May 2, 2026 — The S&P 500 and Nasdaq 100 closed at new all-time highs on Friday, May 1, powered by strong earnings from Apple and other tech giants. The S&P 500 rose 0.29%, while the Nasdaq 100 gained 0.94%. The Dow Jones Industrial Average slipped 0.31%.
June E-mini S&P futures added 0.19%, and June E-mini Nasdaq futures climbed 0.85%.
Also read: Lean Hog Futures Fall on Pseudorabies Case
Apple Leads Tech Rally
Apple (AAPL) jumped more than 3% after reporting Q2 revenue of $111.18 billion, beating the consensus estimate of $109.66 billion. The company forecast Q3 revenue growth of 14% to 17%, well above the 9.1% analysts expected.
Atlassian (TEAM) surged over 29% after posting Q3 revenue of $1.79 billion, topping the $1.69 billion consensus. Oracle (ORCL) and Datadog (DDOG) each rose more than 6%. Salesforce (CRM) added over 4%, leading gainers in the Dow.
Also read: Lean Hog Futures Dip at Midday on Mixed Data
SanDisk (SNDK) closed up more than 8% after reporting Q3 revenue of $5.95 billion, far exceeding the $4.72 billion forecast. Seagate Technology (STX) gained over 7%, and Intel (INTC) rose more than 5%.
Twilio (TWLO) climbed over 23% after reporting Q1 revenue of $1.41 billion, above the $1.34 billion consensus. The company raised its full-year organic revenue forecast to 9.5%–10.5% from a prior 8%–9%.
ISM Data and Trade Tensions Cap Gains
Stocks trimmed their best levels after the April ISM manufacturing index came in at 52.7, unchanged from March and below expectations of 53.2. The prices paid sub-index rose to 84.6, a four-year high, signaling mounting price pressures.
Trade tensions resurfaced after President Trump threatened to raise tariffs on European automobile imports to as high as 25%, citing incomplete EU compliance with a trade agreement.
Crude oil prices fell more than 3% on hopes for renewed US-Iran negotiations. Iranian Foreign Minister Abbas Araghchi said Iran is ready to continue diplomatic efforts if the US changes its approach. The Strait of Hormuz remains effectively closed, disrupting about a fifth of global oil and LNG transit.
Bond Market Mixed
June 10-year T-notes closed up 1.5 ticks, with the yield rising 0.5 basis points to 4.376%. The 10-year breakeven inflation rate hit a 14.5-month high of 2.50%.
European bond yields were mixed. The 10-year UK gilt yield fell 4.8 basis points to 4.964%. ECB Governing Council member Joachim Nagel said the ECB will need to raise rates in June if the inflation outlook does not improve. Markets are pricing an 89% chance of a 25-basis-point hike at the ECB’s June 11 meeting.
Earnings Season Strong
Of the 317 S&P 500 companies that reported Q1 results, 82% beat estimates. Q1 earnings are projected to rise 12% year-over-year, according to Bloomberg Intelligence. Excluding the technology sector, earnings growth slows to about 3%, the weakest in two years.
Overseas markets were mostly higher. Japan’s Nikkei 225 gained 0.38%. European and Chinese markets were closed for the Labor Day holiday.
The Federal Reserve’s next policy meeting is June 16–17. Markets see an 8% chance of a quarter-point rate cut.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
