Stock Market Today: S&P 500 and Nasdaq Hit Record Highs as Earnings Season Rolls On

TLDR

• The S&P 500 rose ~0.5% and the Nasdaq gained ~1%, both hitting record intraday highs on Friday.
• The Dow slipped ~0.1%, dragged lower by Amgen, Home Depot, and Sherwin-Williams.
• Apple (AAPL) jumped 4% after beating quarterly earnings estimates.
• Moderna (MRNA) popped 3% on stronger-than-expected COVID vaccine sales overseas.
• The S&P 500 just wrapped its best month since 2020, and both the S&P and Nasdaq are now at record closing highs.

The S&P 500 and Nasdaq both climbed to record highs on Friday as a strong run of earnings reports kept investor confidence intact heading into May.

The S&P 500 added roughly 0.5%, finishing near 7,246. The Nasdaq rose 1%, closing around 25,149. Both indexes hit fresh record intraday highs and closed at record levels. The Dow Jones slipped about 0.1%, ending near 49,620.

Apple stock jumped 4% after the company posted better-than-expected quarterly results. That added fuel to a week already lifted by a string of upbeat Magnificent Seven reports.

Moderna gained 3% after its revenue beat estimates, driven by stronger-than-expected COVID vaccine sales outside the US. That was a surprise bright spot for a company that has faced a tough stretch.

Exxon Mobil and Chevron both beat on earnings but missed on revenue. Production issues tied to the Middle East conflict and oil shipments stuck behind the Strait of Hormuz weighed on both companies’ top lines.

Oil prices stayed above $100 a barrel as President Trump confirmed the US naval blockade on Iran would continue. Gold markets were also active as the conflict kept traders cautious.

Dow Left Behind

The Dow’s early rally of more than 300 points faded through the afternoon. By the close, it was slightly in the red.

The index was pulled lower by Amgen, Home Depot, and Sherwin-Williams — all down 1% or more. Because the Dow weights by stock price rather than market cap, those high-priced names hit harder.

The S&P 500 and Nasdaq didn’t have that problem. Both were carried higher by a broad rally in software and tech.

Tech and Software Lead the Way

The iShares Expanded Tech-Software Sector ETF rose 3.1% on the day. The iShares Semiconductor ETF added 0.6%.

That kind of sector-wide lift reflects how much of the market’s momentum right now is tied to AI-driven tech spending.

The S&P 500 just wrapped its best month since 2020. Despite ongoing volatility tied to the Iran conflict, all three major indexes are sitting comfortably above where they started 2026.

Earnings season has held up well so far. The mix of results — Apple, Moderna, Exxon, Chevron — showed a market navigating real headwinds without falling apart.

The dollar rose on Friday with no resolution in sight on the Iran situation. Treasury yields were largely steady after a brief spike in Brent crude prices earlier in the week.

As of Friday afternoon, the S&P 500 stood at 7,246, the Nasdaq at 25,149, and the Dow at 49,620.

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