[BRIEFING.COM] 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 CLX 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%.

[BRIEFING.COM] The major averages are currently well-positioned to capture all-time closing highs to go along with their record intraday levels.

Leadership remains narrow with only the information technology (+1.8%) and financials (+0.7%) sectors trading higher, with little in the way of headlines to shake things up at the sector level this afternoon.

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (flat), and DJIA (+0.6%) remain mostly higher as the market enters the final hour of what has become a relatively quiet session of news flow.

Investors are still awaiting a decision from President Trump regarding the memorandum of understanding between the U.S. and Iran that would seek to prolong the ceasefire. Crude oil futures settled today's session $1.50 lower (-1.7%) at $87.42 per barrel.

[BRIEFING.COM] The S&P 500 (+0.22%) is in second place on Friday afternoon, up now about 17 points.

Briefly, S&P 500 constituents Coherent (COHR 346.55, -30.40, -8.06%), Autodesk (ADSK 230.31, -10.64, -4.42%), and Clorox (CLX 92.48, -3.72, -3.87%) dot the bottom of the average, keeping gains at bay. For its part ADSK slides because investors are focusing more on the $3.6 bln MaintainX acquisition and related financing/restructuring disruption risks than the solid earnings beat and modest guidance raise, while CLX falls after news that CEO Linda Rendle would step down for health reasons.

Meanwhile, HP Inc. (HPQ 27.23, +2.22, +8.88%) piggy-backs off the index-leading gains from Dell (DELL 412.40, +95.35, +30.07%) after blowout AI server demand and upbeat PC commentary signal stronger enterprise hardware spending and AI-driven upgrade cycles, which investors see as a positive read-through for rivals like HP Inc. in PCs and commercial infrastructure.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.12%) is up about 33 points this afternoon, landing at the bottom of the major averages albeit with a modestly higher tape.

Gold futures settled $60.60 higher (+1.3%) at $4,593/oz, up then about +1.5% on the week, supported by lower Treasury yields, a weaker U.S. dollar, and rising expectations for eventual Federal Reserve rate cuts following softer U.S. inflation data. Safe-haven demand also remained firm amid ongoing uncertainty surrounding U.S.-Iran negotiations and broader geopolitical tensions in the Middle East.

Meanwhile, the U.S. Dollar Index is down less than -0.1% to $98.93.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.70%) is in first place on Friday afternoon, up about 355 points.

A look inside the DJIA shows that IBM (IBM 291.42, +27.20, +10.29%), Salesforce (CRM 193.66, +17.49, +9.93%), and Microsoft (MSFT 443.26, +16.27, +3.81%) hold solid gains.

Meanwhile, Walmart (WMT 115.60, -3.30, -2.78%) is at the bottom of the average.

The DJIA is poised to end the week +0.88% higher.

Also, at the top of the hour, Baker Hughes (BKR 64.84, +0.13, +0.20%) announced a weekly U.S. rotary rig count of 562, +4 w/w and -1 yr/yr.

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.7%), and DJIA (+0.4%) are setting record highs today as a rally across tech stocks offsets relatively weak participation in the broader market.

The information technology sector (+1.9%) is one of just two S&P 500 sectors that hold a gain, with computer hardware names Dell (DELL 408.18, +91.13, +28.74%) and NetApp (NTAP 179.83, +37.43, +26.28%) rocketing higher after impressive earnings reports yesterday afternoon.

Software stocks are also sharply higher, with ServiceNow (NOW 123.25, +14.52, +13.35%) and Workday (WDAY 144.28, +14.27, +10.98%) posting double-digit gains of their own while Microsoft (MSFT 442.92, +15.93, +3.73%) is a mega-cap standout for the second consecutive session. The iShares GS Software ETF is 5.3% higher.

The financials sector (+0.8%) also trades higher, with strength across the majority of its largest components, while Robinhood Markets (HOOD 93.54, +8.70, +10.25%) surges higher after the company announced the official Trump Accounts app is now available for download.

Meanwhile, post-earnings weakness from Costco (COST 951.68, -43.52, -4.37%) weighs on the consumer staple sector (-1.9%), while weakness in mega-cap stocks outside of the technology sector keeps the communication services sector (-1.5%) firmly lower.

The energy sector (-1.1%) is also a laggard today as oil continues to slide amid optimism around a U.S.-Iran peace agreement. Crude oil is currently down $2.31 (-2.6%) to $86.59 per barrel.

President Trump wrote on Truth Social that he is currently meeting in the Situation Room to make a final decision on the memorandum of understanding between the U.S. and Iran, though Iranian sources have somewhat refuted the claims of recent progress.

Investors remain focused on developments surrounding a potential U.S.-Iran agreement, as a meaningful breakthrough that keeps oil prices contained and Treasury yields stable could help broaden participation across more cyclical and rate-sensitive areas of the market. Until then, leadership remains relatively narrow, with technology and software stocks continuing to drive the market's push to fresh record highs.

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%.

[BRIEFING.COM] The major averages continue to trade in a stable range just after midday.

Today has been relatively busy with Fed speakers, but it has done little to shift the market's expectations through the end of the year. Fed Governor Michelle Bowman (voting FOMC) member said: "Reacting to temporarily elevated energy price inflation would add unwarranted policy restraint, weighing unnecessarily on economic activity and labor market conditions."

Philadelphia Fed President Anna Paulson said the current policy stance is appropriate for containing inflation, and long-term inflation expectations remain healthy.

The CME FedWatch tool now assigns a 43.4% probability to a rate hike at the December FOMC meeting, down from 48.4% yesterday.

[BRIEFING.COM] The major averages remain little changed from previous values at midday.

Costco (COST 949.86, -45.34, -4.56%) is trading lower following a mixed Q3 earnings report in which the warehouse retail giant narrowly missed EPS expectations despite delivering better-than-expected revenue growth, robust comparable sales trends, accelerating digital engagement, and continued strength in membership economics. While Costco continues to benefit from its value positioning amid elevated fuel prices and macro uncertainty, investors appear focused on moderating membership growth, gross margin pressure, and signs that the company is leaning more aggressively into price investments to defend market share and reinforce member loyalty.

Costco's Q3 results reinforced the durability of its membership-driven value model despite ongoing macro uncertainty, elevated gas prices, and tariff-related cost pressures. While the modest EPS miss and margin compression may temper near-term enthusiasm, the underlying fundamentals remained strong, highlighted by 6-7% core comparable sales growth, accelerating e-commerce momentum, and exceptionally resilient renewal rates.

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.3%), and DJIA (+0.8%) are pushing further into record territory today amid another rally across tech stocks and a retreat in oil prices.

Leadership is narrow today, but the top-weighted information technology sector (+1.7%) holds a wide enough gain to prompt index-level gains. Semiconductor names have given back nearly all of their opening strength, but the iShares GS Software ETF (IGV 100.32, +4.64, +4.85%) is charting session highs, and hardware names are soaring higher after Dell's (DELL 411.29, +94.24, +29.72%) earnings release yesterday afternoon.

The financials (+0.8%) and materials (+0.3%) sectors hold more modest gains, while the other eight S&P 500 sectors move lower.

The consumer staples sector (-2.1%) is particularly weak after Costco (COST 949.93, -45.27, -4.55%) disappointed with a mixed Q3 earnings report.

In addition to the earnings buzz, the market remains attuned to developments on the geopolitical front. President Trump posted on Truth Social that he is currently meeting in the Situation Room to make "a final determination" on an agreement with Iran. Crude oil is currently down $1.87 (-2.1%) to $87.03 per barrel.

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.1%), and DJIA +0.7%) are still higher for the session, though somewhat off their best levels as the information technology sector (+1.6%) gives back a touch of its early strength.

Meanwhile, the financials sector (+0.6%) sits at its best levels of the session, supported by strength across major banking names and a nice gain from Robinhood Markets (HOOD 89.41, +4.57, +5.39%) after the company announced the official Trump Accounts app is now available for download.

The materials sector (+0.4%) also trades higher, with construction materials names leading the advance.

[BRIEFING.COM] The major averages remain higher across the board as strength in the information technology sector (+1.9%) continues to outweigh broader weakness.

Dell (DELL 413.60, +96.55, +30.45%)  is surging higher after delivering a massive beat-and-raise Q1 (Apr) report, highlighted by the company's largest EPS upside surprise in the past five years. Revenue surged 87.5% yr/yr to a record $43.84 bln, easily topping expectations, while guidance for Q2 (Jul) and FY27 came in dramatically above Street forecasts. Investors appear especially surprised by the scale and durability of AI-related demand trends driving the upside.

Dell delivered one of the most impressive AI infrastructure quarters in the sector so far, with results and guidance substantially exceeding already elevated expectations. The magnitude of the AI backlog, combined with accelerating traditional server demand, suggests Dell is benefiting not only from hyperscale AI spending but also from a broader enterprise infrastructure upgrade cycle. Compared with Hewlett Packard Enterprise (HPE 43.86, +5.64, +14.76%), Dell appears to be executing more aggressively in AI systems and converting demand into revenue at a faster pace. Meanwhile, Dell's AI infrastructure momentum increasingly positions it alongside larger beneficiaries of the AI buildout such as NVIDIA (NVDA 215.51, +1.26, +0.59%) and Super Micro Computer (SMCI 46.73, +5.43, +13.15%), albeit with a more diversified enterprise hardware portfolio. Importantly, strength was not isolated to AI servers, as commercial PCs, traditional compute, and networking all contributed meaningfully to upside results. The biggest risk remains supply constraints, particularly around memory availability, which may cap near-term upside despite demand continuing to outstrip supply.

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and DJIA (+0.4%) are charting new record highs across the board this morning amid another strong performance from tech stocks.

Strength is largely limited to the information technology sector (+2.2%), which is supported by broad gains across its components. Blowout earnings reports from Dell (DELL 424.96, +107.91, +34.04%) and NetApp (NTAP 189.79, +47.39, +33.28%) have other computer hardware names moving sharply higher and occupying the top spots on the S&P 500 leaderboard.

Meanwhile, software and semiconductor stocks are both extending yesterday's gains, with the iShares GS Software ETF up 2.9% and the PHLX Semiconductor Index up 2.2%.

The financials sector (+0.1%) holds a slight gain, while the other nine S&P 500 sectors move lower.

The consumer staples sector (-1.7%) holds the widest loss as Costco (COST 949.90, -45.30, -4.55%) moves lower after earnings, while the communication services (-1.3%), real estate (-1.0%), and energy (-1.0%) sectors also lag.

On the data front, the May Chicago PMI expanded to 62.7 (Briefing.com consensus 49.5), from the prior reading of 49.2.

The stock market remains poised for a modestly higher opening as the major averages look to build on yesterday's fresh record highs.

WTI crude oil remains below the $88 per barrel mark this morning, while several notable post-earnings movers are helping support sentiment ahead of the open.

The S&P 500 futures currently trade points above fair value. 

Equity indices in the Asia-Pacific region ended the week on a mixed note with Japan's Nikkei (+2.5%) and South Korea's Kospi (+3.6%) reaching fresh records. Japan's Tokyo CPI decelerated in May despite higher energy prices. Japan's Finance Minister Katayama warned that a currency intervention is possible at any time with the yen back near this year's low against the dollar in the 160 area. The People's Bank of China called on banks to increase lending amid ongoing weakness in credit issuance.

• In economic data:
  • Japan's May Tokyo CPI 1.4% yr/yr (last 1.5%) and Tokyo Core CPI 1.3% yr/yr (expected 1.5%; last 1.5%). April Industrial Production 0.8% m/m (expected -0.4%; last -0.4%), April Retail Sales 2.1% yr/yr (expected 1.4%; last 1.4%), April jobs/applications ratio 1.18, as expected (last 1.18), and April Unemployment Rate 2.5% (expected 2.7%; last 2.7%). April Housing Starts 11.4% yr/yr (expected 14.7%; last -29.3%) and Construction Orders -32.3% yr/yr (last -14.4%). May Household Confidence 33.6 (expected 32.3; last 32.2)
  • South Korea's April Retail Sales -3.6% m/m (last 1.9%), April Industrial Production -0.7% m/m (expected 0.3%; last 0.6%); 1.5% yr/yr (expected 2.2%; last 3.9%). April Service Sector Output -1.0% m/m (last 1.5%)
  • Singapore's April Bank Lending SGD908.4 bln (last SGD902.3 bln)

---Equity Markets---

• Japan's Nikkei: +2.5%
• Hong Kong's Hang Seng: +0.7% 
• China's Shanghai Composite: -0.7% 
• India's Sensex: -1.4% 
• South Korea's Kospi: +3.6% 
• Australia's ASX All Ordinaries: +1.7% 

Major European indices are tracking a higher finish to the week. U.K.'s Andy Burnham, who could become the next prime minister, said that there should be more state involvement in the economy. Bank of England Governor Bailey said that rate cuts should not be expected at this time and that policy has been tightened sufficiently. Germany's flash CPI report for May will be released at 8:00 ET and is expected to show a month-over-month increase of 0.1%, keeping the year-over-year growth rate at 2.9% that was reported in April.

• In economic data:
  • Germany's May Unemployment Change -12,000 (expected 11,000; last 20,000) and May Unemployment Rate 6.3% (expected 6.4%; last 6.4%). April Import Price Index 1.2% m/m, as expected (last 3.6%); 5.3% yr/yr, as expected (last 2.3%)
  • France's Q1 GDP -0.1% qtr/qtr (expected 0.0%; last 0.2%); 0.9% yr/yr (expected 1.1%; last 1.3%). May CPI 0.1% m/m (expected 0.2%; last 1.0%); 2.4% yr/yr (expected 2.5%; last 2.2%). April Consumer Spending -0.5% m/m (expected -0.1%; last 0.9%). Q1 nonfarm payrolls 0.0% qtr/qtr (expected -0.1%; last -0.1%)
  • Italy's May CPI 0.4% m/m (expected 0.1%; last 1.1%); 3.2% yr/yr, as expected (last 2.7%). Q1 GDP 0.3% qtr/qtr (expected 0.2%; last 0.3%); 0.8% yr/yr (expected 0.7%; last 0.8%). April Unemployment Rate 5.1% (expected 5.3%; last 5.2%)
  • Spain's May CPI 0.1% m/m (expected 0.2%; last 0.4%); 3.2% yr/yr (expected 3.3%; last 3.2%). May Core CPI 2.9% yr/yr (last 2.8%). March Current Account surplus EUR4.61 bln (last surplus of EUR4.04 bln)
  • Swiss May KOF Leading Indicators 98.0, as expected (last 97.8)

---Equity Markets---

• STOXX Europe 600: +0.5%
• Germany's DAX: +0.1% 
• U.K.'s FTSE 100: +0.3%
• France's CAC 40: +0.6%
• Italy's FTSE MIB: +0.7% 
• Spain's IBEX 35: +0.7%

The S&P 500 futures currently trade 10 points above fair value.

Just released, 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%.

Equity futures point to a higher opening this morning after the major averages secured a clean sweep of record closing highs in yesterday's action, with the S&P 500 and DJIA also notching record intraday highs.

Stocks were supported by an intraday reversal in oil prices following reports that the U.S. and Iran have agreed to a memorandum of understanding that is awaiting final approval. Axios reports that Vice President JD Vance said the two sides are very close to reaching a deal, though Iran says it is not yet finalized. Still, crude oil is down below the $88 per barrel mark this morning, helping create a constructive backdrop for equities.

Tech stocks, which led yesterday's advance, are poised for opening gains following the latest round of earnings reports, with Dell (DELL 424.33, +107.28, +33.7%) surging in the premarket.

Today will be lighter on the data front, though it will feature several Fed speakers, with Kansas City Fed President Jeffrey Schmid (FOMC non-voter) saying he wants Fed officials to signal a commitment to bring down inflation, according to Bloomberg.

In corporate news:

• Costco (COST 987.56, -7.64, -0.8%) missed EPS expectations by $0.05 and slightly beat revenue expectations.
• Dell (DELL 424.33, +107.28, +33.7%) beat EPS expectations by $1.90, beat revenue expectations, and guided Q2 and FY27 EPS and revenues above consensus. 
• SpaceX (SPCX) is targeting an IPO valuation of $1.8 trillion, according to Bloomberg.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a mixed note with Japan's Nikkei (+2.5%) and South Korea's Kospi (+3.6%) reaching fresh records. Japan's Nikkei: +2.5%, Hong Kong's Hang Seng: +0.7%, China's Shanghai Composite: -0.7%, India's Sensex: -1.4%, South Korea's Kospi: +3.6%, Australia's ASX All Ordinaries: +1.7%.

In news:

• Japan's Tokyo CPI decelerated in May despite higher energy prices.
• Japan's Finance Minister Katayama warned that a currency intervention is possible at any time with the yen back near this year's low against the dollar in the 160 area.
• The People's Bank of China called on banks to increase lending amid ongoing weakness in credit issuance.

In economic data:

• Japan's May Tokyo CPI 1.4% yr/yr (last 1.5%) and Tokyo Core CPI 1.3% yr/yr (expected 1.5%; last 1.5%). April Industrial Production 0.8% m/m (expected -0.4%; last -0.4%), April Retail Sales 2.1% yr/yr (expected 1.4%; last 1.4%), April jobs/applications ratio 1.18, as expected (last 1.18), and April Unemployment Rate 2.5% (expected 2.7%; last 2.7%). April Housing Starts 11.4% yr/yr (expected 14.7%; last -29.3%) and Construction Orders -32.3% yr/yr (last -14.4%). May Household Confidence 33.6 (expected 32.3; last 32.2)
• South Korea's April Retail Sales -3.6% m/m (last 1.9%), April Industrial Production -0.7% m/m (expected 0.3%; last 0.6%); 1.5% yr/yr (expected 2.2%; last 3.9%). April Service Sector Output -1.0% m/m (last 1.5%)
• Singapore's April Bank Lending SGD908.4 bln (last SGD902.3 bln)

Major European indices are tracking a higher finish to the week. STOXX Europe 600: +0.6%, Germany's DAX: +0.1%, U.K.'s FTSE 100: +0.3%, France's CAC 40: +0.7%, Italy's FTSE MIB: +0.7%, Spain's IBEX 35: +0.8%.

In news:

• U.K.'s Andy Burnham, who could become the next prime minister, said that there should be more state involvement in the economy.
• Bank of England Governor Bailey said that rate cuts should not be expected at this time and that policy has been tightened sufficiently.
• Germany's flash CPI report for May will be released at 8:00 ET and is expected to show a month-over-month increase of 0.1%, keeping the year-over-year growth rate at 2.9% that was reported in April.

In economic data:

• Germany's May Unemployment Change -12,000 (expected 11,000; last 20,000) and May Unemployment Rate 6.3% (expected 6.4%; last 6.4%). April Import Price Index 1.2% m/m, as expected (last 3.6%); 5.3% yr/yr, as expected (last 2.3%)
• France's Q1 GDP -0.1% qtr/qtr (expected 0.0%; last 0.2%); 0.9% yr/yr (expected 1.1%; last 1.3%). May CPI 0.1% m/m (expected 0.2%; last 1.0%); 2.4% yr/yr (expected 2.5%; last 2.2%). April Consumer Spending -0.5% m/m (expected -0.1%; last 0.9%). Q1 nonfarm payrolls 0.0% qtr/qtr (expected -0.1%; last -0.1%)
• Italy's May CPI 0.4% m/m (expected 0.1%; last 1.1%); 3.2% yr/yr, as expected (last 2.7%). Q1 GDP 0.3% qtr/qtr (expected 0.2%; last 0.3%); 0.8% yr/yr (expected 0.7%; last 0.8%). April Unemployment Rate 5.1% (expected 5.3%; last 5.2%)
• Spain's May CPI 0.1% m/m (expected 0.2%; last 0.4%); 3.2% yr/yr (expected 3.3%; last 3.2%). May Core CPI 2.9% yr/yr (last 2.8%). March Current Account surplus EUR4.61 bln (last surplus of EUR4.04 bln)
• Swiss May KOF Leading Indicators 98.0, as expected (last 97.8)

[BRIEFING.COM] The stock market navigated a busy day of earnings reports, economic data, and geopolitical developments to chart a higher finish across the major averages. An intraday surge across tech names resulted in fresh record highs for the S&P 500 (+0.6%) and Nasdaq Composite (+0.9%), while mixed strength in the broader market kept the DJIA (+0.1%) near its flatline, though its modest gain also resulted in a record closing high.

The market opened to relatively broad weakness as overnight headlines of the U.S. and Iran exchanging military strikes pushed oil past the $92 per barrel mark. Less than an hour into the session, however, Axios reported that U.S. and Iranian negotiators had agreed to a 60-day memorandum of understanding aimed at extending the ceasefire and opening negotiations over Iran's nuclear program, though the proposal still requires President Trump's approval.

Oil reversed its earlier gains, with WTI crude oil futures settling today's session just $0.32 higher (+0.4%) at $88.92 per barrel.

The retreat in oil prices helped lift the major averages from a mostly lower open to a mostly higher finish, with the information technology sector (+1.3%) making a decisive move higher.

The sector had already been hovering near its baseline as a rally in software names offset an early extension of recent semiconductor weakness.

Though not a component of the S&P 500, Snowflake's (SNOW 239.12, +63.86, +36.44%) blowout earnings report featured a ramp in monetizing AI production, which added fuel to the broader software space. Oracle (ORCL 203.68, +12.72, +6.66%) and Palantir Technologies (PLTR 143.34, +10.83, +8.17%) were among the bellwethers that traded sharply higher, while Microsoft (MSFT 426.99, +14.32, +3.47%) was a "magnificent seven" standout after The Information reported that the company will soon unveil a new AI-powered coding framework.

The iShares GS Software (IGV 95.64, +2.60, +2.79%) finished solidly higher.

Meanwhile, the reversal in oil prices spurred buying interest across semiconductor names, with the PHLX Semiconductor Index reversing its early loss to finish 1.0% higher.

The health care sector (+1.4%) finished with the widest gain, buoyed by a strong showing from its largest component, Eli Lilly (LLY 1127.45, +44.53, +4.11%), while Agilent (A 135.42, +19.58, +16.90%) surged after topping earnings estimates.

Best Buy (BBY 74.74, +10.20, +15.81%) was another standout following earnings, helping support gains in the consumer discretionary sector (+0.5%).

Gains were more modest elsewhere, with five total S&P 500 sectors finishing higher.

Losses were also relatively modest, with the exception of the defensive utilities sector (-1.1%).

The consumer staples sector (-0.5%) was another relative laggard despite post-earnings rallies from Dollar Tree (DLTR 113.00, +17.13, +17.87%) and Hormel Foods (HRL 23.59, +2.63, +12.55%), while Costco (COST 995.20, -8.49, -0.85%) traded lower ahead of its earnings report after the close.

Outside of the S&P 500, the Russell 2000 (+0.6%) and S&P Mid Cap 400 (+0.1%) reversed earlier losses as Treasury yields moved lower alongside oil prices.

Overall, today's session highlighted the market's continued sensitivity to geopolitical headlines, though the sharp reversal in oil prices ultimately helped restore risk appetite and support another push into record territory. Investors also continued to show a willingness to buy dips across semiconductor and AI-related names, reinforcing the market's underlying momentum despite elevated volatility earlier in the day.

U.S. Treasuries continued this week's rally after overcoming some early weakness on a day that was filled with data and market-moving news developments.  The market remained just below session highs after today's $44 billion 7-year note sale made for a strong finish to this week's note auction slate with the first stop-through in this tenor since December.

The 2-year note yield settled down one basis point to 4.02%, and the 10-year note yield settled down three basis points to 4.46%.

• Russell 2000: +18.3% YTD
• Nasdaq Composite: +15.8% YTD
• S&P Mid Cap 400: +12.5% YTD
• S&P 500: +10.5% YTD
• DJIA: +5.4% YTD

Reviewing today's data:

• Personal income for April decreased slightly, resulting in an unchanged month-over-month reading (Briefing.com consensus 0.5%) after a revised 0.5% increase (from 0.6%) in March. Personal spending rose 0.5% month-over-month (Briefing.com consensus 0.4%) following a revised 1.0% increase (from 0.9%) in March. The PCE Price Index increased 0.4% month-over-month (Briefing.com consensus 0.5%), leaving it up 3.8% yr/yr versus 3.5% in March. The core PCE Price Index rose 0.2% (Briefing.com consensus 0.3%), leaving it up 3.3% yr/yr versus 3.2% in March.
  
  • The key takeaway from the report is that the lack of income growth combined with an acceleration in the year-over-year core PCE Price Index (to 3.3% from 3.2%) will invite stagflationary concerns, especially if this dynamic continues in the following months.
• The second estimate of Q1 GDP showed a downward revision to an annual rate of 1.6% (Briefing.com consensus 2.0%) from 2.0% in the advance estimate. The GDP Chain Deflator was revised down to 3.5% (Briefing.com consensus 4.5%) from 3.6% in the advance estimate.
  
  • The key takeaway from the report is that investment and consumer spending in Q1 were weaker than previously estimated while government spending and the impact of trade were essentially unchanged from the advance estimate.
• Initial jobless claims for the week ending May 23 increased by 5,000 to 215,000 (Briefing.com consensus 214,000) from last week's revised reading of 210,000 (from 209,000), while continuing jobless claims for the week ending May 16 rose to 1.786 million from a revised 1.771 million (from 1.782 million) in the prior week.
  
  • The key takeaway from the report is that even with this increase in initial and continuing claims, the overall level of jobless claims remains relatively low.
• Durable goods orders surged 7.9% month-over-month in April (Briefing.com consensus 1.7%) after increasing a revised 1.1% (from 0.8%) in March. Excluding transportation, orders were up 1.1% month-over-month (Briefing.com consensus 0.5%) following an upwardly revised 1.1% increase (from 0.9%) in March.
  
  • The key takeaway from the report is that a big increase in aircraft orders from Boeing (BA) fueled the headline increase while nondefense capital goods orders excluding aircraft decreased 1.1%, reflecting some newfound softness in business spending.
• New home sales decreased 6.2% month-over-month in April to a seasonally adjusted annual rate of 622,000 from a revised 663,000 (from 682,000) in March. On a year-over-year basis, new home sales were down 11.3%.
  
  • The key takeaway from the report is that the median sales price increased even though the supply (9.4 months) of homes approached this year's high (9.9) from January.