On Friday, the S&P 500 Index closed up +0.80% and reached a new all-time high, while the Nasdaq 100 Index rose +1.95% and also hit a record high. Intel’s stock surged over 23% following a quarterly revenue forecast of $13.8 billion to $14.8 billion, significantly surpassing expectations of $13.04 billion. Additionally, bond yields dropped after the DOJ ceased its investigation into Fed Chair Powell, positively impacting market sentiment.
In economic indicators, the University of Michigan’s April consumer sentiment index increased to 49.8, exceeding expectations of 48.5. Meanwhile, crude oil prices fell more than 1% amid anticipated U.S.-Iran talks, with Goldman Sachs estimating a cut of around 14.5 million barrels per day in the Persian Gulf, contributing to a potential drawdown of nearly 500 million barrels from global stockpiles this month.
Overall, 80% of S&P 500 companies reporting Q1 earnings so far have beaten estimates, with projected earnings growth of +12% year-over-year. Meanwhile, overseas markets showed mixed results; the Euro Stoxx 50 fell by -0.19%, while Japan’s Nikkei rose +0.97%.
