Stocks close higher
The three leading U.S. indexes closed Friday’s session with gains.
The S&P 500 advanced 1.20% to finish at 7,126.06, while the Nasdaq Composite added 1.52% to reach 24,468.48. The Dow Jones Industrial Average moved 868.71 points, or 1.79%, higher to 49,447.43.
— Sean Conlon
Retail investors buy the dip on Netflix, VandaTrack says
Samuel Boivin | Nurphoto | Getty Images
Retail investors are buying Netflix‘s dip at what could be a record clip, according to VandaTrack.
Everyday traders have bought $95 million worth of the streamer’s stock on net during Friday’s session, according to a midday note from Viraj Patel. That puts the stock on track to see its second biggest day for net purchases on record.
Netflix has a “path” to surpass the prior high of $111 million seen in 2015 following a stock split, Patel said.
Shares of the entertainment giant tumbled nearly 10% following its first-quarter earnings report.
“Today’s buying comes on the heels of a post-earnings slump, suggesting retail are stepping in aggressively to buy the dip – another small sign of animal spirits returning,” Patel wrote to clients.
— Alex Harring
Magnificent 7 poised to extend weekly win streak
Megacap technology stocks are wrapping up another strong week.
The Roundhill Magnificent Seven ETF (MAGS) rose more than 1% on Friday. The ETF is poised for a third-straight winning week with a gain of more than 8%.
MAGS ETF, 5-day
Investors wonder where AI productivity gains will be greatest
Two adult businesswomen discussing work while walking on stairs in a contemporary office
Goads Agency
Long-term advantages of AI will depend on worker productivity gains, and investors are looking at national educational performance metrics to predict where these gains might be most pronounced.
Higher literacy and numeracy rates in Europe versus the US among the lowest skilled workers could give European economies an advantage when it comes to the eventual widespread economic implementation of AI, UBS chief economist Paul Donovan wrote Friday.
“If AI productivity gains are unevenly distributed, and disproportionately benefit workers with mid-level education, the US may be at a competitive disadvantage relative to other major economies,” he wrote in a blog post to investors.
AI is still widely regarded to be in its early phase of commercial adoption, with many US tech companies largely focused on buildout and infrastructure development.
— Tobias Burns
36 stocks in the S&P 500 trade at new 52-week highs
On Friday, 36 stocks in the S&P 500 traded at new 52-week highs.
Names that hit this milestone included:
- eBay trading at all-time high levels back to its IPO in September 1998
- Hilton Worldwide trading at all-time highs back to its IPO in December 2013
- Target trading at levels not seen since March 2025
- Bank of NY Mellon trading at all-time highs back to the merger between BNY (the first company listed on the NYSE) and Mellon Financial in 2007
- State Street trading at all-time high levels back through our history to 1972
- Advanced Micro Devices trading at all-time high levels back to its IPO in September 1972
- Dell Technologies trading at all-time highs back to its relisting in December 2018
- ON Semiconductor trading at levels not seen since March 2024
- Simon Property trading at levels not seen since October 2016
- NiSource trading at all-time highs back through our history to 1984
— Lisa Kailai Han
Apple is ‘highest quality name’ amid AI volatility, Bank of America says
Apple Macbook M5 pro and M5 Max
Source: Apple Inc.
Apple is a port in the storm of tech volatility caused by AI disruptions despite year-to-date underperformance, analysts for Bank of America wrote in a Friday note to investors, maintaining their buy rating for the stock.
“AAPL looks relatively insulated from the AI-related volatility,” BofA analyst Wamsi Mohan and others said, touting the company’s new M5 chip system as fitting well with its overall approach to AI.
They like that Apple’s AI approach is centered around on-device local inference where “the GPU, CPU, Neural Engine, Media Engine, and unified memory subsystem all play a more explicit role” in inference performance.
They see earnings per share hitting $8.55 in 2026, $9.74 in 2027 and $10.71 in 2028, above some other consensus estimates.
Apple’s consistency “reflects its more indirect exposure to AI infrastructure capex and a valuation framework still driven more by consumer hardware and service,” they wrote.
— Tobias Burns
Stocks making midday moves: Exxon Mobil, Royal Caribbean, Critical Metals
The Exxon oil refinery in Baytown, Texas, US, on Thursday, March 5, 2026.
Mark Felix | Bloomberg | Getty Images
Check out the companies making the biggest moves midday:
- Energy stocks – Shares fell sharply as oil prices sunk more than 12% after Iran opened the Strait of Hormuz for the duration of the ceasefire between Israel and Lebanon. APA Corporation declined by more than 9%, while Valero Energy fell more than 8.5%. Occidental Petroleum fell more than 7%, while Exxon Mobil was down 5%. Chevron declined over 4%.
- Travel stocks — The group rallied after Iran declared the Strait of Hormuz open to commercial shipping. Royal Caribbean popped 9.7%. United Airlines also jumped more than 9%. Expedia gained 5%.
- Critical Metals — Shares jumped more than 40% after Greenland’s government approved the transfer of a 50.5% interest in Tanbreez Mining to Critical Metals. This brings the company’s stake in the rare earths mine to 92.5%.
Read here for the full list.
— Fred Imbert
San Francisco Fed President Daly advocates ‘wait and see’ on rates
San Francisco Federal Reserve Bank President Mary Daly speaks during an interview with Reuters at the Federal Reserve Bank building in San Francisco, California, U.S., April 9, 2026.
Carlos Barria | Reuters
San Francisco Federal Reserve President Mary Daly said she was in favor of lowering interest rates before the Iran war but now thinks the central bank needs to take a more patient approach.
“Right now, policy is in a very good place, slightly restrictive, not constraining the economy so much that the labor market is faltering, not letting go of the reins completely, so that inflation has no bridle, and that’s a good place to be,” the policymaker said during an event at the University of California Berkeley. “So being in a wait-and-see-the-data mode and wait and see how the conflict resolves is a really nice place to be.”
Daly is a nonvoting participant this year at Federal Open Market Committee meetings. She will vote again in 2027.
— Jeff Cox
Stocks’ quick rebound hides risks beneath surface
Stocks’ sprint back toward record highs is masking a fragile backdrop beneath the surface, according to Piper Sandler’s Craig Johnson.
“The equity market’s rapid 12-day transition from oversold to overbought masks a precarious macro reality, especially given the ongoing threat of crude oil above $90/barrel,” Johnson said in a note.
While the recent rebound has helped lift major indexes toward all-time highs, underlying technical signals remain mixed. Short-term momentum has improved sharply, but weaker intermediate-term market breadth suggests the rally may be on less stable footing, he said.
That divergence is leaving equities vulnerable, Johnson warned, describing the current setup as a “fragile technical foundation” even as prices push higher. Investors should remain highly selective and focus on quality set-ups, he noted.
— Yun Li
Investors should be cautious following Strait of Hormuz reopening announcement, Wells Fargo Investment Institute’s Doug Beath says
Satellite view of the Strait of Hormuz, a critical chokepoint for global energy supply, connecting the Persian Gulf to the Gulf of Oman.
Gallo Images | Getty Images
While stocks are rallying Friday on the announcement that the Strait of Hormuz is open, investors should not get ahead of themselves, according to Doug Beath, global equity strategist at Wells Fargo Investment Institute.
“Markets care more about the free flow of oil in the short term. But we urge some caution,” he said. “The Iranian foreign minister said that ships would have to follow the route designated by Iran, which doesn’t necessarily rule out Iran charging toll fees for tankers. The minister also added that the opening is good through the end of the ceasefire on April 21.”
“Everything still depends on how the negotiations continue,” the strategist remarked.
Beath added that while investors are understandably viewing the situation positively, he believes they’re looking past negotiations and focusing instead on fundamentals, such as earnings results and inflation expectations.
— Sean Conlon
Oil on pace for worst week in six years after Iran opens Strait of Hormuz
Western Texas Intermediate crude futures fell by more than 14% on Friday after Iran said it will open the Strait of Hormuz for the duration of the ceasefire between Lebanon and Israel.
Oil prices are now down 16% on the week. That’s the worst week for prices since April 2020, when they fell more than 19%.
@CL.1 five-day chart.
— Gina Francolla and Davis Giangiulio
Consumer discretionary sector leads gains
Royal Caribbean’s Star of the Seas arrives at Port Canaveral, Florida, on Aug. 9, 2025.
Patrick Connolly | Orlando Sentinel | Tribune News Service | Getty Images
The S&P 500 consumer discretionary sector rallied 2.5% Friday, becoming the best-performing grouping among the different 11 sectors. Leading the gains in the sector were a handful of cruise names — Royal Caribbean, Norwegian Cruise Line and Carnival, which all surged more than 9%.
— Yun Li
Russell 2000 hits new all-time high
Traders work during Madison Air Solutions Corp.’s initial public offering (IPO) on the floor of the New York Stock Exchange (NYSE) in New York, US, on Thursday, April 16, 2026.
Michael Nagle | Bloomberg | Getty Images
The small-cap heavy Russell 2000 hit a new all-time high in early Friday trading after Iran announced it was opening the Strait of Hormuz.
At the open, the index traded above 2,750, higher than its previous high of 2,735 on Jan. 22. The Russell 2000 has bounced back about 14% since its lows on March 30, outperforming the S&P 500’s rebound over that time.
.RUT year-to-date chart.
— Davis Giangiulio and Nick Wells
Stocks open solidly higher
The three major averages jumped on Friday morning.
The Dow Jones Industrial Average rose by 515 points, or 1.1%. The S&P 500 traded up 0.6%, while the Nasdaq Composite gained 0.9%
— Sean Conlon
Oil drops more than 9%
Oil prices tumbled Friday after Iranian Foreign Minister Seyed Abbas Araghchi declared the Strait of Hormuz “completely open” during the ceasefire between Israel and Lebanon, raising hopes of easing supply disruptions.
Araghchi’s comments on X followed remarks by U.S. President Donald Trump, who said that the war in Iran “should be ending pretty soon.”
U.S. crude oil futures for May delivery fell 9.8% to $85.37 per barrel. International benchmark Brent for June delivery tumbled 9.1% to $90.38 per barrel. Read more.
WTI vs Brent crude futures, 1-day
— Lee Ying Shan and Christina Cheddar Berk
Iran declares Strait of Hormuz completely open during Israel-Lebanon ceasefire
Iran’s Foreign Minister Seyed Abbas Araghchi speaks at a weekly news conference in Tehran, Iran, on March 16, 2026.
Shadati | Xinhua News Agency | Getty Images
Iran on Friday declared the Strait of Hormuz completely open to commercial traffic during the ceasefire between Israel and Lebanon.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Foreign Minister Seyed Abbas Araghchi said in a social media post. However, vessels must transit through a “coordinated route” announced by Iran’s maritime authorities, Araghchi said.
Read more here.
— Spencer Kimball
Many analysts say buy the dip on Netflix
Analysts are largely sticking by Netflix, telling clients to buy the dip after after the streaming platform’s latest results sent the stock lower.
The entertainment firm posted $12.25 billion in revenue for the first quarter, topping analysts’ consensus estimate of $12.18 billion, per LSEG. That’s also 16% higher than the $10.54 billion Netflix reported for the same period a year ago. Reported earnings per share are not comparable to the consensus estimate of 76 cents on the Street, however.
However, Netflix issued lackluster guidance for the current quarter, disappointing investors. Its leadership also announced co-founder and chairman Reed Hastings’ departure, raising questions about Netflix’s direction that have only intensified following the firm’s decision to drop its acquisition of Warner Bros. Discovery.
Shares were down more than 10% in the premarket, putting them on pace for their worst day since October.
CNBC Pro subscribers can read more here.
— Liz Napolitano
Oil prices fall
Oil derricks along the Permian Basin in Southeast New Mexico.
Adam Jeffery | CNBC
Oil prices pulled back on Friday following President Donald Trump‘s remarks that the Iran war “should be ending pretty soon” and as the Israel-Lebanon ceasefire agreement gave investors hope that supply disruptions would ease.
U.S. crude oil futures dropped 4% to $90.88 per barrel. International benchmark Brent declined 3% to $96.05 per barrel.
WTI crude vs. Brent crude futures, 1-day
— Lee Ying Shan and Sean Conlon
Netflix, Alcoa, Affirm among the stocks making moves before the bell
Check out the companies making the biggest moves premarket:
- Netflix — The streaming platform fell 10% as investors viewed the streaming giant’s forecast as disappointing. For its second quarter, Netflix expects to earn 78 cents per share, missing the 84 cents per share forecast from analysts polled by LSEG. The stock was also weighed down by co-founder and Netflix chairman Reed Hastings announcing he plans to leave the board in June when his term expires.
- Alcoa — Shares fell 2% after the aluminum producer posted an earnings miss for its last quarter. Adjusted earnings came in at $1.40 per share, while analysts polled by LSEG were looking for $1.49 per share. The company’s $3.19 billion revenue also missed estimates of $3.28 billion.
- Affirm — The buy-now-pay-later payment company jumped more than 3% after Morgan Stanley named the stock a top pick. Affirm has the potential for earnings upside, Morgan Stanley said, and easing private credit fears will help aid its share price, which has slumped 19% in 2026.
Read here for the full list.
— Davis Giangiulio
Netflix heads for worst day since October
Mixed Q1 results sent Netflix shares tumbling 10% in the premarket. If that decline holds through the end of the session, it would mark the streaming giant’s biggest one-day decline since Oct. 22 — whet it also shed 10.1%.
NFLX tumbles
— Fred Imbert
Asia markets mostly fall as investors stay cautious over fragile Middle East ceasefire
Asia-Pacific markets mostly fell Friday, as cautious optimism over the Middle East conflict tempered sentiment, diverging from Wall Street’s record-setting rally.
Japan’s Nikkei 225 saw some profit-taking after hitting a record high on Thursday, ending Friday’s trading session 1.75% lower at 58,475.90. The Topix declined 1.41% to 3,760.81
South Korea’s Kospi traded choppy and slipped 0.55% to 6,191.92. The small-cap Kosdaq rose 0.61% to 1,170.04. Australia’s S&P/ASX 200 was marginally lower.
Mainland China’s CSI300 index traded 0.17% lower, while Hong Kong’s Hang Seng index declined 0.95% in its last hour of trade on Friday. Shares of Hangzhou-based developer Manycore Tech tripled on its Hong Kong Exchange debut, opening at HK$20.7 versus its offer price of HK$7.62, in a $156 million listing.
India’s Nifty 50 was 0.40% higher.
— Justina Lee
Asia markets open lower as investors assess ebbing Middle East tensions
Asia-Pacific markets opened lower Friday, breaking ranks with Wall Street’s record-setting rally overnight, as investors assessed cooling Middle East tensions.
Japan’s Nikkei 225 saw some profit-taking following a record high on Thursday, slipping 0.95%, while the Topix was down 1.10%. Investors are also digesting Bank of Japan Governor Kazuo Ueda’s comments on Friday, who said the central bank must take low real rates into account when setting policy.
South Korea’s Kospi pared early losses to fall 0.23% while the small-cap Kosdaq was marginally higher. Australia’s S&P/ASX 200 dropped 0.49%.
Mainland China’s CSI 300 index was trading 0.23% lower, while Hong Kong’s Hang Seng index declined 0.54% lower. Shares of Hangzhou-based developer Manycore Tech tripled in their Hong Kong debut, opening at HK$20.7 versus its the IPO price of HK$7.62, in a $156 million listing.
West Texas Intermediate fell 1.18% to $93.57 per barrel as of 9:30 p.m. ET, while Brent crude lost 0.97% to $98.43 per barrel.
— Justina Lee
Aluminum producer Alcoa sheds 4% after earnings miss
Aluminum coils at the Arconic manufacturing facility in Alcoa, Tennessee, U.S., on Wednesday, March 9, 2022.
Luke Sharrett | Bloomberg | Getty Images
Shares of Alcoa fell 4% on Thursday evening after the aluminum producer posted an earnings miss for its last quarter.
Adjusted earnings came in at $1.40 per share, while analysts polled LSEG were looking for $1.49 per share. The company’s $3.19 billion revenue also missed estimates of $3.28 billion.
AA 5D chart
— Lisa Kailai Han
Netflix drops 9% after weak second-quarter forecast
The Netflix logo is seen outside a building in Los Angeles, California, on April 16, 2026.
Michael Yanow | Nurphoto | Getty Images
Shares of Netflix fell 9% in Thursday’s extended market trading as investors viewed the streaming giant’s forecast as disappointing.
Reed Hastings, Netflix’s co-founder and current chairman, also announced plans to leave the board in June when his term expires. Hastings had stepped down from the role of CEO in 2023.
NFLX 5D chart
For its second quarter, Netflix expects to earn 78 cents per share, missing the 84 cents per share forecast from analysts polled by LSEG. Netflix also sees its current-quarter revenue coming in at $12.57 billion, while analyst consensus had called for $12.63 billion.
In the first quarter, Netflix earned $5.28 billion, or $1.23 per share, on revenue of $12.25 billion. Net income was boosted by a $2.8 billion breakup fee paid to Netflix by Paramount.
Shares of Spotify fell 2% in sympathy.
— Lisa Kailai Han
Correction: This story has been updated after LSEG corrected its assessment of Netflix earnings per share. Reported EPS is not comparable to analyst estimates because of the impact of the WBD termination fee.
Stock futures open little changed
Stock futures opened little changed on Thursday night.
Shortly after 6 p.m. ET, futures tied to all three major indexes were trading around flat.
— Lisa Kailai Han
