U.S. stocks closed higher on Friday as a blowout earnings report from Dell Technologies fueled a broad rally in technology shares, pushing all three major indexes to fresh all-time highs. The session capped off a shortened post-holiday week that saw the S&P 500 extend its winning streak to nine consecutive weeks — the longest such run in over a year.
What Moved Markets
The Dow Jones Industrial Average led the way, climbing 363.49 points, or 0.72%, to close at 51,032.46. The S&P 500 added 16.43 points, or 0.22%, finishing at 7,580.06, while the Nasdaq Composite edged up 55.15 points, or 0.20%, to settle at 26,972.62.
The technology sector was the clear driver on the day, surging 2.22% as Dell’s results reignited enthusiasm around artificial intelligence infrastructure spending. That strength was enough to offset broad weakness elsewhere — consumer staples fell 1.74%, energy dropped 1.07%, and the discretionary and real estate sectors each lost nearly 1%. Financials were the only other sector in the green, rising 0.56%.
Investor sentiment also got a lift from continued optimism around U.S.-Iran diplomatic progress, which has helped ease geopolitical risk premiums in recent sessions. With Q1 GDP revised up to a 2.0% annualized growth rate — a notable acceleration from Q4 2025’s sluggish 0.5% — the economic backdrop continues to support risk appetite even as the S&P 500’s forward price-to-earnings ratio sits at 20.9, above its five- and ten-year averages.
Notable Movers
Dell Technologies (DELL) was the star of the session, soaring roughly 33% for its best single-day performance on record. The company reported fiscal Q1 revenue of $43.8 billion, an 88% jump year-over-year, driven by a staggering 757% surge in AI server revenue. Dell raised its full-year revenue outlook to approximately $167 billion, including $60 billion from AI server sales alone — blowing past analyst estimates of around $142 billion.
Snowflake (SNOW) extended its post-earnings rally, climbing more than 40% for the abbreviated trading week after delivering strong quarterly results that reinforced the narrative of accelerating enterprise AI adoption.
Micron Technology (MU) gained about 5% and Qualcomm (QCOM) added roughly 3%, both riding Dell’s coattails as investors bet that surging AI server demand will benefit the broader semiconductor supply chain.
Microsoft (MSFT) jumped 5.45%, adding further fuel to the tech rally as the software giant continues to be seen as a primary beneficiary of AI infrastructure buildout through its Azure cloud platform.
Gap (GAP) was a laggard after reporting mixed results. Same-store sales growth of 2% missed Wall Street’s 3.1% estimate, though earnings per share of $0.38 matched consensus and gross margins came in slightly ahead of expectations at 40.5%.
Looking Ahead
With the S&P 500 riding a nine-week win streak and all three indexes at record levels, investors will be watching closely next week for signs of whether the AI-driven momentum can broaden out to the rest of the market. The narrow leadership — technology was one of only two sectors in the green on Friday — is a potential vulnerability if the rotation trade fails to materialize. Key economic data on the calendar includes the May jobs report, which will offer a fresh read on labor market health after March’s 178,000 nonfarm payroll additions and 4.3% unemployment rate. Any surprises there could shift the conversation around Federal Reserve policy heading into the summer.