US markets opened higher on Friday evening Beijing time, with the Nasdaq reaching a historic milestone by surpassing 25,000 points for the first time. Apple's stock advanced following its earnings report, leading gains in the technology sector. Oil prices declined. Investors continued to monitor corporate earnings and developments in the Middle East situation. Reports indicated that Iran submitted its latest proposal for negotiations with the United States to Pakistani mediators on Thursday.
The Dow Jones Industrial Average rose 213.85 points, or 0.43%, to 49,865.99. The Nasdaq Composite gained 103.81 points, or 0.42%, to 24,996.12. The S&P 500 increased by 27.85 points, or 0.39%, reaching 7,236.86.
Apple's shares climbed after the consumer technology giant reported better-than-expected profit and revenue for its fiscal second quarter. Additionally, the company provided a revenue outlook for the current quarter that exceeded expectations, overshadowing the fact that iPhone revenue missed forecasts for the second time in three quarters.
Meanwhile, oil prices retreated following reports that Iran responded to the latest US draft proposal for ending the Middle East conflict through Pakistani intermediaries. According to Iranian state media on Friday, Iran submitted its updated negotiation terms to Pakistan on Thursday.
US West Texas Intermediate crude futures fell 2%, trading above $103 per barrel, while the international benchmark Brent crude declined 0.2%, trading above $110.
In the previous session on Thursday, US stocks closed significantly higher, with the S&P 500 closing above the 7,200-point mark for the first time, setting a new record. This helped both the S&P 500 and the Nasdaq, which also reached a new closing high, secure their best monthly performance since 2020. The Dow Jones also recorded its strongest monthly gain since November 2024.
A robust first-quarter earnings season and expectations of easing Middle East tensions have contributed to this year's market rally.
Although the three major US indices experienced declines following the US military action against Iran, they have since recovered significantly and now trade well above their early-2026 levels.
Venu Krishna, Head of US Equity Strategy at Barclays, noted that strong economic growth prospects and resilient tech stock performance are key catalysts driving the market higher.
"The underlying narrative remains positive, so we maintain an optimistic outlook," Krishna stated. "That said, given the strength and pace of this recovery over such a short period, a short-term pause is possible. Still, I believe the overall trajectory and direction remain quite strong."
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