Intel Earnings Surge Propels Nasdaq and S&P 500 to Record Highs

The Nasdaq Composite and S&P 500 reached new all-time closing highs on Friday, recovering from previous losses as a surge in technology stocks dominated the session. The Nasdaq climbed 1.6% to 24,836.60, while the S&P 500 rose 0.8% to 7,165.08. The rally was primarily fueled by a blowout performance from Intel (INTC), which saw its shares skyrocket over 23% to a record close. The semiconductor giant reported first-quarter earnings that significantly beat expectations and provided a bullish revenue forecast for the second quarter, triggering a 4.3% surge in the Philadelphia Semiconductor Index. Other corporate wins included Procter & Gamble (PG), which gained ground following a strong fiscal third-quarter report. In contrast, the Dow Jones Industrial Average dipped 0.2% to 49,230.71, weighed down by steep declines in Merck (MRK) and Verizon (VZ). Energy markets provided a tailwind for equities as crude oil futures fell more than 1%. This decline followed reports of upcoming peace talks between the U.S. and Iran in Pakistan, alongside a three-week ceasefire extension between Israel and Lebanon announced by President Donald Trump. Broad market strength extended to gold and software stocks, while banking and pharmaceutical sectors faced selling pressure. In the bond market, the benchmark ten-year Treasury yield eased 1.3 basis points to 4.310%.