Gate News message, April 24 — The S&P 500 and Nasdaq Composite closed at record highs on April 24, driven by optimism over potential Iran-U.S. peace negotiations and a strong surge in semiconductor stocks, particularly Intel. The S&P 500 gained 56.68 points (0.8%) to 7,165.08, while the Nasdaq Composite jumped 398.09 points (1.63%) to 24,836.60. The Dow Jones Industrial Average fell 79.61 points (0.16%) to 49,230.71.
Iran’s foreign minister, Abbas Araqchi, was expected to arrive in Islamabad on April 24 to discuss peace talk proposals, according to Pakistani government sources. The U.S. White House announced that President Donald Trump’s special envoy Steve Witkoff and son-in-law Jared Kushner will travel to Islamabad on the morning of April 25 for talks with Iran mediated by Pakistan. Markets have rallied in recent weeks on hopes for resolving the Iran conflict, though gains were tempered earlier in the week as optimism dimmed and the Strait of Hormuz remained closed.
Semiconductor stocks led the market’s advance, with the Philadelphia SE Semiconductor Index (tracking chip sector performance) rising 4.32% to extend its record streak to 18 consecutive sessions. Intel surged 23.65% to close at a record $82.57, becoming the best performer on the S&P 500. AMD and Arm both climbed approximately 14%, while Nvidia gained 4.32% and reached a record close as it approached a $5 trillion market valuation. The S&P 500 technology index rose 2.46%, outperforming all 11 major sectors. For the week, the S&P 500 gained 0.55%, the Nasdaq rose 1.5%, and the Dow fell 0.44%.
Market optimism also reflects strong earnings growth expectations. First-quarter earnings growth expectations now stand at 16.1%, up from 14.4% at the start of April, according to LSEG data. Attention is shifting to the Federal Reserve’s meeting next week, with markets pricing in approximately a 39% chance of a rate cut of at least 25 basis points in December, up from about 23% in the prior session. The U.S. Justice Department has also closed its investigation into Fed Chairman Jerome Powell, clearing a path for the confirmation of Kevin Warsh, President Trump’s nominee to lead the central bank.
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