Nasdaq Up 1.3% Despite Rising Oil Prices

Quick overview

The stock market was broadly bullish Friday morning, even with soaring oil prices this week, and tech stocks in particular performed well.

The Nasdaq gained 1.3% on the last day of trading for the week, while the Dow fell 0.1% and the S&P 500 gained 0.4%. Intel Corp. (INTC) was the big gainer, with a 25% jump in premarket trading. The company posted extremely high quarterly results, and the boom is attributed to surging demand for the company’s products in AI applications.

The market is recovering from Thursday dip, caused by rising oil prices. Those prices slipped somewhat by Friday morning but are still high. Brent crude oil is priced at $106 per barrel, while West Texas Intermediate futures are up to $95.80. Both benchmark oil prices have climbed tremendously this week due to problems with the ceasefire between Iran and the United States.

Tech Stocks Post Major Recovery

The Dow may be ticking down Friday and the S&P 500 barely holding onto recent gains, but the Nasdaq Composite is performing well. That tech-heavy index is supported by strong stocks like Intel, Nvidia (NVDA), and Advanced Micro Devices (AMD) that are benefitting from the rising demand for AI components. Intel’s outlook for the rest of the year is extremely positive as they expect the market to boom.

Stocks declined on Thursday, but their recovery Friday looks to be quite strong. ServiceNow (NOW) pulled the market down with a sharp drop off of more than 17% after posting decent Q1 results. It suffered the fate of many tech companies in recent months sharing their quarterly earnings, which is shareholder fears of slim margins and excessive capital expenditures.

Intel is leading the charge for the bull rally for tech stocks Friday, though. Several Magnificent Seven stocks have also performed well this week, and Amazon (AMZN) is up 2.09% already for the day. Taiwan Semiconductors is also propping up the market with 3.4% gains from the previous day, and investors should expect the tech market to remain bullish throughout the day.

The cryptocurrency market was in decline on Thursday but settled by Friday morning with minor gains for several leading coins. Bitcoin (BTC) added 0.76% Friday morning, and XRP (XRP) gained 1.64%. Across multiple markets, there is evidence of recovery today, but the strongest gains are coming from tech futures.

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Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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