Nasdaq 100 hits record as Intel jumps 24% in 2026

Record close led by chips and big tech

US stocks finished at all-time highs on Friday, helped by a sharp rally in technology and semiconductor names after Intel delivered an upbeat outlook. The Nasdaq 100 Index rose 1.9% to a fresh all-time closing high, with chipmakers among the biggest contributors. The S&P 500 advanced 0.8% to also close at a record and extend its weekly winning streak. Trading sentiment was also supported by optimism around the prospect of US-Iran talks, with officials heading to Pakistan for expected discussions.

Intel’s forecast triggers a broad chip rotation

Intel shares surged about 24% and hit a record high after the company issued a revenue forecast that beat Wall Street expectations. Multiple reports put the day’s gain at around 23.6%, marking Intel’s best session since 1987. The move helped extend what market participants described as a historic rally in semiconductors, with investors leaning into AI-linked demand narratives. Intel’s upbeat outlook was viewed as evidence that its turnaround efforts are gaining traction, particularly as AI computing buildouts lift demand for data-center hardware.

Semiconductor index stretches its winning run

The Philadelphia Stock Exchange Semiconductor Index (SOX) rose 4.3% on Friday. That gain extended the index’s streak to 18 consecutive positive sessions, underscoring how concentrated leadership has been in chip and AI-related stocks. The Nasdaq 100’s record close reflected that same leadership, with names such as Advanced Micro Devices and ARM Holdings cited among contributors. Sector strength was also visible through the Technology Select Sector SPDR Fund (XLK), which rose 2.6% in the session.

Benchmarks: S&P 500 and Nasdaq Composite at new highs

While the Nasdaq 100 made a fresh closing high, the broader Nasdaq Composite also finished at a record. The S&P 500’s advance marked its fourth straight weekly gain, the longest streak since 2024, according to the report. The Dow Jones Industrial Average underperformed, slipping modestly even as the tech-heavy indices climbed. Taken together, Friday’s close reinforced a market pattern seen during recent earnings-heavy sessions: megacap and AI-linked themes pulling the major indices higher.

Key numbers at a glance

Earnings momentum and the margin backdrop

A key underpinning for risk appetite was the tone of corporate earnings, with one strategist describing earnings strength as a driver that is “hard to ignore.” FactSet data cited in the report showed profit margin growth of 13.4% year over year for S&P 500 companies in the first quarter so far. If that margin trend holds through the end of the quarter, it would be the strongest since FactSet began tracking the benchmark in 2009. The combination of better-than-expected results and upbeat guidance has been central to the market’s resilience in recent weeks.

Single-stock moves beyond Intel

The session’s stock-specific reactions went beyond Intel, with MaxLinear surging 76% after first-quarter results and a second-quarter revenue forecast topped expectations. Procter & Gamble advanced after the Tide maker reported stronger-than-expected quarterly results, showing that earnings strength was not limited to technology. Still, the day’s index-level impact skewed heavily toward tech and semiconductors given their weight in the major benchmarks.

Geopolitics and rates in the background

Risk sentiment was also shaped by developments around the Middle East conflict and the prospect of US-Iran discussions, with officials traveling to Pakistan for expected talks. Markets also tracked Treasury moves, with the 10-year yield dipping to 4.30% from 4.34% late Thursday. In overseas trading, moves were mixed: London’s FTSE 100 fell 0.8% to 10,379.08, Japan’s Nikkei 225 rose 1%, and France’s CAC 40 fell 0.8%.

Market impact

Friday’s record closes were driven by a narrow but powerful combination of factors: Intel’s sharp jump, broad strength across semiconductors, and supportive earnings trends across the S&P 500. The Nasdaq Composite ended at 24,836.60, up 1.6%, while the S&P 500 rose 56.68 points to 7,165.08. The SOX’s 4.3% rise and 18-session winning streak showed how persistent the chip rally has been, reinforcing the Nasdaq 100’s 1.9% record close. At the same time, the Dow’s 0.2% decline highlighted uneven participation, with gains described as concentrated in megacap tech while some cyclicals and health care lagged.

Analysis: why Intel’s move mattered

Intel’s surge mattered because it combined a large single-stock move with a sector already in a record run, amplifying its index impact. The company’s guidance was interpreted as improving visibility into demand for chips used in data centers, an area closely tied to AI infrastructure spending. The broader earnings context also helped, with FactSet’s 13.4% year-over-year margin growth statistic pointing to a supportive profitability backdrop if it holds. Separately, improved sentiment around potential US-Iran talks reduced near-term risk aversion, even as headlines around the conflict continued to influence oil and broader positioning.

What to watch next

Investors are likely to stay focused on the next wave of earnings updates and any follow-through from semiconductor guidance across the sector. Markets will also watch for clearer signals around the expected US-Iran talks in Pakistan and whether those developments change the tone for risk assets. For equities, the durability of the semiconductor rally and the breadth of participation beyond tech will remain key metrics as the S&P 500 and Nasdaq benchmarks build on fresh record closes.