Nasdaq Posts Gains as Nvidia and Broadcom Outperform, S&P 500 and Dow Jones Experience Declines Following Consumer Inflation Data Release

Market Update: S&P 500 and Dow Jones Retreat as Nasdaq Gains

The Nasdaq Composite rose 0.3% on Friday, while the S&P 500 and the Dow Jones Industrial Average retreated. The market reaction was largely in line with expectations, despite concerns over a fragile ceasefire between the US and Iran.

As of 12:27 p.m. Eastern, the S&P 500 fell 0.1%, the Dow Jones Industrial Average dropped 0.5%, and the Nasdaq Composite rose 0.3%. A similar trend was observed earlier in the day, with the S&P 500 rising 0.1%, the Dow Jones Industrial Average falling 0.4%, and the Nasdaq Composite rising 0.6% as of 9:56 a.m. Eastern Time.

At the opening bell, the Dow Jones Industrial Average rose 13.6 points, or 0.03%, to 48,199.39. The S&P 500 rose 14.6 points, or 0.21%, to 6,839.24, while the Nasdaq Composite rose 91.5 points, or 0.40%, to 22,913.91.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Market Performance Comparison

The Consumer Price Index (CPI) surged at the fastest rate in nearly four years, driven primarily by an unprecedented spike in gas costs. However, core inflation—a metric the Federal Reserve tracks closely because it excludes volatile food and energy prices—remained relatively stable. The core inflation rate is closely monitored by the Federal Reserve, and it appears to be holding steady, with no signs of high energy prices seeping into core inflation.

Consumer sentiment slumped 10.7% in April, according to a closely watched monthly survey from the University of Michigan. Crude oil valuations were stable as the geopolitical outlook in West Asia stayed clouded by uncertainty. Brent crude rose 0.1% to $96 a barrel, while US crude futures rose 0.4% to $98.27 per barrel.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

The fragile ceasefire between the US and Iran remains a concern, with Iranian diplomats preparing for high-level discussions scheduled for Saturday. However, Iran's state-linked Tasnim news agency reported that the meeting was in jeopardy, citing Israel's military strikes in Lebanon as a condition for proceeding with the negotiations.

Meanwhile, equity markets across Asia and Europe saw gains during Friday's trading session. Key stock movers included CoreWeave, which surged 6.8% after announcing a multi-year agreement with Anthropic, and Taiwan Semiconductor Manufacturing, whose US-listed shares rose 2.7% after beating market forecasts for first quarter revenue.

In the bond market, the yield on the 10-year Treasury rose to 4.31% from 4.29% late on Thursday. Gold prices edged higher on Friday as the US dollar weakened following the shaky US-Iran truce. As of 9:29 a.m. ET (1329 GMT), spot gold rose 0.3% to $4,778.89 per ounce.