Quick overview

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Positive earnings from several tech companies and a key development related to the Federal Reserve helped lift sentiment in Wall Street.

U.S. stocks closed mixed on Friday, with the S&P 500 and the Nasdaq Composite hitting record highs, supported by growing optimism over potential peace talks between the United States and Iran. A strong quarterly report from Intel, which boosted the broader tech sector, also contributed to the upbeat mood.

In this context, the Dow Jones Industrial Average fell 0.16% to 49,229.48 points; the S&P 500 rose 0.79% to 7,164.73; and the Nasdaq Composite gained 1.63% to 24,836.60.

U.S.–Iran tensions show signs of easing

Earlier this week, Donald Trump announced an indefinite ceasefire between the United States and Iran, while maintaining a U.S. naval blockade.

Uncertainty continued to surround the fragile truce. Tehran responded to the blockade and demonstrated its control over the Strait of Hormuz through attacks and the seizure of vessels near the critical shipping route. The U.S. also seized Iranian-flagged ships, and Trump stated he had ordered the Navy to fire on Iranian vessels attempting to lay mines in the strait. He also told reporters he did not want to “rush” into a deal with Iran.

Still, officials struck a more optimistic tone on Friday after Iran’s foreign minister, Abbas Araghchi, announced a diplomatic tour including Islamabad, Muscat, and Moscow. Iranian state media and the Associated Press had previously reported on the trip, though without confirming meetings with U.S. negotiators.

Optimism around potential talks was further supported by a CNN report indicating that Trump could send U.S. envoys for the Middle East to meet with Araghchi.

Oil prices declined on Friday, nearing session lows following the report. Brent crude futures slipped 0.3% to $104.74 per barrel, while West Texas Intermediate crude fell 2.2% to $93.73 per barrel.

Probe into Jerome Powell closed

Jeanine Pirro, U.S. Attorney for the District of Columbia, announced Friday that she had ordered the closure of an investigation into renovation costs at the Federal Reserve’s Washington headquarters.

“This morning, the Inspector General of the Fed was asked to examine construction cost overruns totaling billions of dollars borne by taxpayers,” Pirro wrote on X.

“The Inspector General has the authority to hold the Fed accountable to American taxpayers. I expect a comprehensive report shortly and trust the outcome will help resolve, once and for all, the concerns that led this office to issue subpoenas,” she added.

“Accordingly, I have directed my office to close our investigation while the Inspector General conducts this review,” Pirro said. The Justice Department’s probe into the Federal Reserve had been criticized by the central bank in January. Its chair, Jerome Powell, in a rare move, publicly stated that the investigation was retaliation for not setting interest rates in line with Trump’s preferences.

Markets look to extend rally

Despite the back-and-forth headlines surrounding the U.S.–Iran conflict, investors largely focused on the first-quarter earnings season, which has so far been solid for U.S. companies, and on standout stocks of the day.

Shares of Intel surged 23.3% after the company reported quarterly results that beat consensus estimates, driven by strong growth in its data center and AI business.

Meanwhile, Texas Instruments fell 1.8% despite topping expectations, with analysts at Wolfe Research noting it remains “among our favorite analog ideas.”