Stocks moved higher on Friday as Wall Street headed toward a strong finish for May, with technology shares again leading the market. The NASDAQ Composite and S&P 500 each rose 0.3%, while the Dow Jones Industrial Average gained 353 points, or 0.7%.

All three major indexes touched fresh intraday records during the session. The NASDAQ remained the strongest performer for the month, with an 8% gain. Meanwhile, the S&P 500 advanced 5%, and the Dow moved toward a 2% monthly rise.

Technology Stocks Drive Market Gains

Technology shares added support to the broader market as investors focused on strong earnings and demand linked to artificial intelligence. Dell Technologies led Friday’s move after the company posted better-than-expected first-quarter results and raised its full-year outlook.

Dell held a gain of nearly 39% during the session. The company lifted its annual revenue forecast and said it now expects about $60 billion in AI server revenue for fiscal 2027, up from its earlier estimate of $50 billion. The update added momentum to the wider AI trade.

Meanwhile, Micron Technology and Qualcomm also moved higher. Micron gained 5%, while Qualcomm rose 2%. Both stocks added to recent gains, although they had faced sharp declines earlier in the month. Micron has risen 86% in May, while Qualcomm has climbed 39%.

NVIDIA and AMD also traded higher as investors continued to favor AI-linked chip and server names. However, the broader market showed a mixed picture, with most sector indexes trading lower after the opening bell.

Oil Slips as Iran Deal Talks Continue

Crude oil prices fell on Friday as traders watched fresh developments around the US-Iran truce talks. West Texas Intermediate futures dropped 2% to trade near $86 per barrel. Brent crude also declined 2% to around $91 per barrel.

The move came after reports said Iran’s armed forces launched missiles late Thursday. However, oil still moved lower as investors assessed reports of a possible ceasefire extension and a 60-day memorandum of understanding between US and Iranian negotiators.

President Donald Trump said Friday that he was meeting in the Situation Room “to make a final determination” on the matter. He added that Iran “must agree that they will never have a Nuclear Weapon” and said the Strait of Hormuz must be “immediately open.”

His comments kept some doubt around the timing and final terms of any deal. It was not immediately clear which demands had already been included in the preliminary agreement under discussion.

Wall Street Eyes Strong Monthly Finish

Friday marked the final trading session of May, and all three major averages were on pace to end the month higher. The NASDAQ led the advance, helped by sharp gains in technology and AI-linked stocks.

The indexes were also set to close the week with gains. The NASDAQ rose more than 2% for the week, while the S&P 500 added more than 1%. The Dow was on track for a smaller weekly rise of less than 1%.

Stocks came into Friday after a record-setting session on Thursday. Investors reacted to signs of progress in the US-Iran talks while also weighing earnings reports and inflation data.

Still, some market watchers said corporate results remained a main driver. Kate Moore, Chief Investment Officer at Citi Wealth, said on CNBC that the rally has been tied more closely to earnings strength than Middle East headlines.

“I really do think what’s been driving the market higher is, frankly, the power of the technology earnings,” Moore said. She added that the market’s rebound since March reflected expectations that there would be “a resolution at some point,” although she noted that the timing and scope remain uncertain.

Inflation and Consumer Pressure Stay in Focus

Investors also reviewed fresh inflation data after the Commerce Department reported that the personal consumption expenditures price index rose 0.4% in April. The annual rate reached 3.8%, marking its highest level since May 2023.

Core inflation, which excludes food and energy, increased 0.2% for the month and reached 3.3% every year. The yearly readings matched expectations, while the monthly numbers came in slightly below Wall Street forecasts.

Meanwhile, data from the Bureau of Economic Analysis showed that the personal savings rate fell to its lowest level since 2022. Higher living costs, along with gas and grocery prices, continued to pressure household budgets.

In addition, equity markets remained supported by earnings strength in technology. Traders also expect to track oil prices, Iran truce talks, and the next signals from inflation data as May trading nears the end.

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