S&P 500 and Nasdaq close at records as Intel soars; Nvidia reclaims $5 trillion milestone
A powerful tech rally carried U.S. stocks to new highs on April 24, 2026, as Intel’s breakout quarter reignited enthusiasm for semiconductors and artificial intelligence leaders. The S&P 500 rose 0.80% to 7,165.08 and the Nasdaq Composite jumped 1.63% to 24,836.60, with both closing at record levels.
The Dow Jones Industrial Average slipped 0.16% to 49,230.71 amid pressure on cyclicals. Intel surged 23% after a standout earnings report, vaulting beyond its dot-com-era peak and lifting the broader chip sector. Mega-cap AI mainstays, including Nvidia, Microsoft and Meta Platforms, extended gains, deepening their influence on the major indexes.
Nvidia’s market capitalization returned to the $5 trillion mark in the final hours of trading, underscoring bullish sentiment toward tech. Geopolitics receded in market focus as Intel’s jump spurred chipmakers and mega-cap tech stocks. The Philadelphia Semiconductor Index climbed 4.32%, extending its winning streak to 18 sessions.
Sentiment also improved after the Department of Justice dropped its investigation into Federal Reserve Chair Jerome Powell. Closing the case could smooth the way for nominee Kevin Warsh’s appointment and removes lingering questions over Fed independence that could have undermined confidence.
Even as investors chased tech higher, a note of caution arrived from across the Atlantic. Bank of England Deputy Governor Sarah Breeden warned that stock prices could fall and that valuations in technology looked stretched. So far, this earnings season has shown resilience with more beats than usual, but results from major tech firms next week will be closely watched for any signs of weakness.