LIVE MARKETS-Nasdaq, S&P 500 hit records; earnings and Iran in focus

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NASDAQ, S&P 500 HIT RECORDS; EARNINGS AND IRAN IN FOCUS

The technology-heavy Nasdaq .IXIC and the benchmark S&P 500 .SPX boasted record closing highs with a strong boost from chip stocks and growing optimism that the U.S. and Iran will meet for talks aimed at resolving their nearly two-month-long war.

Iranian Foreign Minister Abbas Araqchi arrived in the Pakistani capital Islamabad on Friday to discuss proposals for restarting peace talks with the United States amid conflicting signals on whether he would meet with U.S. negotiators there.

Meanwhile, U.S. President Donald Trump told Reuters in a phone interview on Friday that Iran plans to make an offer aimed at resolving U.S. demands. And White House press secretary Karoline Leavitt told Fox News that U.S. envoys Steve Witkoff and Jared Kushner will go to Pakistan on Saturday for what she called "direct talks" mediated by Pakistan.

In other news, U.S. Attorney Jeanine Pirro said on Friday that the Justice Department is closing its investigation into Federal Reserve Chair Jerome Powell, removing an obstacle to the confirmation of Kevin Warsh, President Donald Trump's pick to lead the central bank.

Intel Corp INTC.O rose 23.6% and was Nasdaq's third-biggest boost after it forecast second-quarter revenue above Wall Street expectations late on Thursday, underscoring booming demand for the company's server processors used for artificial intelligence in data centers.

Intel's outlook helped draw investors into the broader chip sector on Friday and AI chip leader Nvidia NVDA.O was Nasdaq's biggest boost with a 4.3% gain.

The Philadelphia Semiconductor index .SOX finished up 4.3% for its 18th gain in a row and its 13th consecutive record closing high.

Other indexes boasting record closes included the Nasdaq 100 .NDX, the S&P 100 .OEX and the S&P 500 technology sector .SPLRCT, which rallied 2.5% on the day. Also at the records party were the Russell 1000 .RUI, the S&P 600 small-cap index .SPCY and the S&P 1500 .SPSUP.

For the week, the S&P 500 added 0.55% while the Nasdaq climbed 1.5% and the Dow fell 0.44%.

Elsewhere, Newmont NEM.N rose 8.7% after it beat Wall Street's first-quarter profit estimates on Thursday as record gold prices helped offset lower production, though the world's largest gold miner warned of a slightly lower output and elevated costs in the current quarter.

Shares in oil field services company Baker Hughes BKR.O rose 6.9% after it said it is seeking to recover higher costs from customers after the U.S.-Israeli war on Iran and the effective closure of the Strait of Hormuz disrupted global supply chains. Its total net income fell 5.6% to $752 million during the quarter.

Here is your closing snapshot:

(Sinéad Carew, Terence Gabriel)

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