The S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed in the green on Friday, with both ETFs hitting new all-time highs.
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- Iran submitted a new peace proposal through Pakistani mediators, although the terms have not been publicized.
- President Trump said he is “not satisfied” with the proposal. “Do we want to go and just blast the hell out of them and finish them forever or do we want to try and make a deal?” Trump said. “Those are the options.”
- Earlier this week, White House envoy Steve Witkoff responded to Iran’s initial peace offer, which called for ending the war and reopening the Strait of Hormuz in exchange for lifting the U.S. blockade on Iranian ports, while deferring nuclear talks to a later stage.
- Trump announced a 25% tariff on cars and trucks from the European Union starting next week. He emphasized that vehicles produced in the U.S. would not be subject to duties.
- Tech stocks continued to rally, powered by a strong earnings report from Apple (AAPL). A blowout earnings report from Atlassian (TEAM) sparked a rally in the software sector.
- Veeva (VEEV) soared after the S&P Dow Jones Indices announced it would replace Coterra Energy (CTRA) in the index, effective May 7.
- Microsoft (MSFT) closed higher after announcing a new Xbox mode for Windows 11 PCs.
- Palantir (PLTR) is set to report its earnings on Monday.