US stocks moved higher on Friday amid a fresh wave of earnings, following a powerful rally that pushed major indexes to record highs.
The Dow Jones Industrial Average (^DJI) rose 0.1%, while the S&P 500 (^GSPC) rose roughly 0.7%. The tech-heavy Nasdaq Composite (^IXIC) picked up 1.1% after Wall Street stocks closed out their best month since 2020.
Shares of Apple (AAPL) jumped 4% after the iPhone maker’s better-than-expected quarterly results. Faith in Big Tech has been stoked by a run of “Magnificent Seven” earnings reports this week, which have fueled optimism about the AI demand boom.
Investors fielded the latest results in a first quarter earnings season that is proving resilient so far. Moderna’s (MRNA) stock popped 3% after its revenue topped estimates thanks to surprisingly strong sales of its COVID vaccine overseas. US oil supermajors Exxon Mobil (XOM) and Chevron (CVX) both beat estimates on earnings but missed on revenue as stymied production throughout the Middle East and oil deliveries stuck behind the Strait of Hormuz weighed on energy sales.
Middle East concerns spurred gold (GC=F) and oil (CL=F, BZ=F) markets after President Trump vowed to keep up the US naval blockade on Iran. Despite volatility tied to that conflict, the three US major indexes have rebounded sharply and now sit comfortably above their levels at the start of 2026.
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Spirit Airlines prepares to cease operations, per WSJ
Spirit Airlines (FLYYQ) is preparing to shut down after a government bailout plan fell apart, the Wall Street Journal reported on Friday. Shares in parent company Spirit Aviation Holdings plummeted by 60%.
The budget airline had been pursuing a $500 million bailout payment after President Trump suggested the US government could financially support the company, already on its second bankruptcy filing.
“Spirit is an airline that has had some trouble,” Trump said. “They have some good aircrafts, some good assets, and when the price of oil goes down, we’d sell it for a profit.”
However, Spirit couldn’t get commitments from key bondholders nor the government support it needed to remain in business, the Journal reported.
Apple is nearing its first record close since December
Apple’s (AAPL) shaky breakout attempt is back from the brink.
The iPhone maker is now on track for its first record closing high since Dec. 2, flipping last week’s failed breakout into a fresh test of its all-time high zone.
Apple stock nears first record closing high since December after clearing shaky technical breakout
The move is a sharp reversal from last week’s setup, when Apple’s breakout was already under pressure after the stock slipped back from resistance.
Now the same levels are back in play. The old $278 to $280 barrier has turned into the key area to hold, while the $286 to $289 zone marks the next hurdle near Apple’s record highs.
Hold above $278 to $280, and the breakout to new highs is alive. Fall back below it, and the failed-breakout risk returns.
US stock market rises at opening bell on Friday
The three major stock market indexes pushed higher on Friday after a fresh wave of strong earnings propelled stocks to new records.
The Dow Jones Industrial Average (^DJI) rose roughly 0.3%, while the S&P 500 (^GSPC) gained a stronger 0.5%. The tech-heavy Nasdaq Composite (^IXIC) rose 0.7% after closing out its best month since 2020.
US oil supermajors Exxon Mobil (XOM) and Chevron (CVX) both beat earnings estimates but missed revenue estimates as the war in the Middle East weighed on production and sales.
Occidental Petroleum CEO Vicki Hollub to retire in June, COO Richard Jackson to take top job
Vicki Hollub is retiring after 10 years as CEO of US oil major Occidental Petroleum (OXY), the company announced Friday. COO Richard Jackson will take the reins on June 1.
Shares of Occidental lost roughly 0.2% in premarket trading.
Hollub, who has been CEO of Occidental since 2016, was the first woman to lead a major US oil company when she was appointed. She will continue to serve on the board of directors, Occidental said.
Prior to taking over as CEO, Hollub led Occidental’s Permian Basin operations, turning the company into one of the largest players in the region.
Occidental will report earnings on May 5.
Sandisk stock falls despite strong earnings report as investors ‘sell the news’ after powerful rally
Sandisk (SNDK) stock fell 5%, putting it on track to snap a rally that drove the stock to record highs heading into earnings.
The memory chip giant reported strong earnings results with beats across the board. But expectations were lofty, as the stock has surged over 360% year to date. As a result, some investors may be locking in profits.
Revenue of $5.95 billion increased from $4.72 billion, and the company’s adjusted earnings of $23.41 per share sailed past Wall Street expectations of $14.51.
Sandisk sees fourth quarter revenue in the range of $7.75 billion to $8.25 billion, above a consensus estimate of $6.65 billion.
Moderna tops revenue estimates on stronger international COVID vaccine sales
Moderna (MRNA) stock jumped 7% in premarket trading after better-than-expected COVID-19 vaccine sales internationally helped boost the company’s first quarter revenue.
Reuters reports:
International revenue came in at $311 million, versus $78 million in U.S. markets, as the Cambridge, Massachusetts-based company leveraged partnerships in the UK, Canada and Australia.
“So our story has really become a more balanced international versus U.S. story,” Moderna Chief Financial Officer Jamey Mock said in an interview with Reuters.
Sweeping changes to U.S. vaccine policy under Health Secretary Robert F. Kennedy Jr., a longtime anti-vaccine activist, have led to reduced vaccine use and reshaped the regulatory landscape for companies developing new shots.
“We hope much of that is behind us,” Mock said, adding that the company is looking for a more stable COVID market in 2026 in the U.S.
Oil rises for second consecutive week as US blockade in Iran holds
Bloomberg reports:
Oil held its second weekly gain as US President Donald Trump said he was sticking with a naval blockade of Iranian ports, elevating concerns the vital Strait of Hormuz would not reopen anytime soon.
Brent (BZ=F) for July rose above $111 a barrel, while West Texas Intermediate (CL=F) was near $105 — up 12% this week. In a written statement, Iran’s supreme leader Mojtaba Khamenei cast doubt on the likelihood of a deal with the US, vowing not to give up the Islamic Republic’s nuclear or missile technologies, and signaling Tehran would keep control of the strait.
Oil has soared more than a quarter over the past two weeks as the deadlock in negotiations extends the near-total closure of the crucial waterway, which before the war carried about a fifth of the world’s crude. The uncertainty over future supply has seen sharp price swings and a flattening of the futures curve.
“Selloffs are approached cautiously, but the bandwagon fills up on moves higher,” said Carl Larry, an oil and gas analyst at Enverus. “Every day continues to be an adventure, but also a chance to make money…quickly.”
Yen has biggest rise in two years as Japan makes foreign-exchange warning
Bloomberg reports:
The yen surged 3%, its biggest gain in almost two years, after Japan reportedly intervened in the foreign-exchange market hours after officials delivered a “final” warning to investors against selling the currency.
The Finance Ministry in Tokyo didn’t immediately respond to requests for comment. However, Japan’s Nikkei newspaper cited a government official saying that the government bought yen and sold dollars. Several traders and strategists also said the abruptness of the move indicated action.
Economic officials in the US were notified ahead of Japan’s intervention, according to someone familiar with the matter. The effort is in line with a Group-of-Seven agreement to alert counterparts, and to only act when there’s risk of excess volatility.
The yen reached 155.57 per dollar, the strongest since late February, before paring gains to trade around 157.10 in early Asia trading on Friday.
