By Zoey
A powerful surge in shares of Intel helped drive technology stocks higher on Friday, lifting major U.S. indexes toward record territory even as global energy markets remained unsettled by uncertainty surrounding the ongoing Iran conflict.
The S&P 500 rose 0.8% in midday trading, putting it on course to surpass its recent all-time high set earlier in the week. Gains were uneven across the broader market, however, with the Dow Jones Industrial Average slipping slightly by 0.1%, while the tech-heavy Nasdaq Composite advanced 1.5%, buoyed by strong momentum in semiconductor and technology shares.
Intel emerged as the standout performer, with its stock surging more than 22%, marking what could be its strongest single-day performance in decades. The rally followed a quarterly earnings report that significantly exceeded Wall Street expectations, reinforcing investor confidence in the company’s turnaround strategy and its positioning in the rapidly expanding artificial intelligence sector.
Chief executive Lip-Bu Tan attributed the strong results to rising demand for advanced computing infrastructure, particularly as the next generation of AI technologies drives increased need for high-performance chips. The company also issued an optimistic profit outlook for the coming months, further fueling investor enthusiasm.
The broader rally in equities has been supported by a series of stronger-than-expected corporate earnings reports, helping push the S&P 500 up more than 12% over the past several weeks. Market sentiment has also been influenced by cautious optimism that tensions between the United States and Iran may not escalate into a worst-case scenario for the global economy.
Even so, the fragile geopolitical environment continues to exert pressure on energy markets. Oil prices have fluctuated sharply amid concerns about disruptions to supply routes, particularly through the strategically critical Strait of Hormuz. Although a ceasefire between the two sides remains in place, ongoing tensions have limited the flow of tankers carrying crude oil from the Persian Gulf.
In trading on Friday, the price of Brent crude for near-term delivery swung between roughly $103 and $107 per barrel before settling slightly lower. Contracts for later delivery months also declined modestly, reflecting both uncertainty and shifting expectations about future supply conditions.
A potential diplomatic development offered some relief to markets, as Iran’s top diplomat signaled plans to travel to Pakistan, where officials have been attempting to facilitate renewed ceasefire talks with the United States. Investors are closely monitoring such developments for signs of stabilization in the region.
Beyond the technology sector, corporate earnings continued to drive individual stock movements. Procter & Gamble rose after reporting stronger-than-expected quarterly profits, supported by broad-based growth across its global product lines. The company’s portfolio includes widely recognized household brands such as Bounty paper towels and Tide detergent, which have shown resilient demand despite economic uncertainty.
In contrast, Charter Communications saw its shares plunge after reporting weaker-than-expected earnings and a larger-than-anticipated loss of internet subscribers. The company disclosed a decline of 120,000 customers over the quarter, raising concerns about competitive pressures in the broadband market.
The Hartford also declined after posting profit growth that fell short of analysts’ forecasts, reflecting ongoing challenges in the insurance sector.
In the bond market, U.S. Treasury yields edged lower as traders increased their expectations that the Federal Reserve may resume cutting interest rates later this year. The yield on the 10-year Treasury note dipped to 4.30%, down from the previous day’s level, signaling a shift in investor sentiment toward a more accommodative monetary policy outlook.
Attention in Washington also turned to leadership at the central bank. The path appeared to clear for Kevin Warsh, President Trump’s nominee to lead the Federal Reserve, after the U.S. Department of Justice concluded its investigation into current Fed Chair Jerome Powell. The resolution of the probe removed a key obstacle to Warsh’s potential confirmation, which had faced opposition from some lawmakers pending the outcome of the inquiry.
Meanwhile, fresh economic data pointed to lingering caution among U.S. consumers. A survey conducted by the University of Michigan indicated that consumer sentiment remained subdued in April across a broad range of demographic groups, although there was a modest improvement following the announcement of a ceasefire earlier in the month.
Global markets presented a mixed picture. In Asia, Japan’s Nikkei 225 rose, reflecting strength in export-oriented sectors, while in Europe, France’s CAC 40 declined, underscoring the uneven impact of geopolitical and economic developments across regions.
As investors weigh strong corporate performance against geopolitical uncertainty, markets remain caught between optimism about technological growth and caution over global risks. The coming days are likely to hinge on further developments in both earnings reports and diplomatic efforts surrounding the Iran conflict, factors that continue to shape the direction of global financial markets.
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