New York, NY – April 24, 2026 – The S&P 500 Index ($SPX) concluded Friday’s trading session with a gain of 0.80%, while the Nasdaq 100 Index ($IUXX) posted a more substantial increase of 1.95%, propelling both benchmarks to record highs. The Dow Jones Industrial Average ($DOWI), however, saw a slight dip, closing down 0.16%. Futures markets also indicated a positive sentiment, with June E-mini S&P futures (ESM26) rising 0.72% and June E-mini Nasdaq futures (NQM26) advancing 1.86%.
Tech Sector Fuels Market Rally
The ascent of the major indices was significantly bolstered by robust performance in the technology sector. Intel (INTC) emerged as a standout performer, its stock soaring over 23% to a record high. This surge followed the semiconductor giant’s second-quarter revenue forecast of $13.8 billion to $14.8 billion, a projection that comfortably surpassed analyst expectations of $13.04 billion. Intel’s strong outlook has reignited optimism regarding the economic potential of artificial intelligence for semiconductor manufacturers.
Beyond Intel, other chipmakers also experienced notable gains. Advanced Micro Devices (AMD) and ARM Holdings Plc (ARM) both closed up more than 13%, while Qualcomm (QCOM) saw an increase of over 11%. KLA Corp (KLAC) rose more than 5%, and Nvidia (NVDA) added over 4% to its value. Lam Research (LRCX) and Micron Technology (MU) each gained more than 3%, with Applied Materials (AMAT) and ASML Holding NV (ASML) closing up over 2%.
Software stocks also contributed to the bullish momentum. ServiceNow (NOW) climbed more than 6%, while Atlassian (TEAM) and Cadence Design Systems (CDNS) each advanced over 5%. Workday (WDAY) was up more than 4%, and Intuit (INTU) saw a gain of over 3%. Microsoft (MSFT), Salesforce (CRM), Adobe Systems (ADBE), and Autodesk (ADSK) all finished the day with gains exceeding 2%.
Diplomatic Developments Offer Support
Adding to the positive market sentiment was a growing optimism surrounding potential diplomatic progress between the United States and Iran. Reports indicated that President Trump intends to dispatch two envoys to Pakistan for talks with Iranian officials over the weekend. The New York Times further reported that Iranian Foreign Minister Abbas Araghchi is scheduled to meet with a U.S. envoy in Islamabad on Saturday.
This diplomatic overture comes as the two nations are engaged in a strategic contest for control of the Strait of Hormuz, a critical global energy chokepoint. The ongoing blockade of the waterway by both sides, intended to exert leverage during an extended ceasefire, has raised concerns about global energy security. WTI crude oil prices (CLM26) fell by more than 1% on Friday following news of the expected talks, easing some inflation-related anxieties.
Goldman Sachs estimates that crude output in the Persian Gulf has been curtailed by approximately 14.5 million barrels per day, representing over 50% of production in April. The firm projects that current disruptions could deplete global crude stockpiles by nearly 500 million barrels, potentially reaching one billion barrels by June if the situation persists.
Economic Data and Fed Considerations
Friday’s U.S. economic data provided further support for the stock market. The University of Michigan’s U.S. Consumer Sentiment Index for April was revised upward to 49.8, exceeding the expected 48.5. While the 1-year inflation expectations remained stable at 4.7%, the 5-10 year inflation expectations saw a slight upward revision to a six-month high of 3.5%.
Bond yields also moved lower, contributing to the favorable market environment. The 10-year T-note yield fell 2.0 basis points to 4.304%. This decline was partly influenced by the Department of Justice’s announcement that it was dropping its investigation into Federal Reserve Chair Powell concerning cost overruns in the Federal Reserve’s renovation project. The conclusion of this probe could potentially lead Senator Tillis to drop his opposition to the confirmation of Fed nominee Warsh, who is speculated to adopt a more dovish monetary policy stance than Chair Powell.
Earnings Season Continues to Impress
The ongoing first-quarter earnings season has largely been supportive of equity markets. As of Friday, 80% of the 139 S&P 500 companies that had reported earnings had surpassed analyst estimates. Bloomberg Intelligence projects that Q1 S&P 500 earnings will increase by 12% year-over-year. However, excluding the technology sector, Q1 earnings are projected to grow by approximately 3%, marking the weakest growth in two years.
In other market news, Organon & Co. (OGN) surged over 32% following a report that Sun Pharma is considering a $13 billion binding offer. Chemed Corp (CHE) rose more than 10% after exceeding Q1 earnings expectations. Hims & Hers Health (HIMS) gained over 8% after JPMorgan Chase initiated coverage with an ‘overweight’ rating and a $35 price target. Edwards Lifesciences (EW) advanced more than 5% on better-than-expected Q1 earnings, and Procter & Gamble (PG) saw an increase of over 2% on stronger net sales.
Conversely, Charter Communications (CHTR) fell more than 25%, leading decliners in the S&P 500 and Nasdaq 100 after reporting Q1 EPS below consensus. Comcast (CMCSA) dropped over 12% following a downgrade from Deutsche Bank. HCA Healthcare (HCA) declined more than 9% on slightly missed net income expectations, and Boyd Gaming (BYD) fell over 6% on lower-than-expected revenue. Eli Lilly (LLY) was down more than 3% as weekly data indicated a dip in prescriptions for its obesity drug Zepbound.
