-- US equity indexes traded mixed as Intel's (INTC) blowout Q1 results galvanized the tech sector, and crude oil futures dropped following reports that Iran's Foreign Minister Abbas Araghchi and President Donald Trump's envoys will arrive in Pakistan for peace talks this weekend.
The Nasdaq Composite jumped 1.5% to 24,802.2, with the S&P 500 up 0.7% to 7,158.3, with semiconductor manufacturers among the top gainers. The Dow Jones Industrial Average, however, declined 0.3% to 49,163.3.
Intel shares rose 20%, the top gainer on the S&P 500 and the Nasdaq, after the company reported higher fiscal Q1 adjusted earnings and revenue. The chipmaker issued a fiscal Q2 outlook above market expectations. Nvidia (NVDA), Advanced Micro Devices (AMD), and Arm Holdings (ARM) were among the leaders across both indexes.
Araghchi, the main mediator between Tehran and Washington, is set to arrive in Islamabad with a small delegation, Pakistani government sources and an Iranian source told CNN. Pakistan is brokering the talks between Washington and Tehran, seeking an end to the war in Iran and a reopening of the Strait of Hormuz.
From the US, President Donald Trump is sending envoys Steve Witkoff and Jared Kushner to Pakistan to participate in talks with Araghchi this weekend, administration officials told CNN.
West Texas Intermediate crude oil futures fell 2% to $93.98, and Brent crude futures slipped 0.2% to $104.87 after midday as geopolitical risk receded. Both WTI and Brent were up more than 1.5% each earlier in the session.
In precious metals, gold futures rose 0.4% to $4,741.60, and silver futures climbed 1% to $76.84, after both traded lower earlier in the session.
The Strait is the chokepoint for exports from Persian Gulf nations, which met 20% of daily global oil demand before the Feb. 28 start to the war, which also trapped shipments of diesel and jet fuel, as well as petrochemical feedstocks and fertilizers.
"What began as a crude oil supply shock linked to the effective closure of the Strait of Hormuz has now broadened into a multi-commodity disruption," Ole Hansen, head of commodity strategy at Saxo Bank, said in a note. "The implications are no longer confined to energy markets alone but are spreading into industrial production, transportation, and ultimately agriculture and food prices."
US Attorney General for DC Jeanine Pirro said Friday on X that she has ordered her office to close its investigation into Federal Reserve Chair Jerome Powell. The Inspector General for the Federal Reserve has been asked to scrutinize cost overruns related to building construction, Pirro said.
Most US Treasury yields fell, with the 10-year slipping 1.7 basis points to 4.31% and the two-year dropping 4.9 basis points to at 3.78%.
In economic news, the University of Michigan consumer sentiment index was revised up to 49.8 for April from 47.6 preliminary, compared with expectations for 48.5 in a Bloomberg-compiled survey. The index remains below the final 53.3 print in March. Respondents expected a 4.7% inflation rate over the next year and 3.5% annual inflation over the next five years, up from 3.8% and 3.2%, respectively, in March.