Gotrade News - The S&P 500 and Nasdaq Composite both hit fresh record highs on Friday (May 1), with the S&P 500 up 0.29% to 7,230 and the Nasdaq up 0.89% to 25,114. US futures traded broadly steady on Monday (May 4) ahead of more S&P 500 earnings releases.
The rally's main driver was Apple (AAPL) shares, which jumped over 3% after beating fiscal Q2 earnings expectations. Improved revenue guidance was the key catalyst even though iPhone sales fell short of estimates.
Key Takeaways
- The S&P 500 closed at 7,230 and the Nasdaq at 25,114, both record highs on Friday (May 1).
- S&P 500 futures rose 0.06% and Dow futures rose 0.1% in early Monday trade.
- More than 100 S&P 500 names including Alphabet and Apple have reported Q1 results.
The Dow Jones Industrial Average closed 0.31% lower with a 152.87-point drop to 49,499. Defensive stocks like UnitedHealth and Caterpillar limited the index's downside.
S&P 500 futures gained 0.06% to 7,261.5 points while Nasdaq 100 futures slipped 0.05% to 27,823.5 in early Monday trade. Dow futures rose 0.1%, reflecting a broadly wait-and-see tone.
Market Drivers
David Krakauer of Mercer Advisors said he remains optimistic on US equities thanks to solid corporate earnings growth. He cautioned that AI capex will produce winners and losers across the tech sector.
More than 100 S&P 500 issuers have already reported Q1 numbers, including Alphabet (GOOGL) and Apple. Better-than-expected results have driven rotation toward megacap names with AI exposure.
Apple shares were lifted by an upward revision to its next quarter's revenue guidance. The same positive tone has carried over to Microsoft (MSFT) and other large-cap tech names with AI exposure.
Lower oil prices also supported the risk-on tone in US equities. Brent fell 2.02% to $108.17 per barrel, easing cost pressures for manufacturers and logistics companies.
The market's next focus is Friday's non-farm payroll release and the latest US-Iran developments. Investors are watching whether record momentum can continue or if a consolidation phase is approaching.
Sources
Katadata, Wall Street Surges as S&P and Nasdaq Hit Records, 2026.
Metro TV News, US Stock Futures Stable, 2026.
