May 1, 2026

An opening rally on a report that Iran had sent a new peace plan proposal to Pakistan, coupled with upbeat earnings from Apple (AAPL), saw the Dow Jones diverge and move back into the red leaving the major averages mixed today. Shares of Apple hit a new record high on an earnings beat, while solid numbers from Chevron (CVX), Exxon Mobil (XOM) and Estee Lauder (EL) left their stocks mixed. Dow component Amgen (AMGN) dropped -4.75% after disappointing. Economic data showed the S&P Global Mfg. PMI rise to 54.5, the highest since May 2022, while the ISM Mfg. PMI came in at 52.7 vs. 53 estimated. The S&P 500 and NASDAQ hit new record highs on strength in the Technology (XLK), Consumer Discretionary (XLY) and Communication Services (XLC) sectors, but eight of the 11 market groups closed lower in a narrow rally. Oil prices slipped lower on news that the US and Iran were still in talks with crude oil prices falling to $102.17 a barrel. The DJIA drifted lower all afternoon losing 152.87 points (-0.31%) and closed at 49499.27, the low of the day. The S&P 500 added 21.11 points (+0.29%) finishing at 7230.12, while the NASDAQ gained 222.13 points (+0.89%) and settled at 25114.44.

Breadth was mixed with declining issues holding a 37-unit edge on the NYSE, but advancing issues beat declining issues 1.7:1 on the NASDAQ. Declining volume was 51% on the NYSE while advancing volume was 68% of the NASDAQ. The VIX increased 0.10 (+0.59%) and closed at 16.99. Crude oil prices lost 2.90 (-2.76%) and the June contract closed at $102.17 a barrel. Gold prices eased 4.30 (-0.09%) and finished at $4635.20 an ounce. Bitcoin (BTC) closed the session at $78,440.

The S&P 500 and NASDAQ pushed further into record territory as they extended their weekly win streak to five, while the DJIA was higher for a fourth week out of the last five. Big cap technology earnings and some of the Mag 7 helped the major averages close higher and the Technology (XLK) sector also finished at a new all-time high getting a last lift from Apple. Next week we'll see another full slate of earnings and investors will get a look at April job numbers from ADP and the BLS. However, headlines from the Middle East and the blockade of the Strait of Hormuz will continue to influence equities as the war enters a second month.

Earnings releases to watch for on Monday include: Tyson Foods (TSN), Adtran (ADTN), ON Semiconductor (ON), Tidewater (TDW), Duolingo (DUOL), Matson (MATX), Palantir Technologies (PLTR) and Powell Industries (POWL).

Monday's Market Moving Economic Calendar: Motor Vehicle Sales and Factory Orders.

*Charts of the various market timing components can be found by going to the Market Edge Home page and clicking on 'Market At A Glance', which is located on the right-hand side of the page just below the 'Market Recap' section.

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