Wall Street traded mostly in green on Friday, lifted by strong results from Intel and growing hopes of possible talks between the United States and Iran over the weekend. Around 8:35 pm IST, Nasdaq was up 1% or 248 points to 24,686. S&P 500 was up 29 points or 0.41% to trade at 7,137. Dow Jones, however, drifted in red, shedding 181 points or 0.37% to reach 49,128.
Intel Surge Boosts Tech Sentiment
Intel shares jumped around 25% after the company said it expects higher-than-forecast revenue in the second quarter, highlighting the essential role of its products in the AI era. The gains helped lift overall market sentiment, especially in technology stocks. Chip stocks have been leading this rise, driven by continued demand linked to artificial intelligence.
Oil Prices Slip on Diplomatic Hopes
Oil prices slipped amid talk of possible diplomatic developments. Brent crude fell below $100 a barrel after reports that Iran's Foreign Minister Abbas Araghchi is expected to arrive in Islamabad on Friday night. A Pakistani official confirmed the visit but did not give details about any meetings. Islamabad has been preparing for a possible second round of talks between the United States and Iran, though it is still unclear whether any US officials will be involved. Market sentiment also improved after Israel and Lebanon agreed to extend their ceasefire for three weeks.
Tech Sector: Meta Falls, Microsoft Rises
In the tech sector, shares of Meta fell, while Microsoft rose after both companies announced job cuts while continuing to invest heavily in artificial intelligence. Meta plans to cut about 8,000 jobs, while Microsoft will offer buyouts to 8,750 employees in the United States.
Investors Eye Big Tech Earnings
Investors are now waiting for more earnings next week from major tech companies, including Alphabet, Meta, Microsoft, Amazon and Apple.
European Markets Mostly Lower
In Europe, stock markets were mostly lower. Germany's DAX remained steady even as business confidence fell to its lowest level since the Covid pandemic.
