Intel's record-breaking surge at the stock market pulled S&P 500 and Nasdaq Composite higher in early trade on Friday, even as the Dow Jones Industrial Average edged lower.
S&P 500 was up 0.2% at 7,121, whereas the tech-heavy Nasdaq rose 0.7% to 24,604.08. Dow Jones, however, slipped 0.3%, or 152.79 points, to 49,140.79 at 9:45 am EST.
Intel was topmost gainer in early trade, as the stock soared by 26% to surpass the dot-com era peak of $74. The scrip was trading at $85.22 apiece shortly after the opening bell.
The stock surge came after the chipmaker beat estimates with its quarterly results. It logged a revenue of $13.58 billion, as against the Street estimates of $12.42 billion. Similarly, the earnings per share of 29 cents far outweighed the estimate of 1 cent.
In a likely ripple effect, other semiconductor and chip stocks also edged higher in early trade, with AI hot-bet Nvidia rising 1.22% to $202.08 per share.
Among other Magnificient Stocks, Apple was trading 0.5% lower, whereas Google-parent Alphabet was down by 0.13%. Big Tech rival Microsoft, however, edged higher, logging 1.13% gains within the first few minutes of trade.
The climb in S&P and Nasdaq, and the decline in Dow reflected mixed sentiments in the market, as traders stayed cautious over the fragile US-Iran truce.
ALSO READ: Oil No Dampener: Assocham Sees India Scaling 7% Growth Despite $90-100 Brent
The hopes of a peace deal received a boost after Reuters, citing sources, reported on Friday that Iranian Foreign Minister Abbas Araghchi would be visiting Islamabad this evening for the talks with his US counterparts. An official confirmation from Tehran, however, remained awaited.
The currency market saw muted action in trade, with the Bloomberg Dollar Spot Index largely staying unchanged. The 10-Year Treasury yield rose by two basis points to 4.3%.
Meanwhile, oil prices retreated marginally from the highs scaled on Thursday. The benchmark, Brent crude, was down 0.1% at $104.98 a barrel at 10:35 am EST, whereas the US West Taxes Intermediate Futures were down 0.7% at $95.18 per barrel.
On the other hand, bullion market edged higher, with US spot gold rising 0.75% to $4,729.67 an ounce. US spot silver rose 0.8% to $76.06.
ALSO READ: 'Market Didn't Kill Indian Traders, System Did': Noted Technical Analyst
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
