U.S. equities extended their record run on Friday as Apple Inc.’s (NASDAQ:AAPL) blowout second-quarter earnings powered a broad-based technology rally, lifting the S&P 500 and Nasdaq 100 to fresh all-time highs.
Crude oil sank more than 3% as Iran routed a fresh Hormuz reopening proposal through Pakistani mediators.
President Donald Trump announced he is increasing tariffs on European cars and trucks coming into United States to 25%.
Across U.S. equity markets by midday Friday, gains were broad-based but tilted toward Big Tech. The S&P 500 advanced 0.7% to 7,262, while the Dow Jones Industrial Average added 65 points or 0.1% to 49,729.
The Nasdaq 100 rose 1.1% to 27,743, with Apple’s 5.1% surge lifting the broader complex.
Within other Magnificent Seven stocks, Microsoft Corp. (NASDAQ:MSFT) climbed 2.1%, Amazon.com Inc. (NASDAQ:AMZN) rose 1.9%, Tesla Inc. (NASDAQ:TSLA) gained 3.6%, while Nvidia Corp. (NASDAQ:NVDA) and Alphabet Inc. (NASDAQ:GOOGL) edged 0.2% lower.
The Russell 2000 added 0.3% to 2,807.
Friday’s Performance In Major US Indices
| Index | Last | % Change |
|---|---|---|
| S&P 500 | 7,262.62 | +0.7% |
| Dow Jones | 49,729 | +0.1% |
| Nasdaq 100 | 27,743 | +1.1% |
| Russell 2000 | 2,807 | +0.3% |
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) rose 0.7%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) ticked 0.1% higher.
- The Invesco QQQ Trust (NASDAQ:QQQ) climbed 1.1%.
- The iShares Russell 2000 ETF (NYSE:IWM) added 0.3%.
Apple Blowout Lifts Tech
The Technology Select Sector SPDR Fund (NYSE:XLK) led S&P 500 sectors with a 1.5% gain, followed by the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) up 1.0%.
The clear laggard was the Energy Select Sector SPDR Fund (NYSE:XLE), which sank 1.4% as crude tumbled, with Industrials and Health Care also in the red.
Software dominated industry leaderboards, with the iShares Expanded Tech-Software Sector ETF (BATS:IGV) surging 3.1% on the back of standout earnings from Atlassian Corp. (NASDAQ:TEAM), Twilio Inc. (NYSE:TWLO) and Reddit Inc. (NYSE:RDDT).
The U.S. Global Jets ETF (NYSE:JETS) climbed 2.8% on the lower-oil tailwind, while the Invesco Solar ETF (NYSE:TAN) added 2.0%. On the other side of the tape, the SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) dropped 1.6% and the VanEck Oil Services ETF (NYSE:OIH) fell 1.3%.
Earnings Movers In Focus
Apple was the unmistakable star of the morning, jumping over 5% after the iPhone maker delivered $111.2 billion in fiscal Q2 revenue (up 17%) and $2.01 in EPS, both ahead of consensus, with Greater China sales surging 28% to $20.5 billion.
The company guided June-quarter revenue growth to 14%–17%, well above Street estimates around 9.5%, and services hit a record $31 billion.
Not every mega-cap earnings story was as clean. Amgen Inc. (NASDAQ:AMGN) tumbled 5.7% despite a Q1 beat ($5.15 EPS vs. $4.80 expected) and a raised 2026 guidance, as investors keyed in on patent headwinds and biosimilar pressure. Qualcomm Inc. (NASDAQ:QCOM) slid 3.5% in profit-taking after Thursday’s 15% post-earnings rally on record automotive sales and a hyperscaler custom-silicon win.
On the upside, Oracle Corp. (NYSE:ORCL) jumped 7.2% on renewed AI cloud capex enthusiasm despite no fresh corporate catalyst, while Intel Corp. (NASDAQ:INTC) rose 5.2% and Palantir Technologies Inc. (NASDAQ:PLTR) climbed 3.8% as the AI-infrastructure bid spread across semis and software.
Beyond mega caps, the Russell 1000 leaderboard was dominated by software earnings winners.
Atlassian Corp. exploded 24.4% higher – the stock’s best day ever – after fiscal Q3 EPS of $1.75 trounced the $0.98 consensus and full-year revenue growth guidance was lifted to 24%. Twilio Inc. surged 20.2% on 20% revenue growth and a raised full-year outlook, and Reddit Inc. climbed 11.9% on a 69% revenue jump and Q2 guidance of $715M–$725M.
nVent Electric plc (NYSE:NVT) rallied 11.0% on a Q1 beat with sales growth above 34%, while Veeva Systems Inc. (NYSE:VEEV) jumped 12.0% with no scheduled earnings until May 27, the move tied to sector-rotation flows into life-sciences software.
On the downside, Summit Therapeutics Inc. (NASDAQ:SMMT) cratered 23.7% after fresh ivonescimab data missed statistical significance versus Keytruda. Roblox Corp. (NYSE:RBLX) sank 15.1% after slashing full-year 2026 bookings guidance and missing on Q1 DAUs.
Dolby Laboratories Inc. (NYSE:DLB) tumbled 12.6% on next-quarter revenue guidance roughly 9.5% below expectations, and Bio-Rad Laboratories Inc. (NYSE:BIO) dropped 10.6% after cutting its 2026 revenue and margin outlook.
Ryan Specialty Holdings Inc. (NYSE:RYAN) slid 11.3% with no fresh news catalyst, the move appearing tied to sector positioning.
Friday’s Russell 1000 Top Gainers
| Name | % change |
|---|---|
| Atlassian Corp. | +24.4% |
| Twilio Inc. | +20.2% |
| Veeva Systems Inc. | +12.0% |
| Reddit Inc. | +11.9% |
| nVent Electric plc | +11.0% |
| Newell Brands Inc. (NASDAQ:NWL) | +9.4% |
Friday’s Russell 1000 Top Losers
| Name | % change |
|---|---|
| Summit Therapeutics Inc. | -23.7% |
| Roblox Corp. | -15.1% |
| Dolby Laboratories Inc. | -12.6% |
| Ryan Specialty Holdings Inc. | -11.3% |
| Bio-Rad Laboratories Inc. | -10.6% |
| Ingram Micro Holding Corp. (NYSE:INGM) | -9.8% |
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