The S&P 500 and the Nasdaq rose on Friday, bolstered by robust earnings from semiconductor giant Intel and fresh optimism surrounding US-Iran negotiations to resolve the conflict.
As of 10:15 a.m. Eastern Time, the S&P 500 added 0.2%, the Dow Jones Industrial Average was down 0.4%, and the Nasdaq Composite was 0.7% higher.
At the open, the Dow Jones Industrial Average rose 10.0 points, or 0.02%, to 49,320.29. The S&P 500 rose 28.1 points, or 0.40%, to 7,136.48, while the Nasdaq Composite rose 178.1 points, or 0.73%, to 24,616.564.
Crude oil valuations fluctuated on Friday amid reports of potential peace discussions between the US and Iran. The cost for a June delivery barrel of Brent crude shifted between $103 and $107, recently trading up by under 0.1% at $105.09.
Iranian Foreign Minister Abbas Araghchi is expected to arrive in Islamabad on Friday night, an official source in Pakistan said, reported AFP.
“Markets are becoming less reactive in a positive way to headlines about peace talks,” said Interactive Brokers’ Steve Sosnick.
“It’s pretty clear that while they might be talking, there’s certainly not a reduction in hostilities and not oil flowing through the Gulf anytime soon,” Sosnick said.
In the bond market, the yield on the 10-year Treasury dipped to 4.30% from 4.34% late on Thursday.
Key Stock Movers
Intel stock surged 24.3% following the semiconductor manufacturer’s announcement of first-quarter earnings that significantly exceeded analyst forecasts. The corporation also forecasted second-quarter sales above projections, highlighting the “crucial” function of its hardware “in the AI era.”
Procter & Gamble shares climbed 3.7% as the company posted quarterly earnings that surpassed market estimates.
Charter Communications equity plunged 19.6% after the provider’s quarterly earnings failed to meet expectations.
Hartford Insurance Group stock dropped 2.3% as the insurer’s bottom-line growth did not reach the levels predicted by analysts.
Bullion
Gold valuations ticked upward on Friday as inflationary anxieties stayed elevated due to the deadlock in the Iran conflict.
Market experts said that gold experienced a decline this week because the surging cost of oil was accompanied by forecasts of rising interest rates, a stronger dollar, and climbing yields.
At 1313 GMT, spot gold was up 0.3% at $4,704.63 per ounce. US gold futures for June delivery edged 0.1% lower to $4,721.10.
Among other metals, spot silver rose 0.3% to $75.65 per ounce, platinum lost 0.4% to $1,998.60 and palladium gained 1.6% to $1,491.98.
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