The S&P 500 rose to a fresh all-time intraday high on Friday, boosted by Apple shares, while oil prices fell as a latest month of trading got underway.

The broad economy 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. The Dow Jones Industrial Average slipped 152.87 points, or 0.31%, to settle at 49,499.27.

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.

On the flip side, oil prices fell after Iran reportedly sent its response through Pakistani mediators to the latest U.S. amendments to a draft agreement to end the Middle East conflict.

President Donald Trump revealed later Friday he is displeased with a recent peace offer from Iran, saying that the country “wants to build a deal, but I’m not satisfied with it.”

Oil prices were off their lows of the day following that development. U.S. West Texas Intermediate crude futures fell 2.98% to settle at $101.94 a barrel. International benchmark Brent crude futures slid 2.02% to $108.17 a barrel.

The moves come after a record-setting session, with the S&P 500 closing above the 7,200 threshold for the first time ever. That helped both the S&P 500 and Nasdaq — which also notched a updated record closing high — secure their strongest monthly performances since 2020. The Dow, meanwhile, saw its strongest monthly performance since November 2024.

A strong first-quarter earnings season, as well as hopes for easing tensions in the Middle East, have ultimately boosted stocks higher on the year. Although the major averages took a dip on the commencement of the U.S. war with Iran, all three indexes are now trading well above where they began 2026.

David Krakauer of Mercer Advisors believes that positive trajectory can continue in the long term for equities. While Krakauer is hopeful that the Iran war will conclude in the near term, leading to a reopening of the Strait of Hormuz, he believes that the earnings growth potential in the U.S. as well as overseas will offer momentum to stocks, even if the conflict persists.

the vice president of portfolio management noted, “There could be always latest news or some sentiment declining, where we could see a little bit of a pullback here after a strong pop up, but we’re still just overall strategically bullish on equities.”

Noting that there will be winners and losers in innovation as “not all” of the artificial intelligence capital expenditures spending is going to “pay off,” Krakauer added, “We think the enhanced productivity story remains intact.”

S&P 500, Nasdaq finish higher

The S&P 500 and Nasdaq Composite closed Friday’s session in positive territory.

The broad-based index rose 0.29% to end at 7,230.12, while the tech-heavy Nasdaq increased 0.89% to 25,114.44.

In contrast, the Dow Jones Industrial Average shed 152.87 points, or 0.31%, to 49,499.27.

— Sean Conlon

Blue Owl can continue rebound rally, BofA says

Analyst Craig Siegenthaler reiterated his invest in rating on the alternative asset manager. While Siegenthaler lowered his price target by $3 to $18, that still implies upside of nearly 85% from where the stock finished Thursday.

Blue Owl surged close to 10% in Thursday’s session after the business commented 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.

Blue Owl has “attractive valuation and investor sentiment setups,” Siegenthaler wrote in a Thursday note to clients. “We believe the valuation is unwarranted given OWL’s positive growth rate and other differentiated qualities.”

— Alex Harring

Avis still beholden to trading dynamics despite earnings beat, says Deutsche Bank

Avis may have reported a beat on both the top and bottom line for its first quarter, but the stock is still caught up in trading dynamics, according to Deutsche Bank.

The financial results in isolation would have been positively received by the economy, analyst Chris Woronka mentioned in a note Thursday. Instead, the focus was on filings that showed Pentwater Capital Management sold 4.3 million shares last week — “which helps explain in part the downward pressure on the stock following what appeared to be a multi-week short squeeze,” he mentioned.

Avis’ management team mentioned it plans to pursue any monetary considerations due from Pentwater’s profits under short-swing gains rules, Woronka noted. a potential legal process could take some time to resolve, he stated.

“Net, we believe the stock could still be somewhat beholden to trading dynamics associated with the recent short squeeze,” he wrote. “Based on filings, It seems Pentwater and SRS Investment Management still own nearly , on the other hand60% of CAR’s shares, and short interest, while down a bit in mid-April vs. late March (per Bloomberg), appears to remain quite elevated relative to other sub-sectors we follow.”

— Michelle Fox

Hershey upgraded at TD Cowen

TD Cowen has turned bullish on Hershey, upgrading the stock to procure from hold on Friday.

Analyst Robert Moskow remarked he has increased confidence that the chocolatier will raise 2026 guidance and return to volume growth next year.

“We view retail sales growth acceleration in May-June from distribution gains, aggressive merchandising, and innovation as a near-term catalyst for the stock,” he stated in a note to clients. “Cocoa deflation, pricing power, and investments in stronger capabilities provide unique earnings visibility.”

Moskow’s $210 price target implies 13% upside from Thursday’s close.

Over-the-counter shares of Spirit Airlines’ parent corporation fell below the $1 mark on Friday after a report that the budget air carrier was getting ready to shut down.

Friday’s slide came after The Wall Street Journal reported that Spirit was making progress on plans to liquidate its fleet of aircrafts and end operations, citing humans familiar with the matter.

Spirit had been in negotiations for a $500 million government rescue package. But Spirit was not able to get enough support from certain bondholders for the potential deal, according to the report. Shares of the stock had jumped above $2 as talks with the government were previously reported.

President Donald Trump noted Friday that the government offered a “final” bailout proposal for Spirit.

Shares of air carrier JetBlue surged nearly 5% in midday trading. United and Delta saw shares rise around 2% each.

Trump announces he’ll growth tariffs on European Union cars and trucks

The S&P 500 slipped but near session-highs still rallied more than 0.70% on the day after President Donald Trump published in a Truth Social post that he will raise tariffs on European cars and trucks.

“Based on the fact the European Union is not complying with our fully agreed to Trade Deal, next week I will be increasing Tariffs charged to the European Union for Cars and Trucks coming into the United States. The Tariff will be increased to 25%,” he wrote. “It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF.”

Shares of Stellantis, the Dutch automaker, fell more than 2% after the social media post. Italian carmaker Ferrari also fell nearly 1.5%.

— Davis Giangiulio

Arrowhead Pharmaceuticals to rally on RNAi portfolio growth, JPMorgan says

Arrowhead Pharmaceuticals is poised to gain ground as its RNAi portfolio targeting a wide range of diseases lays the groundwork for the firm to tap a larger economy, according to JPMorgan.

The investment bank initiated coverage of the biotechnology name with an overweight rating. It also put an $88 price target on shares, implying 20% upside from Thursday’s close.

“RWR holds a highly diversified RNAi portfolio targeting a spectrum of diseases and is strategically backed by multiple partnerships with reputable biotech/pharma players,” analyst Brian Cheng remarked Friday in a note to clients.

Arrowhead’s therapy for adults with Familial Chylomicronemia Syndrome (FCS) called Redemplo is its core driver, setting the stage for the firm to enter a much larger marketplace, according to JPMorgan.

“We see FCS as a key stepping stone for the franchise and for ARWR to flex its commercial capabilities as it lays the critical groundwork before expanding into the much larger sHTG sector pending SHASTA3/4 topline in the coming months (in 3Q),” Cheng wrote.

— Liz Napolitano

Fed dissenters say they disagreed with hinting next move would be a cut

Federal Reserve officials who voted this week against the post-meeting statement mentioned they didn’t think it was appropriate to signal that the next interest rate move would be lower.

Regional presidents Neel Kashkari of Minneapolis and Beth Hammack of Cleveland released statements explaining their votes, offering similar rationale regarding the verbiage in the statement — but not over the decision to keep a hold on rates form their current position.

Kashkari commented the statement contained “a form of forward guidance about the likely direction for monetary policy. Given recent economic and geopolitical developments and the higher level of uncertainty about the outlook, I do not believe such forward guidance is appropriate at this time.” Read more.

— Jeff Cox

ISM manufacturing index still positive but prices index hits four-year high

U.S. factory activity expanded in April even as price levels reached a four-year high,In a reading of 52, the Institute for Supply Management reported Friday.

The ISM manufacturing index turned.7, unchanged from March and just slightly below the Dow Jones consensus estimate for 53.0. Anything above 50 represents growth for the survey, which measures the percentage share of companies reporting expansion.

While the headline reading was stable, the prices index surged another 6.3 points to 84.6, the highest level since April 2022 as companies reported higher charges from tariffs and surging energy costs associated with the Iran war. At the same time, employment dipped further into contraction at 46.4, down 2.3 points.

Stocks rise as May trading begins

The three major averages opened with gains on Friday, the first trading day of May.

The S&P 500 rose 0.4% shortly after the opening bell, while the Dow Jones Industrial Average climbed 184 points, or 0.4%. The Nasdaq Composite moved up 0.3%. This also touches on aspects of bull market.

Oil prices fall

Oil prices fell Friday on a report that Iran and the U.S. continue to communicate about a draft peace agreement through mediators in Pakistan.

U.S. crude oil futures fell nearly 2% to $103.27 per barrel by 9:03 a.m. ET. International benchmark Brent edged 0.2% lower to $110.23. Read more.

— Lim Hui Jie and Spencer Kimball

Eyes are on Abel to see whether he can rekindle enthusiasm without Buffett at Berkshire annual meeting

For decades, Berkshire Hathaway’s annual meeting has doubled as a kind of financial Woodstock, drawing tens of thousands to hear Warren Buffett dispense homespun wisdom, crack jokes and field hours of questions.

This year will be different.

For the first time, the 95-year-old Buffett won’t be the central figure on stage, marking a fresh era for one of the investing world’s most closely watched rituals. The shift puts a spotlight on Greg Abel, who took over as CEO at the start of 2026, and raises a question hanging over Omaha: what does Berkshire look like without the man who defined it?

Investors and analysts commented the tone is likely to move away from Buffett’s signature mix of investing philosophy and life advice toward a more business-focused discussion of operations, capital allocation and a more granular view into the conglomerate’s inner workings. Read more.

— Yun Li

Apple, Roku, Estee Lauder among the stocks making moves before the bell

Check out the companies making the biggest moves premarket:

Apple — Shares were up 3.5%. For the fiscal second quarter, Apple’s earnings came in at $2.01 per share, while revenue landed at $111.18 billion. This beat the earnings of $1.95 a share and $109.66 billion in revenue analysts were looking for, per LSEG. Still, the company’s iPhone sales missed estimates for the second time in three quarters.

Roku — The streaming stock popped 7% after Roku posted first-quarter revenue of $1.25 billion, beating the expected $1.20 billion, per FactSet. The company’s $148.4 million adjusted EBITDA was also ahead of estimates calling for $131.3 million. The enterprise also sees adjusted EBITDA, revenue and gross earnings for its current quarter coming above analysts’ expectations. Furthermore, experts in portfolio note the continued relevance.

Estee Lauder — Shares rose more than 11% after the cosmetics organization reported better-than-expected third quarter sales in its earnings report.In revenue, The enterprise reported earnings of $0.91 per share and $3.71 billion, compared to estimates for $0.65 in earnings per share and $3.69 billion in revenue, according to analysts polled by FactSet. Estee Lauder also published plans to cut more jobs as part of its turnaround plan.

Read here for the full list.

— Davis Giangiulio and Lisa Kailai Han

Exxon Mobil and Chevron both beat Street’s earnings estimates despite hits from snarled oil shipments

Exxon Mobil and Chevron managed to beat Wall Street’s first-quarter expectations even as the U.S. war with Iran delayed shipments and resulted in accounting charges that weighed on their results.

Accounting for the full impact of their financial hedges and other items, Exxon’s net income declined 45%, while Chevron’s tumbled 36%.

Chevron earned $1.41 per share on an adjusted basis, beating LSEG estimates of 95 cents. Chevron’s revenue of $48.61 billion missed analyst estimates of $52.1 billion.

— Spencer Kimball and Christina Cheddar Berk

Asian markets close higher in holiday-thinned trading

Markets in Australia and Japan closed higher on May Day, with the S&P/ASX 200 snapping an eight-session losing streak.

Australia’s marketplace was up 0.74% and closed at 8,729.8, while Japan’s Nikkei 225 climbed 0.38% to 59,513.12.

The Topix reversed earlier losses to gain 0.04%, ending at 3,728.73.

The Japanese yen strengthened marginally against the dollar on Friday, after reports that Tokyo had intervened to prop up the yen on Thursday, prompting a sharp rally.

The currency was last trading at 156.54 against the greenback, after breaching the 160 level earlier in the week and hitting a two-year high of 160.72.

— Lim Hui Jie

UK stocks open in negative territory on first trading day of latest month

The FTSE 100 traded almost 0.4% lower on Friday morning after closing the previous session 1.6% higher.

The U.K. marketplace, which is the only European bourse open for trade Friday due to the May Day holiday on the continent, finished the month of April 2% higher.

Drinks manufacturer Diageo gained 1.6% in morning trade after U.S. President Donald Trump agreed to lift all tariffs on imports of Scotch whisky, following King Charles III’s state visit this week. Diageo’s whisky brands include Johnnie Walker and Talisker.

Meanwhile, shares in NatWest were 3.7% lower after the U.K. bank reported its first quarter earnings. Pre-tax profits topped £2 billion ($2.7 billion), up 12.2% on the £1.8 billion generated in the same period last year, and ahead of the £1.9 billion expected by analysts.

— Hugh Leask

Sector holidays across Asia and Europe — but Japan, the UK and US keep on, keeping on

Both the pan-European Stoxx 600 and Germany’s DAX notched their biggest monthly gains since January 2025 during April. But it was the Italian stock marketplace that outperformed the rest of the continent, with Milan’s FTSE MIB surging almost 9% for its best month since January 2023.

Across the Atlantic, meanwhile, April saw the S&P 500 and Nasdaq both deliver their best monthly returns since 2020.

Stock markets in Europe are closed for the May Day holiday on Friday. London is the exception, with the U.K.’s FTSE 100 expected to open slightly below the flatline later, according to IG data.

The European Central Bank and the Bank of England on Thursday both held interest rates as expected — but the specter of impending hikes loomed over policymakers’ statements. Traders are now pricing a 75% chance that the ECB hikes in June, and a more than 50% chance that the Bank of England does the same, according to LSEG data.

Bank of England Governor Andrew Bailey told CNBC’s Ritika Gupta that policymakers must now contend with the “most difficult combination” of economic effects.

— Katie Foley

Australian and Japan markets open higher; most Asian markets closed for May Day

Australian and Japanese markets were mostly higher on Friday, even as most Asian markets were closed for the May Day holiday.

Japan’s Nikkei 225 was marginally up to start the day, but the Topix was 0.62% down.

Australia’s S&P/ASX 200 was up 0.98%, on pace to snap an eight-session losing streak.

Oil prices climbed Friday, a day after a volatile session that saw the Brent crude contract for June hit a four-year high before retreating. The June contract, which expired on Thursday, climbed to $126.41 a barrel before settling at $114.01.

On Friday, the July Brent futures contract rose 1.11% to $111.63 as of 10:15 p.m. ET, while U.S. West Texas Intermediate futures for June gained 0.45% to $105.54.

Stocks making the biggest moves after the bell: Apple, Roblox and more

These are the stocks moving the most in extended-hours trading:

Apple — Shares rose nearly 3%. For the fiscal second quarter, Apple’s earnings came in at $2.01 per share, while revenue landed at $111.18 billion.

Roblox — Shares of the online gaming platform tanked 21%. Roblox slashed its guidance for full-year bookings, calling for a range of $7.33 billion to $7.60 billion.

Reddit — The social media platform operator jumped about 12%. Daily active users in the first quarter narrowly beat estimates, coming in at 126.8 million versus the StreetAccount consensus forecast for 125.9 million.

Read the full list of stocks moving here.

— Lisa Kailai Han

Information tech is the only sector to end Thursday lower

Information innovation stocks fell 0.63% on Thursday, making the sector the only one of the 11 GICS sectors to end Thursday’s trading session lower.

But the sector rose 17.44% in April, making it the second-highest performing sector on the month. Communication services stocks took the lead, gaining 18.43% in April.

Energy stocks were the laggard for the month, shedding 3.51% in April. Health care was the only other sector to end the month lower than where it began, notching a 0.58% shortfall.

Stock futures open little changed

Stock futures opened little changed on Thursday evening.

Shortly after 6 p.m. ET, futures tied to all three major averages were trading just around the flatline.