Nasdaq tops records on chip gains; Dow stalls below 50,000

The Nasdaq Composite reached fresh record highs on April 24, driven by strong gains in semiconductor and electronics stocks. Intel climbed about 22% and AMD rose about 15%, lifting the technology-heavy index roughly 1.7% in mid-session trading. The Dow Jones Industrial Average remained under the 50,000 level while the S&P 500 traded near recent highs.

Earnings season for major technology companies has begun. Semiconductor and hardware suppliers outperformed software names during the session. Intel reported results that exceeded expectations and benchmarks of several chipmakers and electronics suppliers showed strength, contributing to heavy buying in higher-beta technology shares.

U.S.-Iran diplomacy and military developments were market factors. High-level U.S.-Iran talks were widely expected over the weekend with no official date announced. A U.S. naval blockade of the Strait of Hormuz remained in place. West Texas Intermediate crude oil traded above $95 per barrel, and oil prices were monitored for their effect on cyclicals and energy stocks.

Technical indicators for the Nasdaq showed recent intraday resistance near 27,300 and 27,500, with 28,000 cited as a major psychological level and channel high. Short-term support was identified around 27,000, while prior all-time highs near 26,200 to 26,300 offered deeper support.

The Dow was trading below its four-hour 50-period moving average, which sat near 49,080. Immediate resistance was noted in the 49,500 to 49,600 area and in the 49,900 to 50,000 zone. Longer-term highs for the Dow remained at 50,544. Market technicians flagged 49,000 as a short-term pivot, with additional support levels in the 48,500 and 48,000 ranges.

The S&P 500 remained congested close to its all-time highs. Analysts identified resistance in the 7,150 to 7,160 area and listed the next potential upside target near 7,200. Short-term support clustered around the 7,100 psychological level and the index's 50-period moving average at about 7,080.

Market participants said upcoming corporate earnings over the next week will provide additional data on whether technology-led gains broaden across other sectors. Traders continued to monitor U.S.-Iran headlines and developments in the Strait of Hormuz alongside crude prices for signals that could affect sector rotation and risk appetite.

Participants also noted that semiconductor and electronics stocks supplied the bulk of the Nasdaq's momentum while several other sectors showed more muted price action during the current reporting cycle. The concentration of gains in a narrow group of names was highlighted as a feature of the session's market internals.