Intel carries Wall Street toward another record, while oil prices yo-yo lower

NEW YORK (AP) — A surge for Intel following a blowout profit report is leading technology stocks higher Friday, while oil prices keep yo-yoing in the wait for what’s next with the Iran war.

The S&P 500 climbed 0.8% amid mixed trading on Wall Street and is on track to top its all-time high set on Wednesday. The Dow Jones Industrial Average was down 63 points, or 0.1%, as of noon Eastern time, and the Nasdaq composite was 1.5% higher thanks to the jump for tech.

Intel led the way and is potentially heading for its best day since 1987. It soared 22.6% after reporting much stronger results for the first three months of the year than analysts expected. CEO Lip-Bu Tan said the next wave of artificial-intelligence technology is increasing the need for Intel’s chips and products, and the company’s forecast for profit in the spring topped analysts’ estimates.

Such strong profit reports have helped Wall Street rally to records, and the S&P 500 has leaped more than 12% in a little under a month. Hopes have also built in financial markets that the United States and Iran can find a way to avoid a worst-case scenario for the global economy because of their war.

A ceasefire is tenuously in place between the two, but tensions between them are still keeping oil tankers from passing through the Strait of Hormuz to deliver crude from the Persian Gulf to customers worldwide.

Oil prices climbed this week on worries about the strait, but an encouraging signal came Friday after Iran’s top diplomat said he was heading to Pakistan. That's where officials have been trying to get the United States and Iran to convene for a second round of ceasefire negotiations.

The price for a barrel of Brent crude to be delivered in June yo-yoed between roughly $103 and $107 in the morning and most recently was down 0.3% at $104.76. The price for a barrel of Brent oil delivered in July, which is where more of the trading is happening in the market, fell 0.6% to $98.78.

On Wall Street, Procter & Gamble rose 3.5% after reporting stronger profit for the latest quarter than analysts expected. CEO Shailesh Jejurikar said it saw broad-based growth across regions and products, which include Bounty paper towels and Tide detergent.

That helped offset a drop of 23.7% for Charter Communications, whose profit for the latest quarter came in weaker than analysts expected. It lost 120,000 internet customers during the three months, more than some analysts expected.

Hartford Insurance Group fell 1.3% after reporting profit growth for the latest quarter that fell short of analysts’ expectations.

In the bond market, Treasury yields eased as traders upped their bets on the possibility that the Federal Reserve could resume its cuts to interest rates later this year.

The path appeared to clear Friday for President Donald Trump’s nominee to chair the Fed, Kevin Warsh, after the U.S. Justice Department ended its probe into the Fed’s current chair, Jerome Powell.

Sen. Thom Tillis, a North Carolina Republican, has said he would oppose Warsh until the investigation was resolved, effectively blocking his confirmation. Warsh is the choice of Trump, who has been arguing loudly for lower interest rates, which could help mortgages and other kinds of loans become less expensive.

The yield on the 10-year Treasury dipped to 4.30% from 4.34% late Thursday.

A report in the morning also said sentiment among U.S. consumers remains sour. A survey by the University of Michigan found weaker sentiment in April across political party, income, age, and education, though it improved a bit after the ceasefire in the war with Iran was announced earlier in the month.

In stock markets abroad, indexes were mixed across Europe and Asia. Japan’s Nikkei 225 rose 1%, and France’s CAC 40 fell 0.8% for two of the world’s bigger moves.

AP Business Writers Chan Ho-him and Matt Ott contributed to this report.

Options trader Matthew Hefter, center, works on the floor of the New York Stock Exchange, Thursday, April 23, 2026. (AP Photo/Richard Drew)

Specialist John Parisi works at his post on the floor of the New York Stock Exchange, Wednesday, April 22, 2026. (AP Photo/Richard Drew)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, April 24, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, April 24, 2026. (AP Photo/Ahn Young-joon)

A board above the floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Thursday, April 23, 2026. (AP Photo/Richard Drew)

A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, April 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, April 24, 2026. (AP Photo/Ahn Young-joon)

Iran’s state-run IRNA news agency confirmed Friday that Iranian Foreign Minister Abbas Araghchi was heading to Pakistan for talks and will also stop in Oman and Russia.

The trip to Pakistan comes as officials there have been trying to get the United States and Iran to a second round of ceasefire negotiations. The report said the trip, beginning Friday, is focused on “ongoing regional developments” and the US-Iran war.

Also, U.S. President Donald Trump says Israel and Lebanon have agreed to extend a ceasefire between Israel and Hezbollah by three weeks after talks at the White House on Thursday. The meeting was the second high-level negotiation between the two countries since last week. The initial 10-day ceasefire, which took effect last Friday, had been due to expire Monday.

Here is the latest:

It’s his first public acknowledgment of the diagnosis.

He said that roughly a year and a half ago he had prostate surgery. Then two and a half months ago, his doctors discovered and treated a small tumor at Jerusalem’s Hadassah Hospital with radiation therapy. That was not announced at the time.

“I requested to delay its publication by two months so that it would not be released at the height of the war” against Iran, the 76-year-old Israeli leader said, to prevent “more false propaganda against Israel.”

He said he was healthy and called the tumor a “minor medical issue.”

Netanyahu’s health was the subject of speculation during the early weeks of the war with Iran as fake, AI-generated images circulated suggesting he had died, including on Iranian state media.

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That’s according to the Panama Canal Authority.

While passage through the waterway usually comes at a flat rate via reservations, companies without reservations can cross by paying an additional fee in an auction for slots, which are awarded to the highest bidder rather than waiting for days off the coast of Panama City.

That price has ballooned in recent weeks as Iran and the United States have bottlenecked the key shipping route, the Strait of Hormuz, and demand for those slots has skyrocketed. Ships have increasingly traveled through the Panama Canal as shipments are rerouted and buyers purchase from other countries to avoid commerce through the now-treacherous Middle Eastern waterway.

“With all the bombings, the missiles, the drones ... companies are saying it’s safer and less expensive to cross through the Panama Canal,” said Rodrigo Noriega, a lawyer and analyst in Panama City. “All of this is affecting global supply chains.”

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“The same is true in Lebanon: We have begun a process to achieve a historic peace between Israel and Lebanon, and it is clear to us that Hezbollah is trying to sabotage this,” Israeli Prime Minister Benjamin Netanyahu said Friday in a video statement released by his office. He was referring to direct negotiations underway between the two countries — which don’t have formal diplomatic relations — for the first time in decades.

The Israeli military said it hit sites from which rockets were launched toward the town of Shtula a day earlier.

The strikes targeted the town of Deir Aames, which is outside the border area in Lebanon that Israeli forces have declared a buffer zone and continued to occupy since a 10-day truce was implemented last week. Earlier Friday, the Israeli military issued a warning for residents of Deir Aames to leave.

U.S. President Donald Trump on Thursday announced a three-week extension to the Israel-Hezbollah truce, but both sides have continued to fire at each other.

In a Telegram post Friday, Zelenskyy said his meeting with Crown Prince Mohammed bin Salman was productive and that both countries are developing a strategic security agreement.

The agreement includes three elements, he said: exporting Ukraine’s defense expertise and capabilities, expanding energy cooperation, and strengthening food security.

“We are working together to strengthen our nations and partners. We have defined tasks for our teams and I expect their prompt and full implementation,” he said.

Saudi Arabia, along with other Mideast countries, has been targeted by missile and drone attacks from Iran since the war began.

Iranian Foreign Minister Abbas Araghchi said in a social media post that the purpose of his upcoming tour to Islamabad, Pakistan; Muscat, Oman; and Moscow is to “closely coordinate with our partners on bilateral matters and consult on regional developments.”

Araghchi’s comments didn’t address any possible resumption of talks with the U.S., but Pakistani officials have been intensifying efforts in recent weeks to get the U.S. and Iran to a second round of ceasefire negotiations.

Ali Fayyadh said in comments Friday that the ceasefire between Israel and Hezbollah that was extended for three weeks the day before has no meaning as long as Israel continues its attacks, targeted killings and strikes on Lebanese villages.

Since the 10-day ceasefire went into effect last Friday it has been repeatedly violated by both sides.

Fayyadh said every Israeli attack against any Lebanese target, regardless of its nature, gives his group that right to respond appropriately.

He added that any ceasefire that doesn’t constitute a prelude to an Israeli withdrawal from Lebanese territory affirms the Lebanese people’s “inalienable and final right to resist” the occupation and expel it from our land in order to restore full Lebanese sovereignty.

President Joseph Aoun’s comments Friday came during a visit to the Mediterranean island of Cyprus where he’s a guest at the European Union summit.

Aoun said in a speech that “Lebanon’s stability is part of the region’s stability.”

He added that Lebanon refuses to be a bargaining chip in regional conflicts. He was apparently referring to Iran, which has put a permanent ceasefire between Israel and the militant Hezbollah group on top of its list in talks with the U.S..

Aoun said Lebanon, like other countries in the region, “places great importance on de-escalation, stability, and peace.”

Aoun used World Bank figures, saying the Israel-Hezbollah was has caused damage worth $1.4 billion to Lebanon’s infrastructure and that 38,000 housing units were destroyed.

He said 150,000 people in Lebanon are without homes.

Today, offering escorts in the Strait of Hormuz wouldn’t be so easy. Military technology has advanced since the “Tanker war.”

The U.S. hasn’t defined the same clear, narrow goals in this war as it did in the 1980s. And it’s not clear international shippers would feel safe even with an American Navy escort given it’s a combatant now.

The U.S. Navy has long been familiar with the small boat tactics deployed by Iran’s paramilitary Revolutionary Guard, which has adapted to international sanctions blocking its ability to access military vessels by using smaller civilian ships for military purposes.

For years, the Guard has used vessels the size of small commercial fishing boats to shadow American aircraft carriers whenever they pass through the strait. Instead of bearing fishing poles, most have Soviet-era heavy machine guns bolted to their bows with a small rocket launcher atop.

Using those small boats, Iran seized two cargo ships this week.

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A surge for Intel following a blowout profit report is leading technology stocks higher, while oil prices keep swinging in the wait for what’s next with the Iran war.

The S&P 500 rose 0.2% early Friday and pulled near its all-time high set Wednesday. The Dow Jones Industrial Average slipped 74 points, while the Nasdaq composite jumped a market-leading 0.7%.

The price for a barrel of Brent crude to be delivered in June was down 0.4% at $104.67 after yo-yoing between roughly $103 and $107.

European stock markets were modestly lower and Asian markets closed mixed.

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In a statement in Islamabad, the foreign ministry said Lavrov appreciated Pakistan’s “constructive role” in facilitating dialogue between Iran and the United States.

Dar reaffirmed Islamabad’s commitment to supporting efforts that promote dialogue and diplomacy to resolve disputes, it said.

Both sides agreed to remain in contact, it added.

The army said in a statement Friday that a remotely piloted aircraft was downed in southern Lebanon following the launch of a small surface-to-air missile by the militant group Hezbollah.

The military said the incident is under review.

The statement came after Hezbollah said it shot down an Israeli Hermes 450 drone over the outskirts of the southern city of Tyre.

Malaysian Prime Minister Anwar Ibrahim said Friday that his government is in talks with Iran to allow two Malaysian-owned tankers carrying fuel supplies to pass through.

The vessels have exited the Strait of Hormuz but face severe restrictions despite earlier clearance given by the Iranian government, he was cited as saying by the national Bernama news agency. He didn’t provide further details.

One Malaysian vessel has earlier reached home and another is expected to enter Malaysian waters soon, he said. Another is stranded at port due to technical problems, he added.

Hegseth told reporters at the Pentagon on Friday that the military is prepared to deal with any Iranian ships that “recklessly and irresponsibly” lay more mines.

But he said he wouldn’t speculate on reports that it will likely take six months to clear mines in the strait. The Associated Press reported that the Pentagon gave that timeline in a classified briefing to lawmakers this week.

Hegseth was responding to statements from President Trump who said Thursday that he has ordered the military to “ shoot and kill ” small Iranian boats deploying mines.

Hegseth said the U.S. is confident it can clear any mines it identifies “and would encourage other countries to be a part of such an effort as well.”

And it didn’t respond to questions on whether the U.S. would send a delegation.

The crews of all three merchant vessels seized by the U.S. military over the past week are still in U.S. custody, Gen. Dan Caine said at a briefing Friday.

“We will continue to conduct similar maritime interdiction actions and activities in the Pacific and Indian Oceans against Iranian ships and vessels of the Dark Fleet,” Caine said.

Caine also said the crew of the Tousca, the first merchant ship seized by U.S. forces Sunday, “repeatedly ignored U.S. warnings” over a six-hour period. Caine said this behavior prompted the crew of the Navy destroyer following the ship to fire five warning shots.

“The vessel and her crew continued to ignore warnings and, after exhausting all other measures, CENTCOM authorized disabling fire against the Tousca,” Caine said. Then, according to Caine, the destroyer disabled the ship’s engine by firing nine inert rounds from the destroyer’s 5-inch guns “precisely into the engine room and engine space on board the Tousca.”

“Not surprisingly, the vessel then reported issues with their engine, went dead in the water and began to comply with U.S. directions,” Caine added.

The U.S. secretary of defense suggested traditional U.S. allies in Europe are “free-riding” and being disloyal by not using their own forces to open the Strait of Hormuz that’s been closed because of President Trump’s Iran war.

“We are not counting on Europe, but they need the Strait of Hormuz much more than we do,” Hegseth insisted. He mocked a recent European confab, saying U.S. allies “might want to start doing less talking” instead of holding “a fancy conference” and “a silly conference.”

Iran’s maneuver to choke off the strait has disrupted global energy supplies — especially in Europe, where many leaders remain frustrated. French President Emmanuel Macron said at one point that the U.S. can’t complain about a lack of support “in an operation they chose to undertake alone.”

Hegseth’s broadsides echo Trump’s swipes that other nations should “Go get your own oil!” and “start learning how to fight for yourself.”

IRNA said Iranian Foreign Minister Abbas Araghchi also would go to Oman and Russia.

The trip to Pakistan comes as officials there have been trying to get the United States and Iran to a second round of ceasefire negotiations.

The IRNA report said Araghchi’s trip, beginning Friday, is focused on “bilateral consultations and discussions on ongoing regional developments, as well as the latest situation surrounding the imposed war by the United States and Israel against Iran.”

Speaking to reporters Friday at the Pentagon, Hegseth said the U.S. blockade of Iranian shipping will continue “as long as it takes” to accomplish America’s “bold and dangerous” mission to end Iran’s threat to global security.

U.S. officials say that so far the blockade has turned back 34 ships, but ship-tracking data shows Iran has still been to move some of its sanctioned oil.

Lloyd’s List Intelligence said “a steady flow of shadow fleet traffic” has passed in and out of the Persian Gulf, including 11 tankers with Iranian cargo that have left the Gulf of Oman outside the strait since April 13.

The maritime intelligence firm Windward said this week that Iranian traffic continues to flow “via deception.”

Iranians are able to evade the blockade by faking tracking data and by traveling through Pakistani territorial waters.

The Israeli army’s statement Friday regarding the village of Deir Aames came hours after U.S. President Donald Trump said Israel and Lebanon have agreed to extend a ceasefire between Israel and Hezbollah by three weeks.

The military said the militant group Hezbollah is using Deir Aames to launch attacks against Israel.

The military said residents of the village should move 1,000 meters outside Deir Aames.

The group said the Hermes 450 drone was shot down with a surface-to-air missile Friday over the outskirts of southern port city of Tyre.

Hezbollah said it was in retaliation for Israeli violation of Lebanese air space.

There was no immediate comment from the Israeli military.

Pakistani Prime Minister Shehbaz Sharif’s message Friday came as the world marked the International Day of Multilateralism and Diplomacy for Peace.

In the message, Sharif said Pakistan remains guided by the principles of the United Nations Charter amid growing global security challenges and will continue to promote diplomacy to advance regional and international peace.

He also highlighted Pakistan’s ongoing mediation efforts, saying they’re rooted in a commitment to cooperation and conflict resolution.

Ukrainian President Volodymyr Zelenskyy arrived in Saudi Arabia on Friday for talks on potential agreements covering energy, infrastructure and security, he said in a post on Telegram.

Zelenskyy is set to meet with Crown Prince Mohammed bin Salman.

“Yesterday, at a meeting with European leaders, we secured financial guarantees for our stability,” Zelenskyy posted, referring to a crucial 90 billion-euro loan approved by European leaders. “Today we are developing agreements with Saudi Arabia in the fields of security, energy and infrastructure.”

The visit is his second trip to Saudi Arabia in a month, following a late-March visit focused on air defense technology.

The White House said that Trump issued a 90-day extension to the Jones Act waiver, making it easier for non-American vessels to transport oil and natural gas in the wake of the Iran War.

Trump first announced a 60-day waiver in mid-March and the move has been seen as helping to stabilize energy prices and making it easier for more ships to travel to the U.S. following the effective closure of the Strait of Hormuz.

The post on social media by a White House press aide said: “New data compiled since the initial waiver was issued revealed that significantly more supply was able to reach U.S. ports faster.”

Two Pakistani officials told The Associated Press on Friday about the visit by Iranian Foreign Minister Abbas Araghchi. They declined to provide any other details, other than to say he would be accompanied by a small government delegation and could arrive as soon as Friday.

Pakistan has been trying to restart ceasefire talks between Iran and the United States.

The officials spoke on condition of anonymity because they were not authorized to speak to the media.

Iran did not immediately acknowledge Araghchi’s trip.

The U.N. peacekeeping force deployed in southern Lebanon, or UNIFIL, says Corporal Rico Pramudia, 31, died at a Beirut hospital after he was critically wounded following a projectile explosion in his base in Adchit al-Qusayr, southern Lebanon, on March 29.

The attack in Adchit al-Qusayr also killed an Indonesian peacekeeper.

Two other Indonesian peacekeepers were also killed in southern Lebanon shortly after.

Kuwait says explosive drones launched from Iraq have struck two sites on the northern land border Friday morning.

The Kuwait army said on X that the drones caused material damage, but that there were no reports of casualties.

Zainab, the sister of Lebanese journalist Amal Khalil, who was killed on Wednesday in an Israeli airstrike, hugs her helmet as she mourns over her coffin in the village of Baysariyeh, southern Lebanon, Thursday, April 23, 2026. (AP Photo/Mohammed Zaatari)

Mourners carry the coffin of Lebanese journalist Amal Khalil, who was killed Wednesday in an Israeli airstrike, during her funeral procession in the village of Baysariyeh in southern Lebanon on Thursday, April 23, 2026. (AP Photo/Mohammed Zaatari)

U.S. Ambassador to Lebanon Michel Issa, right, speaks as Secretary of State Marco Rubio and Lebanese Ambassador to the U.S. Nada Hamadeh Moawad, listen during a meeting between the ambassadors of Israel and Lebanon in the Oval Office at the White House, Thursday, April 23, 2026, in Washington. (AP Photo/Mark Schiefelbein)

From left, Israeli Ambassador to the U.S. Yechiel Leiter, Vice President JD Vance, Secretary of State Marco Rubio, and Lebanese Ambassador to the U.S. Nada Hamadeh Moawad, listen to President Donald Trump speak in the Oval Office at the White House, Thursday, April 23, 2026, in Washington. (AP Photo/Mark Schiefelbein)

A container ship is seen in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)