Traders work at the New York Stock Exchange on April 16, 2026.
NYSE
The S&P 500 and Nasdaq Composite closed at record levels on Friday after investors were given a hopeful sign that peace talks between the U.S. and Iran would soon take place in Pakistan.
The broad market index finished up 0.8% at 7,165.08, while the tech-heavy Nasdaq added 1.63% to settle at 24,836.60. Both indexes also scored fresh all-time intraday highs. However, the Dow Jones Industrial Average fell 79.61 points, or 0.16%, to end the at 49,230.71.
MS NOW reported, citing a Pakistani official, that Iranian Foreign Minister Abbas Araghchi is expected to arrive in Islamabad on Friday evening to have a discussion with Pakistani mediators about a possible second round of negotiations with the U.S.
U.S. oil prices pulled back following the development. U.S. West Texas Intermediate futures settled above $94 per barrel after falling 1.51%. Meanwhile, international benchmark Brent crude futures closed marginally higher at above $105 a barrel.
This comes on the heels of President Donald Trump announcing Thursday that Israel and Lebanon agreed to extend their ceasefire by three weeks. The announcement followed a meeting at the White House with top U.S. officials, Trump said.
“The Meeting went very well!” the president wrote in a Truth Social post. “The United States is going to work with Lebanon in order to help it protect itself from Hezbollah,” he added, referencing the Iran-backed militia group.
The Middle East conflict has evolved into a naval standoff over the Strait of Hormuz as the U.S. and Iran have seized commercial ships. Trump said in a Truth Social post on Thursday that he had ordered the U.S. Navy to “shoot and kill any boat” that is laying mines in the strait.
Robert Conzo, chief executive officer at The Wealth Alliance, believes that regardless of what happens in Islamabad, the market is “almost setting [the conflict] aside and looking right through it,” though headlines coming from the Middle East still can sway the market given Thursday’s reversal from all-time highs for the S&P 500 and Nasdaq.
Because of Trump’s promotion of a short timeline for the conflict, the historically temporary nature of oil supply shocks and a strong start to earnings season, among other factors, the market has become resilient in the face of the war, Conzo noted.
“What it’s basically doing is saying, ‘Okay, these are more short-term things or maybe it’s a lot more talk than what’s really going on, and we’re going to, to set it over here, get back to fundamentals,'” he said. “[Investors] feel good about those fundamentals, specifically in the United States, and that’s what’s really making the market grind higher.”
The move higher in S&P 500 on Friday was supported by Intel shares, which soared 23%. The chipmaker posted first-quarter earnings that beat Wall Street’s expectations and shared an upbeat forecast for its current quarter.
That adds to the rally semiconductor stocks have seen this week. On Friday, the iShares Semiconductor ETF (SOXX) posted its 18th positive session in a row and ended the week with an 11% gain.
For the three major averages, however, the week was mixed. The S&P 500 ended the period up about 0.6%, while the Dow recorded a 0.4% decline. The Nasdaq rose 1.5% this week.
