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New highs were again set on the U.S. stock market in trading on Friday (May 1), as Apple shares rose sharply and crude oil fell. A bit of positive news on progress in U.S.-Iran peace talks also supported investor sentiment, though doubts remain.
At the close, the S&P 500 rose 0.29% to 7,230.12 points. The Nasdaq climbed 0.89% to 25,114.44 points. Both indices posted closing and intraday records for the first trading day of May.
By contrast, the Dow Jones Industrial Average fell 152.87 points, or 0.31%, to 49,499.27.
Apple was a standout, rising more than 3% after reporting its fiscal second-quarter results with profit and revenue beating forecasts.
Apple’s current-quarter revenue guidance was also better than expected, helping ease concerns that iPhone revenue could miss forecasts.
Oil prices fell, providing additional support for equities. Brent crude settled in London down nearly 2% to $108.17 per barrel, while WTI in New York finished at $101.94 per barrel, down 3%.
Speaking to MS NOW, Pakistani officials—mediators in the talks—said they had received an updated proposal from Iran, which was forwarded to the United States.
However, the market remained cautious after President Donald Trump said he was not satisfied with Iran’s proposal, telling reporters at the White House: “Iran wants a deal, but I am not satisfied. Iran wants a deal because they have almost no military left.”
The session extended a recent record run in U.S. stocks. On Thursday, the S&P 500 closed above 7,200 for the first time in history. The S&P 500 and Nasdaq finished April with their strongest monthly gain since 2020, while the Dow posted its strongest monthly gain since November 2024.
Positive earnings season and the prospect that the Middle East conflict could end were cited as key drivers supporting Wall Street. All three major indices are currently higher than their start-of-2026 levels.
In an interview with CNBC, David Krakauer, Vice President of Portfolio Management at Mercer Advisors, said the positive trend in U.S. stocks could persist over the long run. He believes the war could end soon and that the Hormuz Strait could reopen. Even if the conflict continues, Krakauer said there is growing profit potential for U.S. and foreign-listed companies that could keep supporting the indices.
“There will always be news that either comes with a new direction or market sentiment eases after sharp gains. But strategically, overall we remain optimistic about the stock market,” he said.
Among the 314 S&P 500 companies that have reported first-quarter 2026 results, 83% beat earnings estimates and 78% beat revenue estimates, according to LSEG data. The average earnings growth for those companies was 27.8% year over year.
To date, the S&P 500 and Nasdaq have both risen for six straight weeks, the longest winning streaks for both indexes since October 2024.
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