Nasdaq-100 rises 1.8% April 24

The Nasdaq-100 rose 1.95% on Friday, April 24, finishing at 27,303.67 as chip stocks pushed the tech-heavy benchmark to another record. (google.com) (finance.yahoo.com) The S&P 500 added 0.80% to 7,165.08 and the Nasdaq Composite gained 1.63% to 24,836.60, both record closes. The Dow Jones Industrial Average fell 0.16% to 49,230.71. (google.com) (finance.yahoo.com) The immediate catalyst was Intel. Its shares jumped 23.6% after the company reported adjusted earnings of 29 cents a share on $13.58 billion in first-quarter revenue, far above analyst expectations compiled by LSEG. (thestreet.com) (cnbc.com) The rally spread across the group. Advanced Micro Devices rose 13.9%, Nvidia closed at a record and reclaimed a $5 trillion market value, and the Philadelphia Semiconductor Index logged an 18th straight daily gain. (finance.yahoo.com 1) (finance.yahoo.com 2) (nasdaq.com) That split explains why the Nasdaq-100 outpaced the rest of Wall Street. The index is dominated by large technology companies, so a sharp move in semiconductors can lift it even when the Dow lags. (google.com) (nasdaq.com) The backdrop is an earnings season that has mostly been beating forecasts so far. FactSet said on April 24 that 84% of S&P 500 companies reporting results had topped earnings estimates, with 28% of the index having reported. (factset.com) The next test is bigger. Reuters reported that more than 200 S&P 500 companies, about 42% of the index, are scheduled to report in the week of April 27 through May 1, alongside a Federal Reserve meeting. (reuters.com) (investrade.com) Friday’s move showed how much of the market’s momentum is running through chips. If that leadership holds, the Nasdaq-100 keeps setting the pace; if it cracks, the gap with the Dow becomes harder to ignore. (finance.yahoo.com) (reuters.com)