Wall Street Hits Record Highs as Apple Earnings and Geopolitical Thaw Lift Sentiment

The Nasdaq and S&P 500 climbed to fresh record intraday highs on Friday, extending a bullish trend from the previous session. The Nasdaq Composite rose 0.8% to 25,099.27, while the S&P 500 gained 0.5% to reach 7,246.33. The Dow Jones Industrial Average followed suit, adding 0.2% to trade at 49,737.68. Market momentum was primarily fueled by a combination of corporate strength in the technology sector and a sharp decline in crude oil prices, which eased inflationary pressures and boosted non-energy sectors. Apple Inc. (AAPL) led the charge, with shares surging 3.9% after the company reported fiscal second-quarter results that exceeded expectations. The tech giant also provided revenue guidance for the current quarter that topped analyst estimates, bringing the stock close to its previous record high set in December. Energy markets saw a significant downturn, with U.S. crude oil futures tumbling more than 3%. This follows reports that Iran has delivered a response to U.S. amendments regarding a peace agreement via Pakistani mediators, signaling a potential reduction in geopolitical risk after oil had previously reached four-year highs. On the economic front, the Institute for Supply Management (ISM) reported that manufacturing activity expanded for the fourth straight month in April. The manufacturing PMI remained steady at 52.7, slightly missing the 53.0 forecast but remaining in growth territory. Sector-specific gains were notable in airlines, which rose 2.2%, and software, which jumped 1.9%. Internationally, Asian markets were mostly positive, with Japan's Nikkei 225 rising 0.4%. In the fixed-income market, the benchmark ten-year Treasury yield declined by 2.2 basis points to 4.368% as bonds extended their rebound.