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(Bloomberg) — The S&P 500 Index extended record-breaking gains Friday as tech megacaps delivered a stream of solid earnings. Reports that Iran had responded to US amendments on an agreement to end the war also buoyed sentiment, sending oil prices lower.
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The S&P 500 Index rose 0.5% at 9:35 a.m. in New York, with seven of 11 sectors in the green, led by tech and consumer staples. Nasdaq 100 Index jumped 0.8%. Both indexes closed at new highs on Thursday, with the S&P 500 breaching 7,200, helped by Alphabet Inc.’s post-earnings jump. Most global markets were closed for the Labor Day holiday Friday. West Texas Intermediate crude oil fell nearly 3% to around $102 a barrel. The Vix Index was around 16.70, at the lowest since early February.
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“It is the first day of the month, the weekly option expiry and investors are digesting some huge earnings, so I expect we will see some fireworks before market close,” Vikram Rai, portfolio manager and macro trader at First New York, said.
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Apple Inc. advanced 4% after the iPhone maker gave a better-than-expected revenue outlook after Thursday’s market close. Memory stocks Sandisk Corp. and Western Digital Corp. slid as estimate-topping earnings failed to clear high bars.
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“With mega cap tech earnings coming in solid, adding more fuel to the AI theme, we believe that investors are likely to continue to chase the perceived tech winners in semis and memory, among others,” Wolfe Chief Investment Strategist Chris Senyek wrote in a Friday note.
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Roblox Corp. tumbled more than 20% after reporting fewer-than-anticipated users as it implemented safety features restricting how kids, who make up a majority of its audience, can use the platform. Cboe Global Markets Inc. rose 8% after cutting expenses guidance and saying it expects to reduce its workforce by about 20%.
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In the energy sector, Exxon Mobil Corp. and Chevron Corp. were little changed, erasing earlier gains spurred by expectation-topping results. For Exxon, oil-production increases in Guyana and the Permian Basin helped offset supply losses due to the Middle East war.
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Both had earlier warned about diminished production due to the war, spurring some analysts to slash estimates. “Part of the challenge with giving guidance is, as you would imagine, we really don’t know how long the Strait of Hormuz will remain closed,” Exxon Chief Financial Officer Neil Hansen said in an interview.
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President Donald Trump on Thursday said he was sticking with a naval blockade of Iranian ports, underscoring the fragility of the ceasefire.
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