Stock Markets Rally with Apple, Nasdaq Hit Record Highs Despite Iran War Tensions
Major US stock indexes closed at record highs on May 1 as investors were buoyed by strong corporate earnings, particularly from Apple, which beat expectations and announced a major buyback program.
Record-Breaking Performance
The S&P 500 rose to a fresh all-time intraday high on Friday, boosted by Apple shares, with the broad market index advancing 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 Quarter
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.
Market 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.
Energy Markets
Oil prices fell after Iran reportedly sent its response through Pakistani mediators to the latest U.S. (developments regarding negotiations).
International Markets
Markets in Australia and Japan closed higher on May Day, with the S&P/ASX 200 snapping an eight-session losing streak. Australia's market was up 0.74% and closed at 8,729.8, while Japan's Nikkei 225 climbed 0.38% to 59,513.12.