 0.1%, weighed down by weakness in Amgen, Home Depot, and Sherwin-Williams.
- Apple (AAPL) stock rallied 4% following better-than-anticipated quarterly results.
- Moderna (MRNA) stock advanced 3% after reporting robust COVID vaccine revenue from international markets.
- The S&P 500 concluded its strongest monthly performance since 2020, with both the S&P 500 and Nasdaq closing at all-time record levels.
Major U.S. equity benchmarks posted impressive gains on Friday, with the S&P 500 and Nasdaq reaching unprecedented heights as corporate earnings season continued to deliver positive surprises that bolstered investor sentiment entering the new month.
The benchmark S&P 500 index gained approximately 0.5%, settling near the 7,246 mark. The tech-heavy Nasdaq Composite surged 1%, closing at approximately 25,149. Both major indexes established new all-time intraday and closing records. Meanwhile, the Dow Jones Industrial Average dipped roughly 0.1%, finishing the session near 49,620.
Apple stock surged 4% after the tech giant delivered quarterly earnings that exceeded Wall Street expectations. This performance capped off a week already energized by a series of positive earnings reports from several Magnificent Seven companies.
Moderna stock climbed 3% following a revenue beat that came on the back of better-than-anticipated COVID vaccine sales in overseas markets. The results provided an unexpected positive development for the biotech firm, which has navigated challenging market conditions recently.
Exxon Mobil and Chevron delivered earnings that surpassed analyst expectations but fell short on revenue projections. Both energy giants faced production challenges linked to Middle East tensions and oil shipment delays caused by disruptions around the Strait of Hormuz.
Oil prices maintained levels above $100 per barrel following President Trump’s confirmation that the U.S. naval blockade targeting Iran would remain in effect. Gold markets also experienced heightened activity as geopolitical tensions kept market participants on edge.
Dow Left Behind
The Dow Jones Industrial Average saw its early session gains of over 300 points evaporate as the trading day progressed. By the closing bell, the blue-chip index had slipped into negative territory.
The index faced pressure from declining shares of Amgen, Home Depot, and Sherwin-Williams — each falling 1% or more. Given the Dow’s price-weighted methodology rather than market capitalization weighting, these higher-priced components exerted outsized influence on the index’s performance.
The S&P 500 and Nasdaq avoided similar headwinds. Both indexes benefited from widespread strength across technology and software sectors.
Tech and Software Lead the Way
The iShares Expanded Tech-Software Sector ETF jumped 3.1% during Friday’s trading session. The iShares Semiconductor ETF posted a gain of 0.6%.
This broad-based sector strength underscores how significantly the market’s current momentum depends on AI-related technology investment and spending.
The S&P 500 just completed its most impressive monthly advance since 2020. Despite persistent uncertainty stemming from the Iran conflict, all three major U.S. indexes remain well above their 2026 starting points.
Corporate earnings season has demonstrated resilience thus far. The diverse range of results — spanning Apple, Moderna, Exxon, and Chevron — illustrated a market successfully managing significant challenges without experiencing a breakdown.
The U.S. dollar strengthened on Friday amid continuing uncertainty regarding the Iran situation. Treasury yields remained relatively stable following a temporary spike in Brent crude oil prices earlier in the week.
As of Friday’s market close, the S&P 500 stood at 7,246, the Nasdaq Composite at 25,149, and the Dow Jones Industrial Average at 49,620.
