S&P 500 and Nasdaq Surge to All-Time Highs Powered by Strong Earnings Reports

TLDR

• Both the S&P 500 and Nasdaq reached record intraday and closing highs on Friday, gaining approximately 0.5% and 1% respectively.
• Amgen, Home Depot, and Sherwin-Williams weighed on the Dow Jones, which declined roughly 0.1%.
• Strong quarterly results sent Apple (AAPL) shares soaring 4% higher.
• Moderna (MRNA) climbed 3% after international COVID vaccine sales exceeded expectations.
• The S&P 500 concluded its most impressive monthly performance since 2020, with both major indexes closing at all-time records.

Major U.S. stock indexes continued their upward trajectory on Friday, with the S&P 500 and Nasdaq reaching unprecedented territory as robust corporate earnings sustained bullish sentiment entering the new month.

The benchmark S&P 500 climbed approximately 0.5% to settle near 7,246, while the tech-heavy Nasdaq advanced 1% to close around 25,149. Both indices achieved fresh all-time highs during intraday trading and maintained record levels at the closing bell. Meanwhile, the Dow Jones Industrial Average edged lower by about 0.1%, finishing near 49,620.

Shares of Apple stock surged 4% following the tech giant’s announcement of quarterly earnings that surpassed analyst projections. This performance provided additional momentum to a week already buoyed by encouraging results from several Magnificent Seven technology companies.

Biotech firm Moderna saw its stock price advance 3% after reporting revenue that topped Wall Street estimates, primarily due to unexpectedly robust COVID-19 vaccine demand in international markets. The results offered a welcome positive development for the pharmaceutical company following a challenging period.

Energy giants Exxon Mobil and Chevron delivered earnings that exceeded forecasts but fell short on revenue expectations. Both corporations cited production challenges linked to the ongoing Middle East tensions and oil shipments delayed behind the Strait of Hormuz as factors impacting their overall sales figures.

Oil prices maintained levels above $100 per barrel following President Trump’s confirmation that the U.S. naval blockade targeting Iran would remain in effect. Gold markets also experienced elevated activity as geopolitical tensions kept investors in a defensive posture.

Dow Left Behind

An initial surge of over 300 points in the Dow Jones gradually evaporated throughout the trading session. By market close, the blue-chip index had slipped into negative territory.

Weakness in Amgen, Home Depot, and Sherwin-Williams—each declining 1% or more—dragged the index lower. Since the Dow uses price-weighting methodology instead of market capitalization weighting, these higher-priced stocks exerted an outsized influence on the index’s performance.

In contrast, the S&P 500 and Nasdaq avoided this drag. Both benefited from widespread gains across technology and software sectors.

Tech and Software Lead the Way

The iShares Expanded Tech-Software Sector ETF jumped 3.1% during Friday’s session. Meanwhile, the iShares Semiconductor ETF posted a more modest gain of 0.6%.

Such broad-based strength across technology sectors underscores the extent to which current market momentum remains anchored to artificial intelligence and related technology investments.

The benchmark S&P 500 just completed its strongest monthly performance since 2020. Even with persistent uncertainty stemming from the Iran conflict, all three major U.S. indexes remain well above their 2026 opening levels.

The current earnings season has demonstrated resilience thus far. The diverse range of reports—spanning Apple, Moderna, Exxon, and Chevron—illustrated a market successfully managing genuine challenges without significant deterioration.

The U.S. dollar strengthened on Friday amid continued uncertainty regarding the Iran situation. Treasury yields remained relatively stable following a brief spike in Brent crude oil prices earlier during the week.

As of Friday’s closing bell, the S&P 500 reached 7,246, the Nasdaq finished at 25,149, and the Dow Jones concluded at 49,620.

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