Nasdaq Hits Record High as Intel Surges on Strong Earnings

The Nasdaq Composite climbed 1% to 24,675.40 on Friday, marking a new record intraday high as investors shrugged off losses from the previous session. The S&P 500 followed suit, rising 0.4% to 7,137.40, while the Dow Jones Industrial Average lagged, slipping 0.3% to 49,166.99. The rally was primarily fueled by a dramatic surge in Intel (INTC), which jumped over 23% to a record high following a first-quarter earnings beat and optimistic second-quarter revenue guidance. This momentum extended to the broader chip sector, pushing the Philadelphia Semiconductor Index up 3.6% to its own record high. Other corporate drivers included Procter & Gamble (PG), which saw gains after reporting third-quarter results that exceeded analyst expectations. Conversely, the Dow's decline was attributed to steep losses in Merck (MRK) and Honeywell (HON). Energy markets experienced a pullback as U.S. crude oil futures fell 1%. This decline followed reports that Iranian Foreign Minister Abbas Araghchi is traveling to Pakistan for peace talks with the U.S., alongside a three-week extension of the ceasefire between Israel and Lebanon. In the fixed-income market, the benchmark 10-year Treasury yield decreased by 1.5 basis points to 4.308%. Internationally, results were mixed; Japan's Nikkei 225 rose 1%, while European indices, including the FTSE 100 and CAC 40, closed lower.