It’s a tale of two markets on Friday, and Apple is writing most of the script. The Nasdaq-100 and S&P 500 (^GSPC +0.29%) were both sitting at fresh record highs around 10:30 a.m. ET, when things got a little wobbly.As of this writing at 12:56 p.m. ET, the Nasdaq-100 was up 0.9%, the S&P 500 had gained 0.5%, and the Dow Jones Industrial Average (^DJI 0.31%) had slipped 0.1% lower.
^NDX data by YCharts
The divergence between the leading indexes reflects the outsized influence of a single stock: Apple (AAPL +3.26%).
The iPhone maker’s 4.5% gain following a strong earnings report is lifting the tech-heavy Nasdaq, where it commands a 10% weighting, and the S&P 500, where it holds a 6% weighting. The Dow, which weights its 30 components by share price rather than market capitalization, is feeling more pain from Amgen’s (AMGN 4.75%) earnings-based 5.7% decline. This index also took a harder hit from unexpected tariff news.
Image source: Getty Images.
Apple’s big day (and Amgen’s bad one)
Apple absolutely crushed its earnings report Thursday evening. Exiting CEO Tim Cook said demand for the iPhone 17 and Mac computers remains strong. Apple is now flirting with its first record close since December 2025.
Amgen also beat estimates Thursday, but the strong results were overshadowed by modest guidance targets. As a high-priced stock in the price-weighted Dow, Amgen’s decline is putting significant downward pressure on that index.
The late-morning pullback across all three indexes coincided with news that the Trump administration is imposing a 25% tariff on European automobiles. And oil prices dropped, with the price-tracking USO (USO 2.92%) fund falling 3.3%, after Iran sent a new peace proposal to mediators. Less drama in the Strait of Hormuz is generally good news for energy costs, though the positive developments tend to look fragile.
Today’s Change(3.26%) $8.84Current Price$280.19Key Data PointsMarket Cap$4.0TDay’s Range$278.37 – $287.2152wk Range$193.25 – $288.62Volume4.5MAvg Vol45MGross Margin47.33%Dividend Yield0.38%
The bigger picture
The Nasdaq and S&P 500 are hitting records because Apple is doing the heavy lifting. The Dow is slipping because its quirky price-weighting math gives outsized influence to a struggling biotech stock. Same market, different stories.
April was the best month for stocks since the pandemic rebound, and May is off to a good start with major indexes near all-time highs.
For long-term investors, today’s divergence is a good reminder not to get too caught up in which index does what on any given afternoon. Apple’s raised guidance and strong iPhone demand are real. That matters a lot more than whether the Dow closes up or down a tenth of a percent. After all, Apple’s business is a pretty reliable barometer for the American consumer market’s long-term resilience.