The S&P 500 (NYSEARCA: SPY) closed 0.2% higher on Friday, extending its winning streak to nine consecutive weeks, the longest such run since 2023.
The Nasdaq 100 (NASDAQ: QQQ) advanced 0.4% while the Dow Jones Industrial Average (NYSEARCA: DIA) gained 0.7%, with all three major benchmarks closing at record highs, according to data from Koyfin.
The Russell 2000, which tracks small-capitalization stocks, slipped 0.6% after hitting record highs in the prior session.
Dell Technologies (NYSE: DELL) surged 33% on Friday, its best single day on record, capping the company’s best week and month ever.
The artificial intelligence infrastructure theme continued to dominate investor attention, with Micron (NASDAQ: MU) and Qualcomm (NASDAQ: QCOM) gaining approximately 88% and 40%, respectively, for the month.
The Technology Select Sector SPDR Fund (NYSEARCA: XLK) hit a new 52-week high on Friday, advancing nearly 20% over the course of the month.
“Dell is like the poster child for the AI broadening earning story,” said David Nicholas, CEO and founder of XFUNDs by Nicholas Wealth, in a CNBC interview, adding “we started with chips, memory, but it’s really now about the broad kind of AI infrastructure stack.”
President Donald Trump stated on Truth Social that he was ready to make a “final determination” on an agreement to extend the ceasefire, while insisting that Iran “must agree that they will never have a Nuclear Weapon” and that the Strait of Hormuz must be “immediately open.”
Brent crude oil settled around $92 a barrel, and U.S. Treasuries were on track for their best weekly performance since late February.
Angelo Kourkafas at Edward Jones told Bloomberg that “the recent pullback in oil prices is helping to ease some of those worries,” while cautioning that inflation moving further from the Fed’s 2% target could push policymakers to shift away from their easing bias at the June meeting.
Retail sentiment on Stocktwits for SPY, QQQ, and DIA was rated “extremely bullish” with “extremely high” message volumes across all three trackers.
Universal Music Group (OTCMKTS: UMGNF) rejected an unsolicited offer from Bill Ackman’s Pershing Square Capital Management, stating the proposal was not in the best interest of its shareholders or artists.
Coinbase (NASDAQ: COIN) shares rose after a top U.S. regulator opened the door to crypto “perpetual” futures trading on regulated exchanges.
MannKind Corporation (NASDAQ: MNKD) shares gained approximately 5% after the U.S. Food and Drug Administration approved expanded use of Afrezza, making it the first needle-free inhaled mealtime insulin approved for children and adolescents with diabetes.
Astrotech (NASDAQ: ASTC) shares climbed 10% on Friday, completing the company’s best week on record following its announcement of plans to focus on lunar-based research and infrastructure development.
AST SpaceMobile (NASDAQ: ASTS) shares fell nearly 18% in Friday morning trade after analysts raised concerns that the explosion of Blue Origin’s New Glenn rocket could delay the company’s launch targets for the year.
