Wall Street markets were broadly higher on Friday, with major indices climbing to new records as investors were buoyed by optimism over potential US–Iran diplomatic progress and strong corporate earnings, particularly in the technology sector.
The benchmark S&P 500 rose 0.7% to 7,154.83 points, while the tech-focused NASDAQ Composite surged 1.5% to 24,796.64 points. Both indices touched fresh all-time intraday highs. In contrast, the Dow Jones Industrial Average slipped 0.3% to 49,153.39 points, News.az reports, citing BBC.
Analysts said easing geopolitical concerns and strong earnings momentum were supporting risk appetite.
“With interest rates lower and oil prices muted, investors head into the weekend optimistic that peace in the Middle East is a real possibility,” said Jake Dollarhide, chief executive of Longbow Asset Management.
Technology stocks led the rally, helped by strong quarterly results and upbeat forecasts from major chipmakers.
Shares in Intel jumped sharply after the company projected rising revenues driven by demand from artificial intelligence data centres. Meanwhile, Texas Instruments posted a significant gain a day earlier, highlighting strong demand for its analogue chips.
The broader semiconductor sector has been on a sustained upward run, with the Philadelphia Semiconductor Index on track for its longest winning streak in more than three decades.
Industry analysts point to a surge in global investment in AI infrastructure as a key driver. Spending by major cloud computing firms is expected to exceed $700bn this year, underpinning demand for advanced chips and manufacturing equipment.
European software firm SAP also contributed to the positive sentiment, reporting stronger-than-expected profits and lifting its US-listed shares.
Despite Friday’s gains, Wall Street has shown signs of losing momentum after a strong rally in recent weeks. The S&P 500 had risen more than 11% over a three-week period before easing slightly this week.
Investors remain cautious due to ongoing tensions in the Middle East, particularly around the strategically vital Strait of Hormuz, through which a significant share of global oil supplies pass.
Although ceasefires between the US and Iran, and between Israel and Lebanon, have been extended, uncertainty persists. The US naval blockade of Iranian ports remains in place, while Iran has criticised the move as an act of war and responded with actions targeting shipping in the region.
However, market participants have increasingly focused on corporate earnings.
“With earnings season underway, fundamentals are back,” said David Laut, chief investment officer at Kerux Financial. “That is a welcome shift after months of markets tracking oil price movements.”
Investor sentiment was further supported by signs of renewed diplomatic engagement.
Iran’s foreign minister Abbas Araghchi announced a regional tour, including visits to Pakistan, Oman and Russia, aimed at coordinating positions with allies.
Meanwhile, the White House confirmed that US envoy Steve Witkoff and businessman Jared Kushner would travel to Pakistan for discussions, raising hopes of further talks between Washington and Tehran.
US President Donald Trump has indicated he is willing to pursue diplomacy but said he would not rush into an agreement.
Oil markets reacted to the diplomatic developments, with prices falling as traders anticipated a potential easing of supply risks.
Brent crude, the global benchmark, declined to around $104.74 a barrel, while US West Texas Intermediate dropped to roughly $93.34.
Lower energy prices have also supported equity markets by reducing inflationary pressures and improving the outlook for corporate costs.
In a separate development, the US Department of Justice ended an investigation into renovation costs at the Federal Reserve’s headquarters.
Jeanine Pirro said the inquiry would be handed over to the central bank’s inspector general for further review.
The move removes a potential source of uncertainty for the Federal Reserve and comes as former Fed governor Kevin Warsh moves closer to confirmation as the next central bank chief.
While geopolitical risks remain, Friday’s market action suggests investors are increasingly willing to look beyond near-term tensions and focus on economic fundamentals.
Strong earnings, continued investment in artificial intelligence, and the prospect of diplomatic progress in the Middle East are likely to remain key drivers of market sentiment in the coming weeks.
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