MARKET SUMMARY
The U.S. equity market closed at record highs on Friday, May 1, 2026, despite a quiet post-Labor Day session and muted volume. The S&P 500 (7230.12, +21.11, +0.29%) and Nasdaq Composite (25114.44, +222.13, +0.89%) both secured fresh all-time highs, driven overwhelmingly by mega-cap growth and a strong rebound in information technology—particularly software and semiconductors. Apple (AAPL +3.24% to $280.14) powered gains after topping Q1 earnings and issuing upside guidance, while Microsoft (MSFT +1.57% to $414.20) rebounded from Thursday’s post-earnings selloff. The broader market showed notable breadth: the S&P 500 Equal Weighted Index declined (-0.3%), underscoring leadership concentration. The Dow Jones Industrial Average (49499.27, -152.87, -0.31%) lagged amid broad-based weakness in cyclical sectors, including energy (-1.3%), industrials (-0.9%), and financials. Oil’s retreat ($101.84/bbl, -3.2%) benefited consumer discretionary (Tesla +2.41%, Amazon +1.21%) and transportation names (UAL +2.80%, LUV +2.22%), though tech and AI-driven storage demand anchored the strongest performance.
The session was marked by two dominant themes: (1) exceptional earnings momentum, with the Q1 blended S&P 500 earnings growth rate surging to 27.2% (vs. 12.5% on April 10), broadened beyond tech into communication services, industrials, and financials; and (2) geopolitical easing, as reports of a U.S.–Iran ceasefire de-escalated Strait of Hormuz tensions, pushing crude sharply lower and easing input-cost concerns. Market breadth remained constructive, with WaveFinder showing 1021 primary bulls vs. 281 bears, and 58% of S&P 500 components trading above the 20-day SMA.
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MARKET SNAPSHOT
| Index | Level | Change | % Change |
|———————|———–|————|———-|
| S&P 500 | 7230.12 | +21.11 | +0.29% |
| Nasdaq Composite | 25114.44 | +222.13 | +0.89% |
| DJIA | 49499.27 | -152.87 | -0.31% |
| 10-Year Note Yield | 4.38% | -1 bp | — |
Market Breadth (WaveFinder, May 1)
- Primary Sentiment: Bullish
- Primary Bulls: 1021 | Bears: 281
- % Above 20-Day SMA: 58%
- % Above 40-Day SMA: 69.62%
- 4% Sentiment (Very Bullish): 4%
- 9-Month Bull Follow-Through: 37.7%
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SECTOR PERFORMANCE
Top Performing Sectors (Daily):
1. Information Technology (+1.4%) — Led by AAPL, MSFT, Atlassian (+29.58%), SSDK, STX
2. Consumer Discretionary (+0.5%) — TSLA, AMZN, cruise/courier names (oil-sensitive)
3. Communication Services (+0.1%) — Alphabet (+0.13% to $382.45), Google-driven strength
Bottom Performing Sectors (Daily):
4. Energy (-1.3%) — Crude -3.2% to $101.84/bbl
5. Industrials (-0.9%) — Offset by UAL, LUV; CAT-related fatigue
6. Health Care, Utilities, Real Estate, Financials, Consumer Staples, Materials, Telecom (all -0.1% to -0.9%)
Sector Volatility (ATR, WaveFinder):
- Rising: Energy (+1.47% ATR), Utilities (+0.40%), Financials (flat at +2.23%)
- Falling: Technology (-1.97%), Health Care (-1.39%), Real Estate (-1.54%)
- Stable: Industrials (1.39%), Consumer Discretionary (-0.35%)
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