S&P 500 AND NASDAQ LOG FOURTH STRAIGHT WEEKLY GAIN AT RECORDS

The S&P 500 and Nasdaq closed at fresh record highs on Friday, each notching a fourth consecutive week of gains — their longest winning streak since the fourth quarter of 2024. The Nasdaq rose 1.63% to 24,836 while the S&P 500 added 0.80% to 7,165. The Dow Jones Industrial Average, however, slipped 0.16% to 49,231, snapping a three-week run of its own.

The session was defined by Intel. The chipmaker reported first-quarter revenue of $13.6 billion, beating Wall Street's consensus estimate of roughly $12.4 billion by over $1 billion. Its Q2 revenue guidance of $13.8 billion to $14.8 billion also sailed past analyst expectations. Shares surged more than 23% on the day — their best single-session performance since 1987, according to CNBC.

Semiconductor Rally Broadens

Intel's results set off a wave across the chip sector. Nvidia climbed around 5% to close at a record, pushing the company's market capitalisation past $5 trillion for the first time since October 2025. AMD jumped nearly 14%, notching a roughly 70% month-to-date gain, while Arm Holdings rose almost 15%. The Philadelphia Semiconductor Index extended its historic run to an 18th consecutive positive session — its longest winning streak on record, according to Dow Jones Market Data.

The rally has been underpinned by a strong first-quarter earnings season. Companies in the S&P 500 are expected to record an earnings growth rate of around 16%, up from 14.4% at the start of April, with roughly 81% of the 139 companies that have reported so far beating estimates. Global equity funds pulled in $48.7 billion in the week to April 22, the largest weekly inflow since November 2024, underscoring institutional appetite for risk assets.

Big Tests Ahead for the Market

Next week raises the stakes considerably. Amazon, Alphabet, and Meta are set to headline mega-cap tech earnings, while Exxon Mobil and Chevron report on Friday. The Federal Reserve also meets, with markets closely watching for rate-cut guidance and any signals around Chair succession. Meanwhile, Procter & Gamble warned Friday of a $1 billion hit to its fiscal 2027 profit from war-related energy costs — a reminder that geopolitical risks have not disappeared even as equities push higher.

The April rally has been remarkable. The Nasdaq is up roughly 15% this month, on pace for its best monthly performance since April 2020. Yet elevated valuations and lingering uncertainty around the conflict in Iran suggest the path forward may not be as smooth as the past four weeks would indicate.

Sources:
CNBC — Nvidia stock closes at record, pushing market cap past $5 trillion
CNBC — Intel's stock soars 20% as results top estimates
Intel Corporation — First-Quarter 2026 Financial Results