Technology stocks climbed on Friday, with Intel Corporation surging toward its best single-day performance since 1987, while oil prices continued their volatile swings amid geopolitical tensions in the Middle East.
Intel Leads Tech Rally
Intel shares jumped more than 15% in afternoon trading, putting the chipmaker on track for its largest percentage gain since 1987. The rally came after the company reported better-than-expected quarterly earnings and provided an optimistic outlook for its data center and AI chip businesses. Other major tech stocks also rose, with the Nasdaq Composite gaining 1.8%.
Oil Prices Remain Volatile
Oil prices swung sharply as traders assessed the latest developments in the Iran-U.S. conflict. Crude oil futures rose 2% in early trading before paring gains, as investors weighed the impact of ongoing tensions in the Strait of Hormuz. Iranian military forces have been accused of acting like pirates and terrorists amid a U.S. blockade, according to Defense Secretary Pete Hegseth. Iran fired on three cargo ships in the Strait of Hormuz despite a U.S. ceasefire extension.
Market Overview
The broader market also saw gains, with the S&P 500 rising 0.7%. The Dow Jones Industrial Average added 0.5%. Investors remained cautious, however, as uncertainty over trade policies and geopolitical risks persisted.
- Intel's surge lifted the semiconductor sector, with AMD and Nvidia also posting gains.
- Energy stocks were mixed as oil prices fluctuated.
- Retail sales data from Canada showed a 0.7% increase in February, signaling consumer resilience.
Geopolitical Context
The U.S. has maintained a blockade in the region, leading to heightened tensions. Iran's actions have drawn international condemnation. Peace talks between Iran and the U.S. remain uncertain, with analysts saying it's still anyone's guess whether a resolution can be reached.
In other news, Statistics Canada reported retail sales rose 0.7% to $72.1 billion in February, beating expectations. Meanwhile, Procter & Gamble topped estimates on demand for beauty products but flagged higher input costs.
