Stock market today: Live updates

The S&P 500 rose Friday after investors were given a hopeful sign that peace talks between the U.S. and Iran would soon take place in Pakistan.

The broad market index traded up 0.7%, while the Nasdaq Composite added 1.5%. The Dow Jones Industrial Average fell 149 points, or 0.3%, however.

MS NOW reported, citing a Pakistani official, that Iranian Foreign Minister Abbas Araghchi is expected to arrive in Islamabad on Friday evening to have a discussion with Pakistani mediators about a possible second round of negotiations with the U.S.

Oil prices pulled back following the development. U.S. West Texas Intermediate futures were last trading above $94 per barrel, while international benchmark Brent crude futures were trading above $105 a barrel.

This comes on the heels of President Donald Trump announcing Thursday that Israel and Lebanon agreed to extend their ceasefire by three weeks. The announcement followed a meeting at the White House with top U.S. officials, Trump said.

“The Meeting went very well!” the president wrote in a Truth Social post. “The United States is going to work with Lebanon in order to help it protect itself from Hezbollah,” he added, referencing the Iran-backed militia group.

The Middle East conflict has evolved into a naval standoff over the Strait of Hormuz as the U.S. and Iran have seized commercial ships. Trump said in a Truth Social post on Thursday that he had ordered the U.S. Navy to “shoot and kill any boat” that is laying mines in the strait.

Robert Conzo, chief executive officer at The Wealth Alliance, believes that regardless of what happens in Islamabad, the market is “almost setting [the conflict] aside and looking right through it,” though headlines coming from the Middle East still can sway the market given Thursday’s reversal from all-time highs for the S&P 500 and Nasdaq.

Because of Trump’s promotion of a short timeline for the conflict, the historically temporary nature of oil supply shocks and a strong start to earnings season, among other factors, the market has become resilient in the face of the war, Conzo noted.

“What it’s basically doing is saying, ‘Okay, these are more short-term things or maybe it’s a lot more talk than what’s really going on, and we’re going to, to set it over here, get back to fundamentals,'” he said. “[Investors] feel good about those fundamentals, specifically in the United States, and that’s what’s really making the market grind higher.”

The move higher in S&P 500 on Friday was supported by Intel shares, which soared 22%. The chipmaker posted first-quarter earnings that beat Wall Street’s expectations and shared an upbeat forecast for its current quarter.

That adds to the rally semiconductor stocks have seen this week. On Thursday, the iShares Semiconductor ETF (SOXX) posted its 17th positive session in a row and is now pacing to end the week with a 10% gain.

For the three major averages, however, the week is shaping up to be mixed. The S&P 500 is on track to end the period up 0.2%, while the Dow is tracking for a 0.6% decline. The Nasdaq has risen 1% this week.