Major U.S. equity indices ended the day in positive territory after a choppy session marked by sharp swings in tech stocks and shifting investor sentiment around trade and Fed policy. Early pressure came from weakness in Alphabet and Apple shares, following comments from Apple’s VP of Services indicating that search and browser usage declined in April—the first drop on record. In response, Apple is reportedly exploring the integration of AI-powered search in its browsers, a move that could threaten Alphabet’s search revenue, given its long-standing default search deal with Apple.
Markets briefly turned higher after the Fed policy decision, only to retreat following Fed Chair Powell’s press conference, where he emphasized elevated uncertainty and a data-dependent stance. However, a late-session boost came after reports that President Trump may rescind global chip export restrictions amid ongoing debate around AI-related controls. That headline sent semiconductor stocks sharply higher, lifting the broader indices with them.
By the close, all major indices posted gains for the first time this week:
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Dow Jones Industrial Average: +284.97 points (+0.70%) to 41,113.97
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S&P 500: +24.37 points (+0.43%) to 5,631.28
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NASDAQ Composite: +48.50 points (+0.27%) to 17,738.16
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Russell 2000: +6.47 points (+0.33%) to 1,989.66
Shares of Apple closed down $-2.26 or -1.14% at $196.25. The low price extended to $193.25 before rebounding into the close
Shares of Alphabet fell $-11.85 or -7.26% at $151.38. The low price extended to $147.84
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