New York stocks climb as payrolls beat expectations
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US stocks advanced toward record closing levels in New York on Friday morning, supported by strong technology and semiconductor shares, better-than-expected April payrolls data, and an Iran ceasefire that remained intact despite overnight clashes near the Strait of Hormuz. The S&P 500 gained about 0.5% and the Nasdaq 100 rose 1% by 9:38 a.m., with the Philadelphia Semiconductor Index up 3.4% as Nvidia, Micron and Qualcomm rallied after solid earnings. West Texas Intermediate crude traded near $95 a barrel, little changed, as Washington anticipated an imminent Iranian response to its war-ending proposal. Shares of Block and Akamai also surged on improved outlooks.
More context
Timeline
- Thursday US equities dip amid Iran tensions
- Thursday Federal trade court rules Trump tariffs unlawful
- Overnight Clashes reported near Strait of Hormuz
- Today Iran ceasefire largely holds despite clashes
- Today April payrolls show back-to-back employment gains
- Today S&P 500 rises, led by technology
- Today Semiconductor index jumps on earnings strength
- Today Block and Akamai shares surge on outlooks
Why it matters
Strong stock market performance can boost your 401(k) or other investments. Tech and semiconductor shares are leading the way. Check your portfolio - you might hold these stocks. This is also good news if you're job hunting. April's payroll data shows hiring is up.
JQJO Editorial Desk · Human reviewed · AI assisted. Report a correction.
