Stock Market Hits New Highs as Tech Giants Post Strong Earnings on April 30
US stock markets rally with S&P 500 and Nasdaq hitting all-time highs, driven by strong earnings from Caterpillar, Alphabet, and Qualcomm, while investors move past Iran war concerns.
Market Performance
Stocks Surge to Record Levels – The broad S&P 500 index reached a fresh all-time intraday high, rising 1.1%, while the tech-heavy Nasdaq also climbed 1% to new highs. The Dow advanced 1.8%, gaining 853 points as industrial and financial stocks led the rally.
Strong Corporate Earnings
Tech and Industrial Earnings Beat – Caterpillar shares popped 10% after posting better-than-expected quarterly figures and raising annual revenue outlook, offering hope for global economic growth. Alphabet gained 10% following first-quarter revenue that beat expectations and increased 2026 capital expenditure guidance to as much as $190 billion. Qualcomm shares rose 16% after beating earnings estimates.
Economic Data
GDP Growth Disappoints – Despite strong earnings, the Commerce Department reported that gross domestic product rose at a 2% annualized pace in the first quarter, below expectations.
Tech Giants' Capital Spending
Meta and Microsoft faced headwinds, with Meta falling 7% after raising full-year capex guidance to $125-145 billion for AI infrastructure, and Microsoft dropping 4% due to elevated memory costs pushing spending to $190 billion.