The S&P 500, Dow Jones and Nasdaq all closed higher Thursday after Dell Technologies reported massive AI-driven results and President Trump unveiled proposed terms for a US-Iran deal. The market rally pushed the S&P 500 within 9 points of its technical resistance level at 7,601, while West Texas Intermediate crude tumbled to $86 a barrel as oil concerns eased.
Dell's AI Order Book Ignites 28% Stock Surge
Dell Technologies reported first-quarter revenue of $43.8 billion, an 88% jump from last year, with earnings per share reaching $4.86 — up 214%. The company booked $24.4 billion in AI orders, including $16.1 billion from AI server sales alone. That performance sent Dell shares soaring 28.54% by market close, far outpacing the broader market.
Trump Deal Proposal Reshapes Oil Outlook
President Trump announced proposed US-Iran agreement terms requiring Iran to abandon nuclear weapons, reopen the Strait of Hormuz without tolls, and remove all water mines. The announcement immediately correlated with WTI crude oil falling to $86 a barrel. Energy sector stocks declined 0.89% as a result, with ExxonMobil dropping 1.05% while crude prices retreated.
Tech Sector's 1.49% Gain Fuels Market Move
The technology sector led all gains with a 1.49% advance as Dell's momentum rippled through the market. Hewlett Packard Enterprise rose 14.04%, Super Micro Computer gained 10.11%, and Oracle climbed 8.97%. NetApp reported $1.95 billion in fourth-quarter revenue, while Palantir surged 9.08% and CrowdStrike rose 7.99% amid increased interest in AI-related software names.
S&P 500 Tests Key Resistance Level
The S&P 500 has now rallied 19% from its March 30 low of 6,315, closing at 7,591.78 on Thursday. The index sits just below technical resistance at 7,601, with immediate support levels at 7,543, 7,503 and 7,413. A break above resistance would signal further upward momentum for the benchmark index.
