U.S. stocks kept their record-breaking streak alive on Friday, powered by a blowout earnings report from Apple Inc. (AAPL) that sent the S&P 500 and Nasdaq 100 to new all-time highs. The tech rally was broad, but not everything was rosy: crude oil sank more than 3% on news that Iran was routing a fresh Hormuz reopening proposal through Pakistani mediators, and President Donald Trump announced he's raising tariffs on European cars and trucks to 25%.

By midday, the S&P 500 was up 0.7% to 7,262, the Dow Jones Industrial Average added 65 points (0.1%) to 49,729, and the Nasdaq 100 rose 1.1% to 27,743. Apple's 5.1% surge was the big driver, but other mega-cap tech names also joined the party: Microsoft (MSFT) climbed 2.1%, Amazon (AMZN) rose 1.9%, and Tesla (TSLA) gained 3.6%. Nvidia (NVDA) and Alphabet (GOOGL) each edged 0.2% lower, but that was the exception. The small-cap Russell 2000 added 0.3% to 2,807.

Here's how the major indices looked at midday:

The corresponding ETFs followed suit: the Vanguard S&P 500 ETF (VOO) rose 0.7%, the SPDR Dow Jones Industrial Average ETF Trust (DIA) ticked 0.1% higher, the Invesco QQQ Trust (QQQ) climbed 1.1%, and the iShares Russell 2000 ETF (IWM) added 0.3%.

Apple Blowout Lifts Tech

The Technology Select Sector SPDR Fund (XLK) led S&P 500 sectors with a 1.5% gain, followed by the Consumer Discretionary Select Sector SPDR Fund (XLY) up 1.0%. The clear laggard was the Energy Select Sector SPDR Fund (XLE), which sank 1.4% as crude tumbled, with Industrials and Health Care also in the red.

Software dominated industry leaderboards. The iShares Expanded Tech-Software Sector ETF (IGV) surged 3.1% on the back of standout earnings from Atlassian Corp. (TEAM), Twilio Inc. (TWLO), and Reddit Inc. (RDDT). The U.S. Global Jets ETF (JETS) climbed 2.8% on the lower-oil tailwind, while the Invesco Solar ETF (TAN) added 2.0%. On the other side, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) dropped 1.6% and the VanEck Oil Services ETF (OIH) fell 1.3%.

Earnings Movers In Focus

Apple was the unmistakable star of the morning, jumping over 5% after the iPhone maker delivered $111.2 billion in fiscal Q2 revenue (up 17%) and $2.01 in EPS, both ahead of consensus. Greater China sales surged 28% to $20.5 billion. The company guided June-quarter revenue growth to 14%–17%, well above Street estimates around 9.5%, and services hit a record $31 billion.

Not every mega-cap earnings story was as clean. Amgen Inc. (AMGN) tumbled 5.7% despite a Q1 beat ($5.15 EPS vs. $4.80 expected) and a raised 2026 guidance, as investors keyed in on patent headwinds and biosimilar pressure. Qualcomm Inc. (QCOM) slid 3.5% in profit-taking after Thursday's 15% post-earnings rally on record automotive sales and a hyperscaler custom-silicon win.

On the upside, Oracle Corp. (ORCL) jumped 7.2% on renewed AI cloud capex enthusiasm despite no fresh corporate catalyst, while Intel Corp. (INTC) rose 5.2% and Palantir Technologies Inc. (PLTR) climbed 3.8% as the AI-infrastructure bid spread across semis and software.

Beyond mega caps, the Russell 1000 leaderboard was dominated by software earnings winners. Atlassian exploded 24.4% higher – the stock's best day ever – after fiscal Q3 EPS of $1.75 trounced the $0.98 consensus and full-year revenue growth guidance was lifted to 24%. Twilio surged 20.2% on 20% revenue growth and a raised full-year outlook, and Reddit climbed 11.9% on a 69% revenue jump and Q2 guidance of $715M–$725M.

nVent Electric plc (NVT) rallied 11.0% on a Q1 beat with sales growth above 34%, while Veeva Systems Inc. (VEEV) jumped 12.0% with no scheduled earnings until May 27, the move tied to sector-rotation flows into life-sciences software.

On the downside, Summit Therapeutics Inc. (SMMT) cratered 23.7% after fresh ivonescimab data missed statistical significance versus Keytruda. Roblox Corp. (RBLX) sank 15.1% after slashing full-year 2026 bookings guidance and missing on Q1 DAUs. Dolby Laboratories Inc. (DLB) tumbled 12.6% on next-quarter revenue guidance roughly 9.5% below expectations, and Bio-Rad Laboratories Inc. (BIO) dropped 10.6% after cutting its 2026 revenue and margin outlook. Ryan Specialty Holdings Inc. (RYAN) slid 11.3% with no fresh news catalyst, the move appearing tied to sector positioning.

Friday's Russell 1000 Top Gainers

Friday's Russell 1000 Top Losers