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US stock markets surged on Thursday, April 30, with the S&P 500 and Nasdaq closing at all-time highs as investors welcomed solid quarterly results from several large companies and largely shrugged off concerns about escalating tensions between the US and Iran. At the close, the S&P 500 rose 1.02% to 7,209.01, marking its first finish above 7,200. The Nasdaq gained 0.89% to 24,892.31, also reaching an all-time intraday high during the session. The Dow Jones Industrial Average climbed 790.33 points, or 1.62%, to 49,652.14.
A key contributor was Caterpillar, a Dow component, which jumped 10% after reporting first-quarter results that beat expectations. Caterpillar also raised its full-year revenue outlook. Analysts cited the update as a sign of improving momentum for the US and global economy, particularly after a US Commerce Department GDP release earlier in the day showed growth at an annualized rate of 2.0% in Q1, below expectations of 2.2%.
Alphabet also provided support, rising 10% following first-quarter results that exceeded expectations. Investors appeared unfazed by the company’s capital expenditure outlook, with Alphabet indicating that basic investment could increase to as much as $190 billion for the year.
By contrast, Meta Platforms and Microsoft fell after their Q1 2026 reports guided higher base investment in AI infrastructure. Meta dropped 8.6% and Microsoft fell 3.9%.
Commenting on the broader earnings picture, Tom Graff, chief investment officer at Facet, said the “most important takeaway” from the Magnificent 7 results is that investors still lack clarity on several areas. He added that heavy big-tech spending on AI infrastructure could support growth, but concerns including valuations remain.
Despite lingering skepticism around tech shares, the sector continued to lead the major US indices higher through April. The S&P 500 rose 10.4% for the month, its strongest April since November 2020. The Nasdaq climbed 15.3% for the month, its best month since April 2020. The Dow rose 7.1% for the month, its strongest since November 2024.
Even with ongoing US-Iran tensions and gridlock affecting the Hormuz Strait, the monthly gains suggest investors are not overly worried about near-term market disruption from the situation.
In energy markets, Brent crude futures settled in London at $114.01 per barrel, down 3.41%. WTI futures in New York settled at $105.07 per barrel, down 1.69%.
During the session, Brent briefly touched $126 per barrel after Axios reported that CENTCOM was preparing a presidential report on possible military action against Iran. Earlier on Wednesday, Trump reportedly rejected Iran’s proposal to reopen the Hormuz Strait and signaled that the Navy would maintain a blockade until a nuclear deal is reached.
ING’s macro strategist Warren Patterson said markets have moved away from being overly optimistic about a Gulf supply disruption. He argued that as long as disruption persists, oil inventories alone will not be enough and demand destruction becomes more significant, adding that “the only way out of higher prices is for oil to rise further.”
Goldman Sachs estimates indicated that Hormuz export disruptions have fallen to about 4% of normal levels. The bank’s analysts said Iran’s oil exports are being tightened by the US blockade, and that limited Iranian storage could worsen supply disruptions if the blockade continues.
Goldman Sachs also warned about the risk of weakening oil demand due to high prices and tight supply. It estimated that global oil demand in April could be roughly 3.6 million barrels per day lower than in February.
Bill Perkins, chief investment officer of Skylar Capital Management, said the oil market is being driven by a combination of physical supply disruptions, geopolitical tensions, and investor sentiment. He noted that a US-Iran deal remains distant and that Hormuz reopening may take time. Perkins added that oil could rise to the $140–$150 per barrel range if disruptions persist, but that high prices would eventually dampen demand.
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