Stock Market Today: S&P 500 and Nasdaq Set Record Highs as Earnings Season Continues

TLDR

• The S&P 500 saw an approximate 0.5% increase, and the Nasdaq experienced a gain of about 1%, with both reaching record intraday highs on Friday.
• The Dow experienced a slight decline of approximately 0.1%, influenced by Amgen, Home Depot, and Sherwin-Williams.
• Apple (AAPL) shares surged by 4% following better-than-expected quarterly earnings.
• Moderna (MRNA) stock rose by 3% due to stronger-than-anticipated overseas COVID vaccine sales.
• The S&P 500 concluded its best month since 2020, and both the S&P and Nasdaq have now achieved record closing highs.

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(SeaPRwire) –   On Friday, both the S&P 500 and Nasdaq reached record levels, propelled by a robust earnings season that sustained investor confidence as May began.

The S&P 500 gained around 0.5%, closing near 7,246. The Nasdaq advanced by 1%, finishing at approximately 25,149. Both indices set new intraday records and concluded the day at all-time highs. The Dow Jones saw a minor decrease of about 0.1%, ending near 49,620.

Apple’s stock price increased by 4% after the company reported quarterly results that surpassed expectations. This contributed to a week that was already bolstered by a series of positive reports from the Magnificent Seven companies.

Moderna’s stock climbed 3% following revenue figures that exceeded forecasts, largely due to stronger-than-anticipated COVID vaccine sales in international markets. This performance was a welcome positive for a company that had been facing challenges.

Exxon Mobil and Chevron both reported earnings that beat expectations but fell short on revenue. Their top lines were impacted by production issues linked to the conflict in the Middle East and oil shipments delayed by the Strait of Hormuz.

Oil prices remained above $100 per barrel after President Trump affirmed the continuation of the U.S. naval blockade on Iran. Gold markets also saw activity, with traders remaining cautious due to the ongoing conflict.

Dow Left Behind

The Dow’s initial surge of over 300 points diminished throughout the afternoon, and by the market’s close, it was slightly in negative territory.

The index was pulled down by Amgen, Home Depot, and Sherwin-Williams, all of which declined by 1% or more. Due to the Dow’s weighting system, which is based on stock price rather than market capitalization, these higher-priced stocks had a more significant impact.

The S&P 500 and Nasdaq did not face this issue, as both were lifted by a widespread rally in the software and technology sectors.

Tech and Software Lead the Way

The iShares Expanded Tech-Software Sector ETF increased by 3.1% for the day, while the iShares Semiconductor ETF added 0.6%.

This broad sector-wide increase suggests that a significant portion of the market’s current momentum is linked to AI-driven technology spending.

The S&P 500 has just completed its most successful month since 2020. Despite ongoing market fluctuations related to the conflict in Iran, all three major indices are trading well above their starting points for 2026.

The earnings season has performed strongly thus far. The varied results from companies like Apple, Moderna, Exxon, and Chevron indicate a market that is navigating significant challenges without faltering.

The U.S. dollar strengthened on Friday, with no immediate resolution in sight for the situation in Iran. Treasury yields remained largely stable after a brief increase in Brent crude prices earlier in the week.

As of Friday afternoon, the S&P 500 was at 7,246, the Nasdaq at 25,149, and the Dow at 49,620.