The stock market ended a productive week on a record-setting note, with the S&P 500 (+0.2%), Nasdaq Composite (+0.2%), and DJIA (+0.8%) all setting fresh record intraday and closing highs.

Leadership was narrow, with only the information technology (+1.9%) and financials (+0.6%) sectors finishing higher, though the tech rally was enough to offset broader weakness.

There was a strong earnings component to the gains, as Dell (DELL 421.30, +104.25, +32.88%) and NetApp (NTAP 174.29, +31.89, +22.39%) rocketed higher after topping expectations, bringing along other hardware names such as Hewlett Packard Enterprise (HPE 43.06, +4.85, +12.69%).

Elsewhere in the sector, software names posted solid gains of their own, sending the iShares GS Software ETF 6.3% higher. ServiceNow (NOW 124.37, +15.64, +14.38%) and Oracle (ORCL 225.81, +22.11, +10.85%) notched double-digit gains, while Microsoft (MSFT 450.24, +23.25, +5.45%) was a mega-cap standout for the second consecutive day.

Notably, semiconductor strength was mixed today, with the PHLX Semiconductor Index finishing flat.

The financials sector was the only other S&P 500 sector that traded higher, supported by strength across major banking names and a sharp gain in Robinhood Markets (HOOD 94.30, +9.46, +11.15%) after the company announced the official Trump Accounts app is now available for download.

Meanwhile, the consumer staples sector (-2.0%) finished with the widest loss, with Costco (COST 956.32, -38.88, -3.91%) disappointing investors after posting a mixed earnings report, while shares of Clorox (CLX 90.02, -6.18, -6.42%) plummeted after the company announced that CEO Linda Rendle would step down for health reasons.

Weakness across mega-cap stocks outside of the technology sector weighed on the communication services (-1.7%) and consumer discretionary (-1.1%) sectors, while the energy sector (-1.1%) finished lower as oil prices retreated.

Crude oil futures settled today's session $1.50 lower (-1.7%) at $87.42 per barrel amid optimism around a U.S.-Iran peace agreement. President Trump said on Truth Social earlier in the day that he was in a meeting in the Situation Room to finalize a decision regarding the memorandum of understanding that would extend the ceasefire and outline the next steps for nuclear negotiations, but the meeting concluded without a decision being announced.

Overall, today's session reinforced the market's strong upward momentum, even as participation remained relatively narrow beneath the surface. Continued leadership from technology and software stocks, combined with easing oil prices and optimism surrounding a potential U.S.-Iran agreement, helped push the major averages to another round of record highs heading into the weekend.

U.S. Treasuries finished the week on a mostly higher note, though a slight dip in the long bond prevented the complex from recording a perfect week. The 2-year note yield settled downone basis point to 4.01% (-11 basis points this week), and the 10-year note yield finished unchanged at 4.45% (-11 basis points this week). 

• Russell 2000: +17.6% YTD
• Nasdaq Composite: +16.1% YTD
• S&P Mid Cap 400: +12.7% YTD
• S&P 500: +10.7% YTD
• DJIA: +6.2% YTD

Reviewing today's data:

• May Chicago PMI expanded to 62.7 (Briefing.com consensus 49.5), from the prior reading of 49.2.
• Advance International Trade in Goods decreased to -$82.4 billion, from an upwardly revised prior level of -$85.3 billion (from -$87.9 billion).
• Advance Wholesale Inventories increased 0.5%, from an upwardly revised prior increase of 1.5% (from 1.3%).
• Advance retail inventories increased 0.7%, from a prior increase of 0.7%.