The S&P 500 (SPX) closed lower on Friday, ending a seven-day winning streak, while the Nasdaq 100 (NDX) edged higher ahead of the first round of U.S.-Iran peace talks in Islamabad over the weekend.
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News That Moved the Stock Market Today
- The Consumer Price Index (CPI) rose 0.9% month-over-month, registering the largest monthly jump since June 2022. The gas index surged 21.2% and was the largest one-month increase since data collection began in 1967. Higher gas prices accounted for nearly three-quarters of the monthly gain in CPI.
- The preliminary Index of Consumer Sentiment plummeted to an all-time low of 47.6 in April, down from 53.3 in March and missing the consensus estimate of 51.5. However, 98% of the responses were collected before the U.S. announced a two-week ceasefire with Iran on April 7.
- Iranian Parliament Speaker Mohammad Bagher Ghalibaf warned that Iran would not begin negotiations until a Lebanon ceasefire is in place and frozen Iranian assets are released.
- President Trump said U.S. warships are being reloaded with missiles to attack Iran if peace talks fall through.
- Palantir (PLTR) closed lower amid a broad software sector selloff, despite Trump applauding the company’s technological benefits to the U.S. military.
- Alphabet (GOOGL) raised its YouTube Premium subscription price to $15.99 from $13.99, marking the first price hike in three years.
- Lynx Equity raised its Micron (MU) price target to a street-high of $825, citing strong demand and pricing power.
- Nike (NKE) continued to face pressure after Piper Sandler slashed its price target to $50 from $60.
Today’s Best-Performing Sector
Information technology was the best-performing sector on Friday, though performance diverged, with semiconductor stocks rallying alongside weakness in software. Semiconductor stocks continue to benefit from outsized AI infrastructure, while software stocks face pressure from the release of Anthropic’s Claude Mythos.
Several information technology stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, consumer staples stocks faced the largest drawdown as investors pivoted into riskier sectors, including information technology and consumer discretionary. The shift in sentiment reduced demand for defensive stocks, which tend to outperform during periods of uncertainty.
Notable consumer staples stocks trading lower include: