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Nasdaq, S&P 500 Reach New Peaks Amid Tech Rally, Log Weekly Gains

-- The Nasdaq Composite and the S&P 500 hit all-time peaks as technology stocks rallied on Friday, while traders turned hopeful for a new round of US-Iran peace talks.

The Nasdaq rose 1.6% to 24,836.6, while the S&P 500 climbed 0.8% to 7,165.1, both notching new closing highs. The Dow Jones Industrial Average fell 0.2% to 49,230.7. Technology paced the gainers with a 2.5% jump, while health care saw the biggest drop.

This week, the Nasdaq advanced by 1.5%, while the S&P 500 added 0.5% -- marking their fourth consecutive weekly advance. The Dow posted a weekly loss of 0.4%.

"Equity markets were mixed this week with volatility settling down, and equity investors seemingly putting the conflict in Iran behind them despite ongoing uncertainties," Robert Kavcic, senior economist at BMO Capital Markets, said in a report.

"Despite the trade war and Iran conflict, the market keeps finding a footing thanks to the large-scale (artificial intelligence) buildout, strong productivity growth and robust earnings," Kavcic said.

Intel shares soared nearly 24%, the best performer on the S&P 500. Late Thursday, the chipmaker delivered a first-quarter beat amid artificial intelligence-driven demand for its products. The company issued an upbeat outlook for the ongoing quarter.

Intel's post-earnings commentary suggests revenue upside potential for 2026, UBS Securities said in a note.

Several other major tech stocks also advanced. Nvidia (NVDA) shares jumped 4.3%, the top gainer on the Dow, followed by Amazon.com's (AMZN) 3.5% increase. Advanced Micro Devices (AMD) and Qualcomm (QCOM) were up by double-digit percentage each, both among the best S&P 500 performers.

Charter Communications (CHTR) reported first-quarter earnings below Wall Street's estimates as revenue declined annually, driven by weakness in the residential video and Internet segments. The company's shares plunged nearly 26%, the steepest decline on the S&P 500.

West Texas Intermediate crude was last down 0.5% at $95.33 per barrel, while Brent rose 1.3% to $106.44.

US special envoy Steve Witkoff and Jared Kushner will travel for Pakistan Saturday for a fresh round of talks with Iran, White House Press Secretary Karoline Leavitt said on Friday.

Iran's Foreign Minister Seyed Abbas Araghchi has arrived in Pakistan.

US Treasury yields were lower, with the 10-year rate down two basis points at 4.31% and the two-year rate falling 6.3 basis points to 3.78%.

In economic news, US consumer sentiment improved from an initial April estimate, but remained at a record low as near-term inflation expectations logged the biggest monthly increase in a year, final University of Michigan survey results showed.

"The Iran conflict appears to influence consumer views primarily through shocks to gasoline and potentially other prices," Surveys of Consumers Director Joanne Hsu said. "In contrast, military and diplomatic developments that do not lift supply constraints or lower energy prices are unlikely to buoy consumers."

About three in every five US consumers plan to cut discretionary spending as a result of high gasoline prices, with a majority considering a pullback in outlays on travel and entertainment, according to an Oppenheimer survey.

Gold was last down 0.1% at $4,721.70 per troy ounce, while silver gained 0.5% to $75.85 per ounce.

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