Finance

Technology shares drove the market higher, specifically within the semiconductor industry where firms like Intel saw double-digit gains following new partnership reports. However, the sector saw significant volatility as some cloud computing and cybersecurity firms reported lower-than-anticipated guidance or first-quarter losses.

While equity markets celebrated labor gains, geopolitical instability in the Middle East kept oil prices elevated, with Brent crude remaining above $100 per barrel. These rising fuel costs, combined with new trade tariffs, contributed to a record low in preliminary consumer sentiment readings for early May.

Bond yields eased on Friday, with the 10-year Treasury note falling toward 4.36% as investors balanced the implications of high job growth against cooling consumer sentiment. Market expectations currently suggest the Federal Reserve will likely maintain interest rates at their current levels through the end of 2026.