The S&P 500 Index closed up +0.29% on Friday, marking new all-time highs, while the Dow Jones Industrial Average fell -0.31%. The Nasdaq 100 Index increased by +0.94%. Notably, June E-mini S&P futures rose +0.19%, and June E-mini Nasdaq futures were up +0.85%. Major support came from Apple, which surged over +3% after posting a Q2 revenue of $111.18 billion, exceeding expectations.
In economic news, the April ISM manufacturing index remained at 52.7, below the anticipated 53.2, while the ISM prices paid sub-index climbed to a 4-year high of 84.6. In a separate context, crude oil prices declined by more than -3% due to potential diplomatic negotiations surrounding the US-Iran situation, with Goldman Sachs estimating a drawdown of nearly 500 million barrels from global crude stockpiles.
International markets saw gains, with Japan’s Nikkei Stock Average closing up +0.38%. On the interest rate front, the market anticipates an 8% chance of a -25 basis point rate cut at the upcoming FOMC meeting scheduled for June 16-17. Earnings reports from companies, including Atlassian (+29%) and Twilio (+23%), showed favorable trends, contributing to the overall positive sentiment in the stock market.
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