Stock Market Hits Record Highs as Tech Earnings Drive Rally; Pentagon Reduces Troop Presence in Germany
Major U.S. stock indices reached record closes on May 1 2026, driven by strong earnings from Apple and tech companies. Meanwhile, the Pentagon announced it will withdraw roughly 5,000 troops from Germany over the next six to twelve months, reversing expansion from the Ukraine war era.
Market Records
The S&P 500 rose to a fresh all-time intraday high on Friday, boosted by Apple shares, while oil prices fell as a new month of trading got underway. The broad market index advanced 0.29% to end at 7,230.12. The Nasdaq Composite added 0.89%, reaching an all-time high and closing at 25,114.44. Both indexes posted closing records.
Apple Performance
Shares of Apple climbed more than 3% after the consumer tech giant posted a fiscal second-quarter earnings and revenue beat. Not only that, the company's revenue outlook for the current quarter was better than expected, overshadowing the fact that iPhone revenue fell short of estimates for the second time in three quarters.
Germany Troop Withdrawal
Pentagon officials said on Friday that they were pulling 5,000 troops from Germany and would redeploy them to the United States and other posts overseas. The Defense Department is also canceling a plan developed under the Biden administration to place a missile-equipped artillery unit in Europe. The moves will return U.S. forces in Europe to the level they were in 2022, before Russia began its war in Ukraine, the officials said, speaking on condition of anonymity to discuss the planning process.