The news cites Apple’s earnings beat as the direct driver of the stock’s sharp upside move, which typically has follow-through over multiple sessions.
Stock market today: S&P 500, Nasdaq jump to fresh records as AI trade fuels tech rally, Apple stock jumps Rian Howlett , Karen Friar and Ines Ferré Updated May 1, 2026 1 min read AAPL ^GSPC ^IXIC ^DJI MRNA US stocks broadly rose on Friday amid a fresh wave of earnings, extending a tech rally that pushed major indexes to record highs. The Dow Jones Industrial Average ( ^DJI ) fell about 0. 3%, while the S&P 500 ( ^GSPC ) rose roughly 0.
3%. The tech-heavy Nasdaq Composite ( ^IXIC ) picked up 0. 9% to close above 25,000 for the first time after Wall Street stocks closed out their best month since 2020.
Shares of Apple ( AAPL ) jumped more than 3% after the iPhone maker's better-than-expected quarterly results . Faith in Big Tech has been stoked by a run of "Magnificent Seven" earnings reports this week, which have fueled optimism about the AI demand boom. Investors fielded the latest results in a first quarter earnings season that is proving resilient so far.
US oil supermajors Exxon Mobil ( XOM ) and Chevron ( CVX ) both beat estimates on earnings but missed on revenue as stymied production throughout the Middle East and oil deliveries stuck behind the Strait of Hormuz weighed on energy sales. Middle East concerns spurred gold ( GC=F ) and oil ( CL=F , BZ=F ) markets after President Trump vowed to keep up the US naval blockade on Iran. Despite volatility tied to that conflict , the three US major indexes have rebounded sharply and now sit comfortably above their levels at the start of 2026.
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