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FINWIRES

Technology, Consumer Discretionary Push S&P 500, Nasdaq to Record Highs

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-- US equity indexes rose midday Friday as technology and consumer discretionary helped lift the S&P 500 and Nasdaq Composite to record highs, and crude oil futures slumped.

The Nasdaq Composite jumped 1.1% to 25,172.8, with the S&P 500 up 0.6% to 7,250.9. The Dow Jones Industrial Average leaned slightly higher to 49,659.2.

In company news, Apple (AAPL) jumped 4%, the Dow's top gainer, after the iPhone manufacturer overnight reported a year-over-year surge in fiscal Q2 earnings and revenue. Apple's board also raised its quarterly dividend and approved a share buyback program of up to $100 billion.

Apple remains well-positioned for continued growth through 2026 following a "strong" fiscal Q2, driven by a 22% rise in iPhone revenue, a 28% rebound in China sales, and gross margins of more than 49%, BofA Securities said in a note.

Oracle (ORCL), Intel (INTC), and Apple led midday outperformers among companies with a market capitalization of more than $200 billion, according to data compiled by Finviz. In the top 10 gainers from this category, half were either software or semiconductor companies.

Meanwhile, the energy sector was the standout decliner in midday trading after Iran offered a revised peace plan, with Chevron (CVX) among the worst performers.

Tehran delivered a new proposal to the US while President Donald Trump vowed to maintain a naval blockade, Bloomberg reported Friday. Tehran relayed its latest position to Washington via Pakistan, which mediated a first round of direct negotiations last month, the report said, citing Iran's state-run Islamic Republic News Agency.

West Texas Intermediate crude oil futures dropped 3.4% to $101.69, and Brent crude futures fell 2.1% to $108.28.

In precious metals, gold futures edged up 0.4% to $4,646.1, and silver futures jumped 3.3% to $76.41.

Most US Treasury yields leaned lower, with the 10-year down 1.4 basis points to 4.38%.

In economic news, the Atlanta Federal Reserve's Q2 gross domestic product Nowcast came in at 3.5%, down from 3.7% previously estimated.

The Institute for Supply Management's US manufacturing index was unchanged in April at 52.7, below the 53.2 reading expected in a Bloomberg survey. The S&P Global US manufacturing index for April was revised upward to 54.5 from the flash 54.0, compared with expectations for no revision in a Bloomberg-compiled survey.

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