Dow slips 152 pts as S&P 500 hits record high, Apple lifts Nasdaq

• Apple jumped 3% after beating fiscal Q2 earnings estimates and issuing stronger-than-expected guidance, offsetting weak iPhone sales and providing significant lift to the Nasdaq
• First-quarter corporate earnings growth is tracking 27.8% year-over-year, the strongest since Q4 2021, with 83% of companies beating EPS estimates and 78% beating revenue forecasts
• Oil prices fell sharply (WTI -3% to $101.94, Brent -2% to $108.17) on renewed US-Iran diplomatic engagement, easing inflation concerns despite ongoing Strait of Hormuz shipping disruptions

Market Summary: Mixed US Equity Close with S&P 500, Nasdaq Hitting Records

Key Market Movements

US equities closed mixed on Friday, May 1, 2026. The S&P 500 rose 0.3% to a fresh record high, while the Nasdaq Composite gained 0.9%, also reaching new highs. The Dow Jones underperformed, falling 153 points (-0.3%). Both the S&P 500 and Nasdaq posted their strongest monthly gains since 2020, while the Dow achieved its best month since November 2024.

Company Highlights

Apple led the tech rally, surging over 3% after beating fiscal Q2 earnings expectations and providing stronger-than-anticipated current-quarter guidance. This offset concerns about iPhone sales missing estimates for the second time in three quarters. Apple's strength significantly boosted the Nasdaq.

Earnings Season Performance

Corporate earnings exceeded expectations broadly. Analysts now project Q1 earnings growth of 27.8% year-over-year—the strongest expansion since Q4 2021. Of 314 companies reporting, 83% beat earnings estimates and 78% exceeded revenue forecasts. Investors are monitoring whether AI investments among "Magnificent Seven" tech companies are generating returns.

Energy Market Developments

Oil prices declined on diplomatic developments between the US and Iran. WTI crude fell 2.98% to $101.94 per barrel, while Brent dropped 2.02% to $108.17. Iran submitted a response through Pakistani mediators regarding conflict resolution, though President Trump expressed dissatisfaction with the offer. The ongoing disruption to Strait of Hormuz shipping has raised inflation and supply chain concerns.

Market Outlook

Despite geopolitical headwinds, strong earnings and improving sentiment support equities. However, markets enter May's historically weaker seasonal period, with average gains of 2% from May-October versus 7% from November-April.