Friday Morning Markets — April 24, 2026
U.S. equities opened Friday on a broadly positive note, with tech leading the charge as Intel’s blowout earnings ignited a surge in semiconductor and AI-linked stocks, even as the Dowlagged and geopolitical concerns over the U.S.-Iran standoff continued to cast a shadow over energy markets and investor sentiment.
The Nasdaq Composite jumped 0.90% at the open, lifted by a wave of earnings-driven enthusiasm in chipmakers and software names. The S&P 500 gained 0.37%, while the Russell 2000 edged up 0.05%. The Dow Jones Industrial Average bucked the trend, declining 0.28%, weighed down by select blue-chip laggards even as the broader tape held firm. The CBOE Volatility Index (VIX) pulled back to 18.96, down 1.81%, suggesting a modest easing of near-term fear.
As trading began, the S&P 500 hovered near 7,134, the Nasdaq near 24,658, and the Dow around 49,172. Crude oil slipped 1.00% to $94.89 per barrel, while gold climbed 0.47%to $4,746. The 10-year Treasury yield dipped to 4.312%, and the dollar index held near 98.48.
The dominant story of the morning was Intel (INTC). Shares surged as much as 30% in premarket trading, briefly touching $87.09 and approaching all-time high territory, after the chipmaker delivered a sales forecast that shattered Wall Streetexpectations. Intel projected second-quarter revenue and profit well above consensus estimates and now expects its CPU business to post double-digit growth in 2026—a dramatic revision from prior guidance of only modest gains. Agentic AI-driven demand for processors was cited as a key catalyst. Intelalso announced it would hold fixed-income investor calls Friday, arranging the sessions through Citigroup, JPMorgan, Barclays, Bank of America, and Deutsche Bank.
The Intel momentum spilled directly into Advanced Micro Devices (AMD), which surged nearly 12% as investors renewed their conviction in the AI chip trade. DA Davidsonupgraded AMD, arguing that Intel’s blowout results serve as a precursor to a broader ramp in the CPU business across the sector.
MaxLinear (MXLR) was another standout gainer, soaring 38% after its first-quarter results topped estimates and the company raised its forward outlook. MaxLinear earned 22 cents per share on revenue of $137.2 million, beating FactSet’s expectations of 18 cents on $134.6 million. SAP, the German enterprise software giant, popped nearly 7% after posting earnings of $1.72 per share excluding items—just ahead of the $1.69 consensus—with cloud revenue rising 19% in the quarter.
On the downside, Boyd Gaming (BYD) fell 6% after reporting first-quarter adjusted earnings of $1.60 per share, missing the $1.73 LSEG consensus. Revenue of $997.4 million also fell short of the expected $1 billion, with soft performance at its Las Vegas properties weighing on results. ASGN Incorporated—now rebranded as Everforth—cratered roughly 35% after reporting Q1 EPS of $0.69, nearly 30% below the $0.98 consensus, with a weak Q2 revenue outlook compounding the disappointment. KKR Real Estate Finance Trust (KREF) slid approximately 22% on thin volume, signaling sector-specific stress in commercial real estate.
On the analyst front, Friday brought a flurry of notable calls. Citi analyst Atif Malik issued a constructive note on Intelfollowing the earnings beat, arguing that improving agentic AI-driven CPU demand should lift all CPU suppliers in the coming years. Intel now expects unit growth as the primary driver of CPU expansion, with average selling prices also benefiting from higher core counts. Ahead of the print, HSBC analyst Frank Lee had upgraded Intel from Hold to Buy with a price target of $95, up from $50. Stifel analyst Ruben Roy, who carries a 90% accuracy rate, had raised his Intel target from $42 to $65.
For AMD, Stifel raised its price target to $320—well above the broader analyst consensus of $291.52—while Bank of America’s Vivek Arya pushed his target to $310 from $280, projecting data-center revenue growth exceeding 60% year over year in both 2026 and 2027. Morgan Stanley upgraded Phillips 66 (PSX) to Overweight from Equal Weight, citing chemicals upside and attractive relative valuation. Stephensinitiated Rocket Companies (RKT) at Overweight with a $22.50 price target. JPMorgan initiated Hims & Hers (HIMS) at Overweight with a $35 December 2026 price target. TD Cowen reiterated Apple (AAPL) as a Buy ahead of its earnings report expected next week.
The macro backdrop remains complex. Asian equities opened lower overnight as concerns grew that U.S.-Iran negotiations are making little progress, with the Strait of Hormuzremaining effectively closed to normal shipping traffic. Oil prices reflected the tension, with Brent crude trading above $102 per barrel. Despite this headwind, earnings season has provided a powerful counterweight: of the 87 S&P 500companies that have reported results so far, 81% have beaten earnings estimates and 76% have topped revenue expectations—an unusually strong showing that has helped sustain the market’s historic April rally.
For now, bulls and bears are fighting over the same data points. Strong earnings argue for continued upside; high oil prices and unresolved geopolitical risk argue for caution. Markets closed Thursday with the S&P 500 at 7,108, the Dow at 49,310, and the Nasdaq at 24,438, each retreating from record intraday highs as software stocks—IBM and ServiceNow (NOW) among them—dragged on the tape. Friday’s session will test whether Intel’s blowout can reignite the momentum that carried equities to all-time highs just days ago.
JBizNews Markets Desk
