The S&P 500 and Nasdaq Composite reached record highs on Friday, with the S&P 500 gaining 61.40 points (0.84%) to close at 7,398.51 points and the Nasdaq rising 437.64 points (1.70%) to 26,243.84. This surge was fueled by strong performances from AI-related companies such as Nvidia and Sandisk, which benefitted from increased demand for AI data centers. Despite this tech rally, most sectors within the S&P 500 experienced declines. A robust jobs report indicated that U.S. employment rose more than anticipated, with the unemployment rate steady at 4.3%, which supports expectations that the Federal Reserve will maintain interest rates in the 3.50% to 3.75% range for the remainder of the year. Notably, 83% of the 440 S&P 500 companies that reported first-quarter results surpassed analysts' earnings expectations, a significant increase compared to the long-term average of 67%. However, some companies like Cloudflare and Trade Desk faced challenges, with Cloudflare announcing a 20% workforce reduction and lower revenue forecasts. The ongoing conflict in the Middle East has also impacted oil prices, with Brent crude surpassing $100 per barrel.