S&P500 and Nasdaq 100: US Indices Eye Fresh Highs After Earnings Surge

• Tech stocks led gains with major winners including Akamai (up 27% on $1.8B AI cloud deal) and IREN (up 8% on $2.1B Nvidia partnership), while losers like Cloudflare fell 18% on job cuts
• Markets showed minimal reaction to U.S.-Iran military exchange near Strait of Hormuz, with WTI crude oil barely moving, indicating traders are pricing in resolution rather than escalation
• June E-mini S&P 500 futures eye challenge of record high at 7,410.50 with key support at 7,305.00, while Nasdaq 100 futures target 28,944.75 with only two swing bottoms since March 31 signaling powerful momentum

Market Summary: S&P 500 and Nasdaq 100 Target Record Highs on Strong Earnings

Key Market Movements

U.S. indices are positioned for fresh records, with S&P 500 futures up 0.5% and the Nasdaq 100 leading Friday's gains. The Nasdaq is tracking a 2.8% weekly gain, while the S&P 500 is up 1.5% for the week, driven predominantly by strong technology sector earnings.

Technical Levels

June E-mini S&P 500 futures are challenging yesterday's record high of 7,410.50, with key support at 7,305.00 and 7,199.50. The Nasdaq 100 futures are testing 28,944.75, showing exceptional strength with only two swing bottoms since March 31 at 22,961.50.

Earnings Highlights

Notable winners included Akamai Technologies, surging 27% on a $1.8 billion AI cloud infrastructure deal, and IREN Limited, jumping 8% after announcing an AI partnership with Nvidia backed by $2.1 billion in investment. JFrog gained 16% on raised guidance, while Rocket Lab rose 7%.

Losers included Cloudflare (-18% after job cuts), Trade Desk (-13% on weak forecasts), CoreWeave (-7%), and Coinbase, which reported a surprise quarterly loss.

Market Outlook

The April jobs report is the day's critical catalyst, with economists expecting 55,000 jobs added and unemployment holding at 4.3%. A miss could accelerate rate cut expectations and extend the rally, while a beat would reinforce "higher for longer" positioning.

Geopolitical tensions remain subdued despite Thursday's U.S.-Iran exchange near the Strait of Hormuz, with WTI crude barely reacting (+0.1%), indicating markets are pricing in resolution rather than escalation.