All three major US stock indexes were up sharply in late-morning trading Friday, as Iran Foreign Minister Seyed Abbas Araghchi said on X that the Strait of Hormuz is completely open to commercial ships for the remaining period of the ceasefire between the US and Iran.

In company news, Netflix (NFLX) reported Q1 earnings late Thursday of $1.23 per diluted share, up from $0.66 a year earlier and above the FactSet consensus analyst estimate of $0.76. First-quarter revenue was $12.25 billion, up from $10.54 billion a year ago and above the FactSet consensus of $12.18 billion. For Q2, the company said it expects EPS of $0.78 on revenue of $12.57 billion. Analysts polled by FactSet expect $0.84 and $12.64 billion, respectively. The company also said Chairman and Co-founder Reed Hastings said he will not stand for re-election to the board when his term expires in June. Netflix shares were down 9.4% around midday.

Intel's (INTC) stock was up in morning trading Friday, touching $6.97 earlier, its highest level since August 2000. Intel shares were up 2.6%.

Alcoa (AA) reported Q1 adjusted earnings late Thursday of $1.40 per share, down from $2.15 a year earlier and below the FactSet consensus of $1.53. First-quarter revenue was $3.19 billion, down from $3.37 billion a year ago and below the FactSet consensus of $3.28 billion. Alcoa shares were down 7.5%.

Autoliv (ALV) reported Q1 adjusted earnings Friday of $2.05 per diluted share, down from $2.15 a year earlier but above the FactSet consensus of $1.83. First-quarter revenue was $2.75 billion, up from $2.58 billion a year ago and above the FactSet consensus of $2.62 billion. For full-year 2026, the company said it expects adjusted operating margin of about 10.5% to 11% and operating cash flow of around $1.2 billion. Autoliv shares were up 9.9%.

Truist Financial (TFC) reported Q1 earnings Friday of $1.09 per diluted share, up from $0.87 a year earlier and above the FactSet consensus of $1.00. First-quarter revenue was $5.15 billion, up from $4.90 billion a year ago but below the FactSet consensus of $5.16 billion. Truist shares were up 1.8%.

Fifth Third Bancorp (FITB) reported Q1 earnings Friday of $0.15 per diluted share, down from $0.71 a year earlier and compared to the FactSet consensus of a loss of $0.10. First-quarter revenue was $2.83 billion, up from $2.14 billion a year ago but below the FactSet consensus of $2.85 billion. For full-year 2026, Fifth Third said it expects net interest income of $8.7 billion to $8.8 billion and noninterest income of $4.0 billion to $4.2 billion. For Q2, the company said it expects net interest income of $2.20 billion to $2.25 billion and noninterest income of $1.00 billion to $1.06 billion. Fifth Third shares were up 1.8%.

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