4:12pm: Nasdaq, S&P 500 close at all-time highs
It was a mixed finish for Wall Street on Friday, with the Nasdaq and S&P 500 ending the session at record highs driven by gains for Intel and Nvidia, while the Dow Jones slipped.
The Nasdaq added 1.6% at 24,836 points, as a rally in AI chipmaker Nvidia saw the company close at a new record level, with its market capitalization rising to as much as $5.12 trillion.
The S&P 500 was up 0.8% at 7,165 points, while the Dow Jones fell 0.2% to 49,230 points.
3:45pm: Proactive news headlines
- Pinnacle Silver & Gold Corp (TSX-V:PINN, OTCQB:PSGCF, FRA:P9J) attracted analyst interest after Couloir Capital initiated coverage with a Buy rating and C$0.33 price target, citing the potential restart of its past-producing El Potrero silver-gold project in Mexico as a near-term cash flow catalyst.
- Century Lithium Corp. (TSX-V:LCE, OTCQX:CYDVF) advanced the relocation of its lithium extraction demonstration plant to Tonopah, with commissioning expected in the second half of the year, as Noble Capital Markets reiterated its Buy rating and $3.05 price target.
- Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) expanded its revolving credit facilities by $1.95 million to $5.45 million in total borrowing capacity, strengthening liquidity while keeping existing loan terms unchanged.
- Team Internet Group PLC (AIM:TIG, OTCQX:TIGXF, FRA:4CN) said its DIS business continues to support expectations that any potential deal from its strategic review could value the division above the company’s market capitalisation at the time the review began.
2:55pm: Market movers
- Intel Corp (NASDAQ:INTC, XETRA:INL) shares jumped after stronger-than-expected quarterly results, as analysts highlighted rising AI-driven demand for server chips and improving confidence in its manufacturing roadmap.
- Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, XETRA:NMM) posted better-than-expected first-quarter earnings and free cash flow, supported by higher gold prices, stronger production and lower costs, while approving a new $6 billion share buyback.
- Procter & Gamble Co (NYSE:PG, XETRA:PRG) topped third-quarter revenue and profit estimates as stronger beauty product demand and steady household staples sales helped drive 7% year-over-year net sales growth.
1:55pm: Uncertainty surrounding Fed outlook
The Federal Reserve is expected to maintain its pause at the April FOMC meeting, with policy viewed as well positioned to address risks to the outlook, according to analysts at Deutsche Bank.
The main focus is whether the Fed signals a more balanced policy outlook by adopting two-sided language in its statement or if Chair Jerome Powell presents a less one-sided risk assessment during the press conference, analysts noted.
While the base case is for meaningful guidance changes to wait until the June meeting, there is a risk that Fed communications take on a more hawkish tone through adjustments to language on future policy moves or by framing risks to its dual mandate as more balanced.
But the impact of the ongoing conflict in the Middle East will be the focus of Powell’s comments, Deutsche Bank highlighted.
"With uncertainty still pervasive, we expect he will emphasize that officials are unsure of the precise fallout from the war on the economy and monetary policy," analysts wrote. However, Powell could highlight that persistent price pressures become more likely the longer oil prices remain elevated.
12:45pm: Dollar set for weekly gain
The U.S. dollar is on track for its first weekly advance this month, supported by safe-haven demand as traders remain focused on developments in the Middle East.
"US government sources signalled a high likelihood of a breakthrough in US–Iran talks in Islamabad, with Iran’s foreign minister expected to arrive imminently, while President Trump has extended the Israel–Lebanon ceasefire by three weeks to support ongoing diplomacy," IG's Axel Rudolph commented.
"US yields ended the week higher as the Fed is broadly expected to hold the federal funds rate steady next week, with markets pricing in no additional rate cuts for the remainder of the year."
11:00am: AI tailwinds back Intel's surge
Intel Corp (NASDAQ:INTC, XETRA:INL) shares surged 24% to around $83 on Friday following stronger-than-expected quarterly results, with analysts at Wedbush and Jefferies pointing to accelerating AI-driven demand for server chips and improving near-term visibility for the company’s manufacturing roadmap.
According to Wedbush, the quarter reinforced that compute demand, particularly for server CPUs, has become the dominant near- to intermediate-term growth narrative for Intel Corporation.
“While we aren't quite on-board with the latter view, Intel indeed seems best positioned to serve the unexpectedly strong growth in server CPU demand being driven by inference workloads and argentic,” they wrote.
The firm noted that management indicated customer demand for server compute was unexpectedly strong and, in some cases, underserved, with demand described as running ahead of supply. This strength is increasingly tied to AI inference workloads, which are driving higher requirements for data center infrastructure.
Wedbush also highlighted expectations for continued unit growth through 2026 and potentially into 2027, suggesting a more durable demand cycle than previously assumed.
9.55am: Intel surge lifts Nasdaq, but Dow dragged down
It's been an uneven start on Wall Street, with the Dow Jones down 0.4%, the S&P 500 up 0.2% and the Nasdaq climbing 0.5%.
Lifting the Nasdaq, Intel shares have soared 25%, AMD 13%, ARM Holdings 11% and Qualcomm 10.3%.
Intel's earnings, reported yesterday evening, came in ahead of analyst expectations, with guidance also better than expected for the current quarter.
The Dow is in the red, as more than two-thirds of its 30 constituents are down, led by Merck & Co, IBM, Chevron and Honeywell.
7.30am: All arrows are up
US futures point to a positive start on Friday, with tech set to outperform as oil consolidates above $100 a barrel after President Donald Trump extended the Israel-Lebanon ceasefire by three weeks and said he would not rush negotiations with Iran.
Nasdaq futures are up 1.5%, while those for the S&P 500 have gained 0.6%, and Dow Jones futures are 0.1% firmer.
Wall Street ended Thursday on a softer footing as geopolitical tension and rising oil prices weighed on sentiment ahead of Intel’s earnings. The Dow Jones fell 0.4%, the S&P 500 lost 0.4%, while the Nasdaq underperformed, down 0.9% as software and growth names came under pressure.
“Geopolitical tensions remain elevated — the ceasefire is holding, but remains fragile,” said Swissquote senior analyst Ipek Ozkardeskaya, citing continued friction around Iranian oil flows and shipping risks in the Strait of Hormuz.
Providing a boost for tech sentiment, Intel shares surged 27% in pre-market trading after first-quarter earnings beat expectations and guidance topped forecasts, putting the chipmaker firmly in focus at the open.
With today’s earnings calendar relatively light, attention is already turning to next week’s heavyweight reports from Microsoft, Alphabet, Amazon, Meta Platforms, Apple and Exxon Mobil. On the economics calendar, the University of Michigan’s final consumer sentiment index for April is due out today.
European markets are mixed heading into the US open. London’s FTSE 100 is down 0.3%, Frankfurt’s DAX is up 0.3%, while Paris’s CAC 40 has slipped 0.4%.
Adding a note of caution, Bank of England deputy governor Sarah Breeden warned that global equity valuations may not fully reflect mounting economic risks, in unusually direct comments that have caught investors’ attention.
AJ Bell’s Russ Mould said the remarks may have contributed to some early weakness in London, noting concerns around private credit, elevated valuations and AI-related risks.