Stock Markets Hit Record Highs as Apple Reports Strong Earnings
The S&P 500 and Nasdaq reached all-time highs on May 1, driven by strong quarterly earnings reports from tech companies, particularly Apple, which beat revenue expectations and announced a new $100 billion share buyback.
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's Strong Performance
Apple reported fiscal Q2 2026 revenue of $111.2 billion, up 17% year-over-year, with diluted EPS of $2.01 (up 22%). iPhone revenue reached $56.99 billion, and the Services business set a new record at nearly $31 billion, growing 16%. The results beat Wall Street expectations and triggered a new $100 billion share buyback authorization.
Other Market Movers
Roblox shares fell sharply after the company cut its 2026 bookings forecast, citing the impact of new safety measures, age-based accounts, age verification, and stricter content monitoring. Blue Owl surged close to 10% in Thursday's session after the company said it made around 10-times its initial investment in SpaceX. Despite that gain, the stock is still down more than 33% in 2026 amid investor concerns around the private credit industry.