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Motley Fool – Fri May 1, 4:34PM CDT
The S&P 500(SNPINDEX:^GSPC) rose 0.29% to 7,230.12, the Nasdaq Composite(NASDAQINDEX:^IXIC) climbed 0.89% to 25,114.44 on tech strength and fresh records, while the Dow Jones Industrial Average(DJINDICES:^DJI) slipped 0.31% to 49,499.27 as value and cyclicals lagged.
Market movers
Apple gained 3% after beating earnings estimates and offering upbeat guidance, powering mega-cap tech. Five9 soared roughly 30% on strong earnings, reassuring investors concerned about artificial intelligence (AI) disruption of software stocks. Software peers Atlassian and Twilio both surged.
Wolfspeed jumped about 26% after announcing new executive appointments. Cboe Global Markets rallied almost 9% to lead financials.
What this means for investors
The S&P 500 and Nasdaq extended gains today, breaking new ground as strong tech earnings powered markets despite energy price uncertainty and valuation warnings.
WTI crude spiked above $106 per barrel in intraday trading before finishing at $103. Top energy firms, ExxonMobil and Chevron, warned that oil stockpiles and reserves are running low, and prices could increase dramatically if traffic through the Strait of Hormuz does not resume soon.
In addition to Apple’s strength, memory stocks outperformed with big gains from Sandisk and Micron Technology. Data from Bloomberg shows that over 80% of quarterly earnings for S&P 500 companies have beaten estimates.
For investors, it can be difficult to interpret the dual messages of soaring stocks with resilient earnings against oil-driven economic warnings. It is important to remain cautious, as macro shocks could slow this rally.
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Emma Newbery has positions in Apple, Atlassian, and Twilio. The Motley Fool has positions in and recommends Apple, Atlassian, Chevron, Five9, Micron Technology, and Twilio. The Motley Fool recommends Cboe Global Markets and Wolfspeed. The Motley Fool has a disclosure policy.
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