NEW YORK, May 29 (Xinhua) -- U.S. stocks ended higher on Friday, propelled by a rally in technology shares following standout earnings from hardware giant Dell Technologies.
The Dow Jones Industrial Average rose 0.72 percent to 51,032.46. The S&P 500 added 0.22 percent to 7,580.06. The Nasdaq Composite Index increased by 0.2 percent to 26,972.62.
Despite the positive performance of the headline indices, nine of the 11 primary S&P 500 sectors ended in the red, with consumer staples and communication services leading the laggards by dropping 2 percent and 1.7 percent, respectively. Technology and financials were the only gainers, rising 1.87 percent and 0.56 percent, respectively.
The technology sector's strength was anchored by Dell Technologies, whose shares skyrocketed 32.76 percent after the enterprise hardware provider delivered a significant first-quarter revenue and profit beat alongside an upward revision to its full-year fiscal guidance.
The robust results re-energized broader confidence in AI infrastructure demand. Memory chipmaker Micron and mobile chip pioneer Qualcomm capitalized on the positive momentum, advancing more than 5 percent and 3 percent, respectively.
Conversely, consumer-centric and retail companies faced severe downward pressure following a wave of soft quarterly reports. Gap sank over 15 percent and American Eagle Outfitters dropped nearly 12 percent as corporate outlooks pointed to a tightening retail environment.
Big-box giant Costco Wholesale fell almost 4 percent, and cybersecurity firm SentinelOne pulled back over 8 percent after its execution strategy failed to satisfy heightened investor expectations.
Speaking at an economic conference in Iceland, Federal Reserve Vice Chair for Supervision Michelle Bowman cautioned that a prolonged Middle East energy shock could alter her outlook on the balance of risks. "It still seems early to assess the size and persistence of the economic effects from the Iran conflict," she said, adding, however, that "should disruptions persist well into the second half of the year, we could start to see broader effects on inflation."
West Texas Intermediate crude for July delivery decreased by 1.73 percent to settle at 87.36 U.S. dollars a barrel on the New York Mercantile Exchange after U.S. President Donald Trump indicated via social media that a final decision regarding a proposed diplomatic framework with Iran would be announced soon. Concurrently, Brent crude for July delivery lost 1.77 percent to settle at 92.05 dollars a barrel on the London ICE Futures Exchange. Enditem
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