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The market’s tone improved Friday as oil prices backed off and investors latched onto signs that U.S.-Iran diplomacy may not be dead. The Nasdaq Composite is up 0.28%, while the S&P 500 rose 0.6% and the Dow Jones Industrial Average gained 333 points, or 0.7%, helped by a 3% jump in Apple (Nasdaq: AAPL) stock.
The White House kept tariff risk in the market’s path, extending a 10% baseline on imports from nearly 60 countries and the EU, according to Bloomberg. The move keeps trade friction front and center just as investors are already weighing higher oil, rising yields, and mixed tech earnings.
Intel’s (Nasdaq: INTC) earnings landed as a stronger turnaround signal than expected. Revenue jumped 25% to $16.1 billion, ahead of the $14.42 billion estimate and marking the company’s fastest quarterly growth in 15 years. Adjusted EPS of $0.42 doubled expectations, and guidance also came in above Wall Street’s bar, though the stock gave back its initial post-earnings pop during Friday trading. YTD shares are up 163.5%.
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The Nasdaq Composite hovered near the flatline Friday as the market tried to steady itself after Thursday’s tech-led selloff. The S&P 500 was roughly flat, while the Dow Jones Industrial Average added 89 points, or 0.2%. All three major averages remained on track for a losing week.
Oil prices remain volatile. Brent crude eased 3% to roughly $97 per barrel after topping $100 earlier this week for the first time since late May, while WTI slipped 2% to trade above $89. The pullback took some pressure off a market that had been wrestling with a fresh spike in Middle East risk, higher energy prices, and rising yields.
Tech earnings are now moving through the tape, and the early read is mixed: Google (Nasdaq: GOOGL) is spending aggressively to stay ahead in AI, while Tesla (Nasdaq: TSLA) gave investors another reason to question the near-term profit story.
Here’s a look at where things stand as of early morning trading:
Dow Jones Industrial Average: 51,766 Up 0.11%
Nasdaq Composite: 25,000 Down 0.55%
S&P 500: 7,403 Down 0.07%
Nvidia (Nasdaq: NVDA) CEO Jensen Huang made an appearance on X, using his first post to back open AI models, arguing that AI will transform every industry and be built by every country. He framed open models as a safety, cybersecurity, innovation, and sovereignty issue, adding that “the world needs both frontier closed models and frontier open models.”
Google and Verizon (NYSE: VZ) signed a $1 billion data center infrastructure agreement aimed at expanding AI and cloud capacity. The deal gives Google another enterprise-scale infrastructure partner while Verizon gets a clearer lane into the AI data center buildout.
SpaceX (Nasdaq: SPCX) has become one of the biggest casualties in a space-stock selloff that started before its June 12 debut. The Procure Space ETF (Nasdaq: UFO) peaked in late May, and Bespoke Investment Group recently called the move a “violent crash in space-related stocks.” SpaceX rallied out of the gate, but it entered the public market after the sector’s momentum had already cracked.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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