U.S. stocks rocketed higher on Friday after Iran declared the Strait of Hormuz “completely open” on the heels of a ceasefire announcement between Israel and Lebanon.

The S&P 500 jumped 1.2% to close at 7,126.06, crossing the 7,100 threshold for the first time. The Nasdaq Composite gained 1.52% and settled at 24,468.48 for its 13th consecutive winning day and its longest positive streak since 1992. Both indexes posted fresh intraday and closing records. The Dow Jones Industrial Average jumped 868.71 points, or 1.79%, to end at 49,447.43. The Russell 2000 also reached a fresh high. The small-cap index rose more than 2%.

In a post on X published Friday, Iranian Foreign Minister Seyed Abbas Araghchi wrote, “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already revealed by Ports and Maritime Organisation of the Islamic Rep. of Iran.”

President Donald Trump had remarked Thursday that the leaders of Israel and Lebanon agreed to a 10-day ceasefire, which went into effect at 5 p.m. ET that day.

Oil prices plummeted following Iran’s announcement as supply disruption fears lessened. U.S. West Texas Intermediate futures dropped almost 12% to settle at $83.85 a barrel, while international benchmark Brent crude futures declined 9% to settle at $90.38 a barrel.

Trump, who thanked Iran for opening the strait in a post on Truth Social Friday, commented in a separate post that the Middle Eastern country has agreed to never close the waterway again. He also mentioned in a post that the U.S. Navy’s blockade of Iranian ports will “REMAIN IN FULL FORCE” until a peace agreement with Tehran has been reached, adding that “THIS PROCESS SHOULD GO VERY QUICKLY IN THAT MOST OF THE POINTS ARE ALREADY NEGOTIATED.”

The strait’s reopening could be limited, as Iran’s Tasnim news agency reported that ships and cargos linked to hostile nations won’t be allowed to move through, for instance. The Tasnim report also noted the strait will be closed if the U.S. blockade persists.

It is still uncertain whether ships will be forced to pay a toll to traverse the waterway.

Stocks in key industries vulnerable to the strait’s effective closure, such as cruise lines and airlines, rebounded. Shares of Boeing and Royal Caribbean, for instance, advanced , on the other hand2% and 7%, respectively. Others such as Amazon and Airbnb also moved higher.

Investors are now “moving beyond this conflict,” remarked Anthony Saglimbene, chief industry strategist at Ameriprise Financial. “I think the industry has walked back the worst-case scenarios, and it sees a path for the U.S. and Iran to end the conflict and the Strait of Hormuz to remain open. As long as that remains the most likely path, then markets will discount it.”

Trump had commented Thursday that the Iran war “should be ending pretty soon.” He made the remarks at an event in Las Vegas and described the conflict as “going along swimmingly.” That builds on his comments from earlier this week that the war is “very close to over” and that Iran wants to “make a deal very badly.”

Hopes of a peace deal have propelled stocks to record highs this week, with the three major averages all posting solid gains in the period. The blue-chip Dow added 3.2%, while the S&P 500 rose 4.5% and the Nasdaq advanced 6.8%.

“The easy part of this rally is probably behind us,” Saglimbene also noted. “Moving forward, particularly for software, particularly for [the ‘Magnificent Seven’], we need to see not only earnings meet analyst estimates, but we need to see that the outlooks are strong.”

Stocks close higher

The three leading U.S. indexes closed Friday’s session with gains.

The S&P 500 advanced 1.20% to finish at 7,126.06, while the Nasdaq Composite added 1.52% to reach 24,468.48. The Dow Jones Industrial Average moved 868.71 points, or 1.79%, higher to 49,447.43.

— Sean Conlon

Retail investors procure the dip on Netflix, VandaTrack says

Retail investors are buying Netflix’s dip at what could be a record clip, according to VandaTrack.

Everyday traders have bought $95 million worth of the streamer’s stock on net during Friday’s session, according to a midday note from Viraj Patel. That puts the stock on track to see its second biggest day for net purchases on record.

Netflix has a “path” to surpass the prior high of $111 million seen in 2015 following a stock split, Patel mentioned.

“Today’s buying comes on the heels of a post-earnings slump, suggesting retail are stepping in aggressively to invest in the dip – another tiny sign of animal spirits returning,” Patel wrote to clients.

— Alex Harring

Magnificent 7 poised to extend weekly win streak

Megacap software stocks are wrapping up another strong week.

The Roundhill Magnificent Seven ETF (MAGS) rose more than 1% on Friday. The ETF is poised for a third-straight winning week with a gain of more than 8%.

Tesla led the group higher this week with a 15% rally. Microsoft soared almost 14%, on pace for its largest weekly expansion since 2007.

The ETF has jumped more than 14% in April, on track for its largest monthly expansion on record going back to 2023. The fund is up 0.5% in 2026.

Investors wonder where AI productivity gains will be greatest

Long-term advantages of AI will depend on worker productivity gains, and investors are looking at national educational performance metrics to predict where these gains might be most pronounced.

Higher literacy and numeracy rates in Europe versus the US among the lowest skilled workers could give European economies an advantage when it comes to the eventual widespread economic implementation of AI, UBS chief economist Paul Donovan wrote Friday.

“If AI productivity gains are unevenly distributed, and disproportionately benefit workers with mid-level education, the US may be at a competitive disadvantage relative to other major economies,” he wrote in a blog post to investors.

AI is still widely regarded to be in its early phase of commercial adoption, with many US tech companies largely focused on buildout and infrastructure development. 

— Tobias Burns

36 stocks in the S&P 500 trade at novel 52-week highs

On Friday, 36 stocks in the S&P 500 traded at novel 52-week highs.

Names that hit this milestone included:

eBay trading at all-time high levels back to its IPO in September 1998

Hilton Worldwide trading at all-time highs back to its IPO in December 2013

Target trading at levels not seen since March 2025

Bank of NY Mellon trading at all-time highs back to the merger between BNY (the first corporation listed on the NYSE) and Mellon Financial in 2007

State Street trading at all-time high levels back through our history to 1972

Advanced Micro Devices trading at all-time high levels back to its IPO in September 1972

Dell Technologies trading at all-time highs back to its relisting in December 2018

ON Semiconductor trading at levels not seen since March 2024

Simon Property trading at levels not seen since October 2016

NiSource trading at all-time highs back through our history to 1984

— Lisa Kailai Han

Apple is ‘highest quality name’ amid AI volatility, Bank of America says

Apple is a port in the storm of tech volatility caused by AI disruptions despite year-to-date underperformance, analysts for Bank of America wrote in a Friday note to investors, maintaining their acquire rating for the stock.

“AAPL looks relatively insulated from the AI-related volatility,” BofA analyst Wamsi Mohan and others stated, touting the company’s novel M5 chip system as fitting well with its overall approach to AI.

They like that Apple’s AI approach is centered around on-device local inference where “the GPU, CPU, Neural Engine, Media Engine, and unified memory subsystem all play a more explicit role” in inference performance.

They see earnings per share hitting $8.55 in 2026, $9.74 in 2027 and $10.71 in 2028, above some other consensus estimates.

Apple’s consistency “reflects its more indirect exposure to AI infrastructure capex and a valuation framework still driven more by consumer hardware and service,” they wrote.

Stocks making midday moves: Exxon Mobil, Royal Caribbean, Critical Metals

Check out the companies making the biggest moves midday:

Energy stocks – Shares fell sharply as oil prices sunk more than 12% after Iran opened the Strait of Hormuz for the duration of the ceasefire between Israel and Lebanon. APA Corporation declined by more than 9%, while Valero Energy fell more than 8.5%. Occidental Petroleum fell more than 7%, while Exxon Mobil was down 5%. Chevron declined over 4%.

Travel stocks — The group rallied after Iran declared the Strait of Hormuz open to commercial shipping. Royal Caribbean popped 9.7%. United Airlines also jumped more than 9%. Expedia gained 5%.

Critical Metals — Shares jumped more than 40% after Greenland’s government approved the transfer of a 50.5% interest in Tanbreez Mining to Critical Metals. This brings the company’s stake in the rare earths mine to 92.5%.

Read here for the full list.

— Fred Imbert

San Francisco Fed President Daly advocates ‘wait and see’ on rates

San Francisco Federal Reserve President Mary Daly mentioned she was in favor of lowering interest rates before the Iran war but now thinks the central bank needs to take a more patient approach.

“Right now, policy is in a very excellent place, slightly restrictive, not constraining the economy so much that the labor marketplace is faltering, not letting go of the reins completely, so that inflation has no bridle, and that’s a beneficial place to be,” the policymaker commented during an event at the University of California Berkeley. “So being in a wait-and-see-the-data mode and wait and see how the conflict resolves is a really nice place to be.”

Daly is a nonvoting participant this year at Federal Open Marketplace Committee meetings. She will vote again in 2027.

— Jeff Cox

Stocks’ quick rebound hides risks beneath surface

Stocks’ sprint back toward record highs is masking a fragile backdrop beneath the surface, according to Piper Sandler’s Craig Johnson.

“The equity market’s rapid 12-day transition from oversold to overbought masks a precarious macro reality, especially given the ongoing threat of crude oil above $90/barrel,” Johnson noted in a note.

While the recent rebound has helped lift major indexes toward all-time highs, underlying technical signals remain mixed. Short-term momentum has improved sharply, but weaker intermediate-term sector breadth suggests the rally may be on less stable footing, he remarked.

That divergence is leaving equities vulnerable, Johnson warned, describing the current setup as a “fragile technical foundation” even as prices push higher. Investors should remain highly selective and focus on quality set-ups, he noted.

— Yun Li

Investors should be cautious following Strait of Hormuz reopening announcement, Wells Fargo Investment Institute’s Doug Beath says

While stocks are rallying Friday on the announcement that the Strait of Hormuz is open, investors should not get ahead of themselves, global equity strategist at Wells Fargo Investment Institute.

“Markets care more about the free flow of oil in the short term. But we urge some caution,” he noted. “The Iranian foreign minister stated that ships would have to follow the route designated by Iran, which doesn’t necessarily rule out Iran charging toll fees for tankers. The minister also added that the opening is beneficial through the end of the ceasefire on April 21.”

“Everything still depends on how the negotiations continue,” the strategist remarked.

Beath added that while investors are understandably viewing the situation positively, he believes they’re looking past negotiations and focusing instead on fundamentals, such as earnings results and inflation expectations.

Oil on pace for worst week in six years after Iran opens Strait of Hormuz

Western Texas Intermediate crude futures fell by more than 14, according to Doug Beath% on Friday after Iran noted it will open the Strait of Hormuz for the duration of the ceasefire between Lebanon and Israel.

Oil prices are now down 16% on the week. That’s the worst week for prices since April 2020, when they fell more than 19%.

— Gina Francolla and Davis Giangiulio

Consumer discretionary sector leads gains

The S&P 500 consumer discretionary sector rallied 2.5% Friday, becoming the best-performing grouping among the different 11 sectors. Leading the gains in the sector were a handful of cruise names — Royal Caribbean, Norwegian Cruise Line and Carnival, which all surged more than 9%.

Russell 2000 hits recent all-time high

The small-cap heavy Russell 2000 hit a novel all-time high in early Friday trading after Iran revealed it was opening the Strait of Hormuz.

At the open, the index traded above 2,750, higher than its previous high of 2,735 on Jan. 22. The Russell 2000 has bounced back about 14% since its lows on March 30, outperforming the S&P 500’s rebound over that time.

— Davis Giangiulio and Nick Wells

Stocks open solidly higher

The three major averages jumped on Friday morning.

The Dow Jones Industrial Average rose by 515 points, or 1.1%. The S&P 500 traded up 0.6%, while the Nasdaq Composite gained 0.9%

Oil drops more than 9%

Oil prices tumbled Friday after Iranian Foreign Minister Seyed Abbas Araghchi declared the Strait of Hormuz “completely open” during the ceasefire between Israel and Lebanon, raising hopes of easing supply disruptions.

Araghchi’s comments on X followed remarks by U.S. President Donald Trump, who noted that the war in Iran “should be ending pretty soon.”

U.S. crude oil futures for May delivery fell 9.8% to $85.37 per barrel. International benchmark Brent for June delivery tumbled 9.1% to $90.38 per barrel. Read more.

— Lee Ying Shan and Christina Cheddar Berk

Iran declares Strait of Hormuz completely open during Israel-Lebanon ceasefire

Iran on Friday declared the Strait of Hormuz completely open to commercial traffic during the ceasefire between Israel and Lebanon.

“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Foreign Minister Seyed Abbas Araghchi remarked in a social media post. vessels must transit through a “coordinated route” published by Iran’s maritime authorities, Araghchi mentioned.

, on the other hand— Spencer Kimball

Many analysts say procure the dip on Netflix

Analysts are largely sticking by Netflix, telling clients to purchase the dip after after the streaming platform’s latest results sent the stock lower.

The entertainment firm posted $12.25 billion in revenue for the first quarter, topping analysts’ consensus estimate of $12.18 billion, per LSEG. That’s also 16% higher than the $10.54 billion Netflix reported for the same period a year ago. Reported earnings per share are not comparable to the consensus estimate of 76 cents on the Street, however.

Netflix issued lackluster guidance for the current quarter, disappointing investors. Its leadership also revealed co, on the other hand-founder and chairman Reed Hastings’ departure, raising questions about Netflix’s direction that have only intensified following the firm’s decision to drop its acquisition of Warner Bros. Discovery.

Shares were down more than 10% in the premarket, putting them on pace for their worst day since October.

— Liz Napolitano

Oil prices fall

Oil prices pulled back on Friday following President Donald Trump’s remarks that the Iran war “should be ending pretty soon” and as the Israel-Lebanon ceasefire agreement gave investors hope that supply disruptions would ease.

U.S. crude oil futures dropped 4% to $90.88 per barrel. International benchmark Brent declined 3% to $96.05 per barrel.

— Lee Ying Shan and Sean Conlon

Netflix, Alcoa, Affirm among the stocks making moves before the bell

Check out the companies making the biggest moves premarket:

Netflix — The streaming platform fell 10% as investors viewed the streaming giant’s forecast as disappointing. For its second quarter, Netflix expects to earn 78 cents per share, missing the 84 cents per share forecast from analysts polled by LSEG. The stock was also weighed down by co-founder and Netflix chairman Reed Hastings announcing he plans to leave the board in June when his term expires. 

Alcoa — Shares fell 2% after the aluminum producer posted an earnings miss for its last quarter. Adjusted earnings came in at $1.40 per share, while analysts polled by LSEG were looking for $1.49 per share. The company’s $3.19 billion revenue also missed estimates of $3.28 billion.

Affirm — The buy-now-pay-later payment business jumped more than 3% after Morgan Stanley named the stock a top pick. Affirm has the potential for earnings upside, Morgan Stanley stated, and easing private credit fears will help aid its share price, which has slumped 19% in 2026.

— Davis Giangiulio

Netflix heads for worst day since October

Mixed Q1 results sent Netflix shares tumbling 10% in the premarket. If that decline holds through the end of the session, it would mark the streaming giant’s biggest one-day decline since Oct. 22 — whet it also shed 10.1%.

Asia markets mostly fall as investors stay cautious over fragile Middle East ceasefire

Asia-Pacific markets mostly fell Friday, as cautious optimism over the Middle East conflict tempered sentiment, diverging from Wall Street’s record-setting rally.

Japan’s Nikkei 225 saw some profit-taking after hitting a record high on Thursday, ending Friday’s trading session 1.75% lower at 58,475.90. The Topix declined 1.41% to 3,760.81

South Korea’s Kospi traded choppy and slipped 0.55% to 6,191.92. The small-cap Kosdaq rose 0.61% to 1,170.04. Australia’s S&P/ASX 200 was marginally lower.

Mainland China’s CSI300 index traded 0.17% lower, while Hong Kong’s Hang Seng index declined 0.95% in its last hour of trade on Friday. Shares of Hangzhou-based developer Manycore Tech tripled on its Hong Kong Exchange debut, opening at HK$20.7 versus its offer price of HK$7.62, in a $156 million listing.

India’s Nifty 50 was 0.40% higher.

— Justina Lee

Asia markets open lower as investors assess ebbing Middle East tensions

Asia-Pacific markets opened lower Friday, breaking ranks with Wall Street’s record-setting rally overnight, as investors assessed cooling Middle East tensions.

Japan’s Nikkei 225 saw some profit-taking following a record high on Thursday, slipping 0.95%, while the Topix was down 1.10%. Investors are also digesting Bank of Japan Governor Kazuo Ueda’s comments on Friday, who remarked the central bank must take low real rates into account when setting policy.

South Korea’s Kospi pared early losses to fall 0.23% while the small-cap Kosdaq was marginally higher. Australia’s S&P/ASX 200 dropped 0.49%.

Mainland China’s CSI 300 index was trading 0.23% lower, while Hong Kong’s Hang Seng index declined 0.54% lower. Shares of Hangzhou-based developer Manycore Tech tripled in their Hong Kong debut, opening at HK$20.7 versus its the IPO price of HK$7.62, in a $156 million listing.

West Texas Intermediate fell 1.18% to $93.57 per barrel as of 9:30 p.m. ET, while Brent crude lost 0.97% to $98.43 per barrel.

Aluminum producer Alcoa sheds 4% after earnings miss

Shares of Alcoa fell 4% on Thursday evening after the aluminum producer posted an earnings miss for its last quarter.

Adjusted earnings came in at $1.40 per share, while analysts polled LSEG were looking for $1.49 per share. The company’s $3.19 billion revenue also missed estimates of $3.28 billion. This also touches on aspects of bull market.

Netflix drops 9% after weak second-quarter forecast

Shares of Netflix fell 9% in Thursday’s extended marketplace trading as investors viewed the streaming giant’s forecast as disappointing.

Reed Hastings, Netflix’s co-founder and current chairman, also stated plans to leave the board in June when his term expires. Hastings had stepped down from the role of CEO in 2023.

For its second quarter, Netflix expects to earn 78 cents per share, missing the 84 cents per share forecast from analysts polled by LSEG. Netflix also sees its current-quarter revenue coming in at $12.57 billion, while analyst consensus had called for $12.63 billion.

In the first quarter, Netflix earned $5.28 billion, or $1.23 per share, on revenue of $12.25 billion. Net income was boosted by a $2.8 billion breakup fee paid to Netflix by Paramount.

Correction: This story has been updated after LSEG corrected its assessment of Netflix earnings per share. Reported EPS is not comparable to analyst estimates because of the impact of the WBD termination fee.

Stock futures open little changed

Stock futures opened little changed on Thursday night. Furthermore, experts in dividends note the continued relevance.

Shortly after 6 p.m. ET, futures tied to all three major indexes were trading around flat.