U.S. stocks finished the week on a split note Friday as a powerful rally in semiconductor shares propelled the S&P 500 and the Nasdaq Composite to new all-time highs, while the Dow slipped modestly. Intel’s blowout first-quarter earnings report was the catalyst, triggering a broad-based buying spree across the chip sector that extended the Philadelphia Semiconductor Index’s winning streak to an extraordinary 18 consecutive sessions. A pair of supportive developments in Washington added fuel: the Department of Justice dropped its criminal probe into Fed Chair Jerome Powell, and the White House signaled it would send envoys to Pakistan this weekend for renewed Iran peace talks.
Index Closing Levels
The S&P 500 (SPI:SP500) gained 56.68 points, or 0.80%, to close at a record 7,165.08. The Nasdaq Composite surged 398.09 points, or 1.63%, finishing at 24,836.60, also a new high. The Dow Jones Industrial Average slipped 62.66 points, or 0.13%, to 49,247.66, weighed down by non-tech components that couldn’t keep pace with the chip-driven rally. Oil prices eased slightly on the session, with Brent crude dipping below $100 a barrel and West Texas Intermediate settling around $95, though both benchmarks still posted hefty weekly gains as tensions around the Strait of Hormuz persisted. The 10-year Treasury yield held steady at 4.32%.
Notable Movers
Intel (INTC) rocketed 23.6% to $82.54, notching its best single-day gain since 1987 and blasting through its long-standing dot-com-era highs from the year 2000. First-quarter revenue and earnings both topped estimates, and management issued stronger-than-expected second-quarter guidance on the back of booming data center sales. CEO Lip-Bu Tan pointed to growing demand for CPUs in the emerging era of AI agents as a key tailwind.
Advanced Micro Devices (AMD) jumped 13.9% to a record high of $347.81 after D.A. Davidson upgraded the stock to Buy, citing Intel’s results as evidence that CPUs are reasserting themselves as foundational to AI workloads. Analyst Gil Luria called Intel’s quarter a precursor for a major step-up in AMD’s own CPU franchise.
Nvidia (NVDA) climbed 4.3% to close at a record $208.27, reclaiming the $5 trillion market-cap mark and widening its lead as the world’s most valuable company. The stock has now rallied roughly 20% over the past month as AI optimism has accelerated.
Procter & Gamble (PG) rose about 3% after first-quarter earnings topped expectations. CFO Andre Schulten said the consumer remains relatively stable despite headwinds from higher oil-related costs stemming from the Iran conflict, though analysts flagged rising input costs as a risk in coming quarters.
Comcast (CMCSA) tumbled nearly 8% after Deutsche Bank downgraded the stock to Hold from Buy, while HCA Healthcare (HCA) dropped 8.2% after guiding toward the low end of its 2026 profit forecast due to storm-related disruptions from Hurricanes Helene and Milton.
Looking Ahead
Next week brings one of the most consequential stretches of the earnings season, headlined by Wednesday’s results from Microsoft, Amazon, Alphabet, Meta, and Qualcomm. Investors will be looking for confirmation that AI spending is translating into revenue growth beyond the chip sector. The Federal Reserve’s interest rate decision, also due Wednesday, will be closely watched, particularly after nominee Kevin Warsh signaled this week that he wants to reform how the central bank measures inflation. On the economic calendar, consumer confidence on Tuesday and durable goods orders on Wednesday could offer further clues about whether record-low sentiment is beginning to weigh on actual spending. And with Brent crude still hovering near $100, any shift in the Iran ceasefire narrative remains the wild card that could quickly reprice risk across the market.