[BRIEFING.COM] The S&P 500 (+0.3%) and Nasdaq Composite (+0.9%) started May on a high note as strength in mega-cap and tech names propelled the indices to fresh record highs, while the DJIA (-0.3%) lagged amid weakness in the broader market.

Only two S&P 500 sectors finished in positive territory, though the top-weighted information technology sector's gain was wide enough to prompt index-level growth.

Apple (AAPL 280.14, +8.79, +3.24%) kept momentum rolling across mega-cap tech after topping earnings estimates and providing upside guidance for the next quarter, while Microsoft (MSFT 414.20, +6.42, +1.57%) recovered some of yesterday's post-earnings weakness.

Though not a component of the S&P 500, Atlassian (TEAM 88.88, +20.29, +29.58%) was another notable earnings standout, and the iShares GS Software ETF finished 3.2% higher.

The PHLX Semiconductor Index (+0.9%) also finished higher amid a busy week for memory storage names. Sandisk (SNDK 1187.00, +90.49, +8.25%) moved sharply higher after earnings while Western Digital (WDC 431.52, -3.00, -0.69%) faced some sell-the-news pressure, and Seagate Tech (STX 726.93, +53.29, +7.91%) extended yesterday's massive rally.

The consumer discretionary sector (+0.5%) was the only other sector to finish with a gain, supported by strength in its mega-cap components Tesla (TSLA 390.82, +9.19, +2.41%) and Amazon (AMZN 268.26, +3.20, +1.21%).

The Vanguard Mega Cap Growth ETF finished 0.9% higher, helping the market-weighted S&P 500 (+0.3%) outperform the S&P 500 Equal Weighted Index (-0.3%).

Elsewhere in the sector, cruise lines and courier names outperformed as oil prices retreated today, with crude oil futures settling today's session $3.31 lower (-3.2%) at $101.84 per barrel.

The energy sector (-1.3%) was the worst-performing S&P 500 sector as a result.

The industrials sector (-0.9%) also underperformed after yesterday's sharp gain that followed CAT's earnings release, though airline names such as United Airlines (UAL 92.52, +2.52, +2.80%) and Southwest Air (LUV 38.76, +0.84, +2.22%) traded higher amid the retreat in oil prices and reports that Spirit Airlines is preparing to shut down operations.

Losses across the other S&P 500 sectors were modest in nature as the market ended the week in a relatively quiet fashion after a record-setting week.

Still, strong mega-cap and tech leadership, which was largely a product of impressive earnings growth, has the S&P 500 and Nasdaq Composite pushing further into record territory to start the month of May.

U.S. Treasuries started May on a quiet note, largely thanks to Labor Day closures that significantly reduced the participation of international investors on Friday. The 2-year note yield settled up one basis point to 3.89% (+11 basis points this week), and the 10-year note yield settled down one basis point to 4.38% (+7 basis points this week).

• Russell 2000: +13.3% YTD
• S&P Mid Cap 400: +10.1% YTD
• Nasdaq Composite: +8.1% YTD
• S&P 500: +5.6% YTD
• DJIA: +3.0% YTD

Reviewing today's data:

• April S&P Global U.S. Manufacturing PMI - Final 54.5; Prior 54.0
• April ISM Manufacturing Index 52.7% (Briefing.com consensus 53.1%); Prior 52.7%
  • The key takeaway from the report is that it had some stagflation aspects for the manufacturing sector, namely low growth, a further contraction in employment, and a stark increase in the prices index, which has risen 25.6 percentage points in the last three months.

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+1.1%), and DJIA (-0.1%) are little changed from previous values as the market enters the final half hour of the session.\

Sector strength remains tilted towards the downside, but the communication services sector (+0.1%) has poked above its flatline as Alphabet (GOOG 382.45, +0.51, +0.13%) now trades slightly higher.

Elsewhere in the sector, Paramount Skydance (PSKY 11.12, +0.88, +8.64%) trades sharply higher ahead of its earnings next week.

[BRIEFING.COM] The major averages continue to drift to session lows, sitting mixed this afternoon.

On the geopolitical front, NBC News reports that President Trump sent letters to Congress saying he doesn't need congressional authorization for the Iran war beyond 60 days because of the ceasefire, adding that " The hostilities that began on February 28, 2026, have terminated."

President Trump previously expressed dissatisfaction over an updated peace proposal from Iran. Still, Crude Oil futures settled today's session $3.31 lower (-3.2%) at $101.84 per barrel.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+1.0%), and DJIA (-0.2%) are mixed as the market enters the final two hours of the session.

Sector strength has eroded, leaving just the information technology (+1.6%), consumer discretionary (+0.9%), and materials (+0.2%) sectors in positive territory.

Within the technology sector, software names continue to outperform, with the iShares GS Software ETF (IGV 86.80, +2.90, +3.45%) widening its gain for the day.

Atlassian (TEAM 88.10, +19.50, +28.44%) is a standout after delivering a strong Q3 performance, beating expectations on both earnings and revenue, with EPS of $1.75 topping consensus by $0.42 and revenue climbing nearly 32% year-over-year to $1.79 billion, driven by solid execution across cloud and enterprise initiatives. The stock is surging higher following the release as investors respond to accelerating cloud momentum, robust customer expansion, and continued AI-driven product adoption.

Looking ahead, Atlassian guided Q4 revenue roughly in line with expectations, signaling continued steady growth, while maintaining healthy margin targets and announcing a new $2.5 million share repurchase program, underscoring confidence in its long-term trajectory.

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+1.2%), and DJIA (+0.1%) are back in positive territory across the board.

Clorox (CLX 87.65, -8.79, -9.12%) is the worst-performing name in the consumer staples sector (-0.2%) and the S&P 500 after reporting its Q3 (Mar) results last night, falling to a new decade low. The company missed EPS expectations for the second consecutive quarter, while revenue was essentially flat year-over-year at $1.67 billion, in line with expectations. Additionally, Clorox cut its FY26 EPS guidance to $5.45-5.65 from $5.95-6.30. Reported sales are now expected to decline about 6%, better than its prior view for a 6-10% decline, with the improvement helped by the recently closed GOJO Industries acquisition. However, organic sales are now expected to decline about 9%, the low end of its prior outlook.

Defensive sectors are modestly lower today amid the outperformance in tech, with the health care (-0.2%) and utilities (-0.3%) sectors also in negative territory.

[BRIEFING.COM] The major averages continue to trade mostly higher, little changed from previous levels.

Reddit (RDDT 168.55, +21.32, +14.48%) is sharply higher after delivering a strong Q1, with results comfortably surpassing expectations on both the top and bottom line, driven by robust advertising demand, accelerating monetization, and growing relevance in the AI ecosystem, sending the stock sharply higher following the release. The company also issued better-than-expected Q2 revenue guidance, reinforcing confidence in sustained growth momentum supported by improving ad performance, user engagement, and AI-driven tailwinds.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+1.0%), and DJIA (-0.1%) are mostly higher today as some softness in the broader market weighs against solid mega-cap and tech leadership. The S&P 500 and Nasdaq Composite quickly notched fresh record highs with this morning's advance.

The DJIA traded higher as well, but participation in the broader market has worsened from the morning, and a few post-earnings laggards such as Amgen (AMGN 326.66, -19.59, -5.66%) and Chevron (CVX 190.32, -2.99, -1.55%) weigh on the 30-stock index.

Meanwhile, Apple (AAPL 283.00, +11.65, +4.29%) is trading firmly higher after topping earnings expectations and issuing upside guidance for the next quarter.

Microsoft (MSFT 413.52, +5.74, +1.41%) contributes to the mega-cap gains in the information technology sector (+1.4%). The stock has reclaimed some of yesterday's post earnings skid, with the iShares GS Software ETF up 3.2% as the broader software space rebounds.

Elsewhere in the sector, Seagate Tech (STX 716.17, +42.53, +6.31%) extends its post-earnings gains, supported by a solid earnings report from peer Western Digital (WDC 426.72, -7.80, -1.79%), though the stock itself has faced some "sell the news" weakness.

Outside the technology sector, gains are increasingly modest, with the exception of the consumer discretionary sector (+0.9%). Tesla (TSLA 394.52, +12.89, +3.38%) and Amazon (AMZN 268.42, +3.36, +1.27%) add to today's mega-cap strength that has the Vanguard Mega Cap Growth ETF up 1.1%.

As a result, the market-weighted S&P 500 (+0.5%) outperforms the S&P 500 Equal Weighted Index (flat).

While four S&P 500 sectors currently trade lower, only the energy (-1.5%) and industrials (-0.7%) sectors hold losses wider than 0.2%. Both sectors face pressure in a handful of components that trade lower after earnings, while the energy sector lags amid another retreat in oil prices today.

Crude oil is currently down $3.26 (-3.1%) to $101.81 per barrel as reports circulate that Iran has sent a revised peace proposal to Pakistan.

After a hot start this morning, the major averages have leveled off and are trading in a tight range, as the early momentum gives way to more selective buying amid weakening breadth outside of the mega-cap space.

Reviewing today's data:

• April S&P Global U.S. Manufacturing PMI - Final 54.5; Prior 54.0
• April ISM Manufacturing Index 52.7% (Briefing.com consensus 53.1%); Prior 52.7%
  • The key takeaway from the report is that it had some stagflation aspects for the manufacturing sector, namely low growth, a further contraction in employment, and a stark increase in the prices index, which has risen 25.6 percentage points in the last three months.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.9%), and DJIA (-0.1%) remain mostly higher shortly after midday.

The industrials sector (-0.8%) is under broad pressure, with Parker-Hannifin (PH 875.08, -34.34, -3.78%) and Old Dominion (ODFL 206.15, -6.28, -2.96%) continuing to move lower after their earnings, while Caterpillar (CAT 882.94, -7.17, -0.81%) takes a breather after an impressive rally yesterday.

However, airline names such as Southwest Air (LUV 39.06, +1.14, +3.01%), United Airlines (UAL 92.32, +2.32, +2.58%), and Delta Air Lines (DAL 69.38, +1.39, +2.04%) are outperforming.The group is supported by today's lower price of oil, along with reports that Spirit Airlines could potentially be shutting down.

[BRIEFING.COM] Tech and mega-cap leadership keep the S&P 500 (+0.7%) and Nasdaq Composite (+1.2%) firmly higher at midday, while some weakness in the broader market has the DJIA back on its flat line.

Western Digital (WDC 426.46, -8.06, -1.86%)  rebounded to a new record high before pulling back a bit after handily beating expectations and issuing upside guidance in its Q3 (Mar) report last night. The high-capacity HDD storage supplier's EPS nearly doubled year-over-year, while revenue surged 45.5% year-over-year to $3.38 billion. Additionally, for Q4, WDC expects EPS of $3.10-3.40 and revenue of $3.55-3.75 billion, implying roughly 96% and 40% growth at the midpoints, respectively.

Seagate Tech (STX 715.59, +41.95, +6.23%) +3.5% is nicely higher and reaching new all-time highs today as Western Digital's strong Q3 report appears to be providing a positive read-through, reinforcing favorable HDD tailwinds around cloud demand, pricing, and AI-driven storage needs despite WDC's own sell-the-news reaction.

[BRIEFING.COM] Stocks are mostly higher just before midday, with the early strength culminating in record highs for the S&P 500 (+0.7%) and Nasdaq Composite (+1.1%). The DJIA (+0.1%) also trades higher, but holds a more modest gain, as several of its components, such as Amgen (AMGN 326.47, -19.78, -5.71%) and Chevron (CVX 191.32, -1.99, -1.03%), trade lower after earnings.

Meanwhile, Apple (AAPL 283.62, +12.27, +4.52%) is extending the recent earnings momentum across mega-cap tech names after the company beat earnings expectations and issued upside guidance. Apple's gain helps the information technology sector (+1.5%) rebound from a lower finish yesterday to the top of the leaderboard this morning, with Microsoft (MSFT 414.72, +6.94, +1.70%) and other software names reclaiming some of yesterday's losses.

Elsewhere, Tesla (TSLA 393.39, +11.76, +3.08%) and Amazon (AMZN 269.80, +4.74, +1.79%) help the consumer discretionary sector rise to a similar gain, while a host of oil-sensitive stocks trade higher amid a pullback in oil prices this morning.

Crude oil is currently down $3.38 (-3.2%) to $101.69 per barrel amid reports that Iran has sent a revised peace proposal to Pakistani mediators, according to CNBC. The pullback in oil prices weighs on the energy sector (-1.3%), but continues to provide a tailwind for the broader market.

[BRIEFING.COM] The major averages are off their early session highs, but remain higher across the board.

Apple (AAPL 281.87, +10.52, +3.88%) is trading higher following an impressive fiscal Q2 (Mar) report, highlighted by strong upside revenue guidance for Q3 (Jun), which appears to be the primary catalyst for today's move. Revenue jumped 16.6% year-over-year to a record $111.18 billion, exceeding the high end of guidance and marking the strongest growth since 4QFY21. EPS topped expectations, delivering a solid upside, though not as large as the prior quarter.

Apple delivered a standout quarter, but the real story is the much stronger-than-expected Q3 (Jun) guidance, which signals sustained demand momentum despite supply constraints. Notably, iPhone demand remained exceptionally strong, even in the face of supply limitations, underscoring the resilience of Apple's core franchise. The leadership transition to John Ternus introduces a new dynamic, as investors will be looking for a more product-driven innovation cycle, particularly in areas like AI and new form factors. While Apple's execution remains top-tier, questions linger about its pace of innovation and positioning in AI relative to peers.

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.1%), and DJIA (+0.6%) continue to move higher this morning amid broad strength, solid tech leadership, and falling oil prices.

The ISM Manufacturing Index checked in at 52.7% for April (Briefing.com consensus: 53.1%), unchanged from March. The dividing line between expansion and contraction is 50.0%, so the April figure suggests the rate of change in manufacturing activity in April was the same as in March.

The key takeaway from the report is that it had some stagflation aspects for the manufacturing sector, namely low growth, a further contraction in employment, and a stark increase in the prices index, which has risen 25.6 percentage points in the last three months.

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.1%), and DJIA (+0.6%) are higher across the board this morning, with the early gains pushing the S&P 500 and Nasdaq Composite to fresh record highs.

At the sector level, strength is mostly higher, led by a solid gain in the top-weighted information technology sector (+1.6%). The sector was the only S&P 500 sector to finish lower yesterday, weighed down by post-earnings weakness from Microsoft (MSFT 412.55, +4.77, +1.17%) and poor performances across the software space. Those losses are being pared this morning, with the iShares GS Software ETF up 1.9%.

Elsewhere in the sector, Apple (AAPL 284.80, +13.46, +4.96%) is a notable standout after topping earnings estimates yesterday after the close.

Gains and losses are relatively modest elsewhere, though the energy sector (-1.2%) is a laggard as oil prices move lower amid renewed optimism that the U.S. and Iran are speaking through Pakistani mediators to potentially end the war. Crude oil is currently down $4.24 (-4.0%) to $100.83 per barrel.

On the data front, the final April S&P Global U.S. Manufacturing PMI increased to 54.5, from the prior reading of 54.0.

The April ISM Manufacturing Index checked in at 52.7% (Briefing.com consensus 53.1%) from a prior reading of 52.7%.

The stock market is on track for a higher open, as another solid round of earnings reports and falling oil prices look set to sustain the momentum that brought the S&P 500 and Nasdaq Composite to record highs yesterday.

The S&P 500 futures currently trade 21 points above fair value.

Equity indices in the Asia-Pacific region ended the week on a mixed note though markets in China, Hong Kong, South Korea, India, and Singapore were closed for holidays, resulting in lower overall volume. Japanese shipper Mitsui expects that traffic through the Strait of Hormuz will normalize in the next couple months. Japan's Tokyo Core CPI decelerated in April despite the sharp rise in energy prices while April Manufacturing PMI (55.1) expanded at its fastest pace in more than a decade. Taiwan's Q1 GDP grew 13.7%, a pace not seen since 1987. A bipartisan delegation will visit China this weekend ahead of President Trump's planned trip to Beijing later this month.

• In economic data:
  • Japan's April Tokyo CPI 1.5% yr/yr (last 1.4%) and Tokyo Core CPI 1.5% yr/yr (expected 1.8%; last 1.7%). April Manufacturing PMI 55.1 (expected 54.9; last 51.6)
  • South Korea's April trade surplus $23.77 bln (expected surplus of $23.00 bln; last surplus of $26.24 bln). April Imports 16.7% yr/yr (expected 14.5%; last 13.2%) and Exports 48.0% yr/yr (expected 45.3%; last 49.2%)
  • Australia's April Manufacturing PMI 51.3 (expected 51.0; last 49.8). Q1 PPI 0.4% qtr/qtr (expected 0.9%; last 0.8%); 3.0% yr/yr (last 3.5%). April Commodity Prices 15.7% yr/yr (last 12.7%)
  • New Zealand's March Building Consents -1.3% m/m (last 2.8%)

---Equity Markets---

• Japan's Nikkei: +0.4%
• Hong Kong's Hang Seng: CLOSED
• China's Shanghai Composite: CLOSED 
• India's Sensex: CLOSED 
• South Korea's Kospi: CLOSED
• Australia's ASX All Ordinaries: +0.8% 

Most major European markets are closed for Labor Day while the U.K.'s FTSE (-0.5%) trades in negative territory amid weakness in consumer, industrial, and mining names. Expectations for up to two rate hikes from the European Central Bank are solidifying while the Bank of England is seen as likely to announce a rate hike by July, followed by another one in September.

• In economic data:
  • U.K.'s April Nationwide HPI 0.4% m/m (expected -0.3%; last 0.9%); 3.0% yr/yr (expected 2.2%; last 2.2%). April Manufacturing PMI 53.7 (expected 53.6; last 51.0). March Mortgage Lending GBP6.15 bln (expected GBP4.20 bln; last GBP5.22 bln) and March Net Lending to Individuals GBP8.000 bln (expected GBP5.900 bln; last GBP6.800 bln)
  • Swiss March Retail Sales 0.5% yr/yr (expected 0.6%; last 0.4%)

---Equity Markets---

• STOXX Europe 600: -0.1% 
• Germany's DAX: CLOSED 
• U.K.'s FTSE 100: -0.7% 
• France's CAC 40: CLOSED
• Italy's FTSE MIB: CLOSED
• Spain's IBEX 35: CLOSED

The S&P 500 futures currently trade 28 points above fair value.

Sandisk (SNDK 1,043.31, -53.20, -4.9%) and Western Digital (WDC 401.01, -33.51, -7.7%) are both sharply lower despite beating earnings expectations, suggesting potential exhaustion in the recent rally.

Elsewhere, Axios reporter Barak Ravid said via X, "Iran delivered on Thursday to the U.S. through the Pakistani mediators its response to the latest U.S. amendments on the agreement to end the war, a regional source tells me." Crude oil is currently down $2.24 (-2.1%) to $102.83 per barrel.

Equity futures point to a mostly higher open this morning after yesterday's earnings-fueled rally pushed the S&P 500 and Nasdaq Composite to fresh record highs. The market still has plenty of earnings to digest this morning, with Apple (AAPL 282.20, +10.85, +4.0%) keeping the momentum rolling across "magnificent seven" names after turning in a solid report.

Headlines are relatively quiet elsewhere after a notably busy week that included an FOMC meeting, earnings reports from several of the market's largest components, and a full slate of economic data.

Not much has changed on the geopolitical front, with Bloomberg reporting that President Trump is vowing to maintain the blockade against Iran. Still, oil prices are modestly lower again this morning.

On the data front, the market will receive the final S&P Global U.S. Manufacturing PMI for April at 9:45 a.m. ET, and the ISM Manufacturing Index for April (Briefing.com consensus 53.1%) at 10:00 a.m. ET.

In corporate news:

• Apple (AAPL 282.20, +10.85, +4.0%) beat EPS expectations by $0.06, beat revenue expectations, saw iPhones roughly in line with estimates, increased its dividend by 4%, and authorized an additional program to repurchase up to $100 billion of common stock.
• Exxon Mobil (XOM 155.60, +1.27, +0.8%) beat EPS by $0.18 and beat revenue expectations.
• Moderna (MRNA 49.39, +3.45, +7.5%) beat EPS expectations by $1.05 and beat revenue expectations.
• Sandisk (SNDK 1,032.58, -60.53, -5.5%) beat EPS expectations by $8.79, beat revenue expectations, and guided Q4 EPS and revenues above consensus.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a mixed note though markets in China, Hong Kong, South Korea, India, and Singapore were closed for holidays, resulting in lower overall volume. Japan's Nikkei: +0.4%, Hong Kong's Hang Seng: CLOSED, China's Shanghai Composite: CLOSED, India's Sensex: CLOSED, South Korea's Kospi: CLOSED, Australia's ASX All Ordinaries: +0.8%.

In news:

• Japanese shipper Mitsui expects that traffic through the Strait of Hormuz will normalize in the next couple months.
• Japan's Tokyo Core CPI decelerated in April despite the sharp rise in energy prices while April Manufacturing PMI (55.1) expanded at its fastest pace in more than a decade.
• Taiwan's Q1 GDP grew 13.7%, a pace not seen since 1987.
• A bipartisan delegation will visit China this weekend ahead of President Trump's planned trip to Beijing later this month.

In economic data:

• Japan's April Tokyo CPI 1.5% yr/yr (last 1.4%) and Tokyo Core CPI 1.5% yr/yr (expected 1.8%; last 1.7%). April Manufacturing PMI 55.1 (expected 54.9; last 51.6)
• South Korea's April trade surplus $23.77 bln (expected surplus of $23.00 bln; last surplus of $26.24 bln). April Imports 16.7% yr/yr (expected 14.5%; last 13.2%) and Exports 48.0% yr/yr (expected 45.3%; last 49.2%)
• Australia's April Manufacturing PMI 51.3 (expected 51.0; last 49.8). Q1 PPI 0.4% qtr/qtr (expected 0.9%; last 0.8%); 3.0% yr/yr (last 3.5%). April Commodity Prices 15.7% yr/yr (last 12.7%)
• New Zealand's March Building Consents -1.3% m/m (last 2.8%)

Most major European markets are closed for Labor Day while the U.K.'s FTSE (-0.5%) trades in negative territory amid weakness in consumer, industrial, and mining names. STOXX Europe 600: -0.1%, Germany's DAX: CLOSED, U.K.'s FTSE 100: -0.5%, France's CAC 40: CLOSED, Italy's FTSE MIB: CLOSED, Spain's IBEX 35: CLOSED.

In news:

• Expectations for up to two rate hikes from the European Central Bank are solidifying while the Bank of England is seen as likely to announce a rate hike by July, followed by another one in September.

In economic data:

• U.K.'s April Nationwide HPI 0.4% m/m (expected -0.3%; last 0.9%); 3.0% yr/yr (expected 2.2%; last 2.2%). April Manufacturing PMI 53.7 (expected 53.6; last 51.0). March Mortgage Lending GBP6.15 bln (expected GBP4.20 bln; last GBP5.22 bln) and March Net Lending to Individuals GBP8.000 bln (expected GBP5.900 bln; last GBP6.800 bln)
• Swiss March Retail Sales 0.5% yr/yr (expected 0.6%; last 0.4%)

[BRIEFING.COM] Stocks rallied in the final session of the month as strong earnings growth from some of the market's largest components propelled the S&P 500 (+1.0%) and Nasdaq Composite (+0.9%) to fresh record highs, while the DJIA (+1.6%) captured an even wider gain for the day. Following the latest batch of earnings, the Q1 blended growth estimate jumped from 15% yesterday to 26% today, according to FactSet, helping set the stage for a broad-based advance.

Ten S&P 500 sectors finished higher, led by a substantial gain in the communication services sector (+4.0%) following Alphabet's (GOOG 381.94, +34.63, +9.97%) Q1 earnings, which exceeded expectations across all major segments, supported by accelerating AI-driven demand and improved operating leverage. Alphabet's gain was more than enough to offset weakness in Meta Platforms (META 611.91, -57.21, -8.55%), which also topped estimates, although investors reacted negatively to in-line Q2 guidance and a sharp increase in the company's FY26 capital expenditure plans.

Elsewhere, Caterpillar (CAT 890.75, +80.70, +9.96%) was one of several blue-chip stocks to post impressive gains after a blowout earnings report of its own, contributing to the outperformance of both the DJIA and the industrials sector (+2.8%).

Eli Lilly (LLY 934.34, +83.13, +9.77%), the health care sector's (+2.2%) largest component, notched a similar gain, as it also posted a decisive earnings beat that was boosted by a 125% increase in Mounjaro sales.

While the consumer discretionary sector (+1.2%) logged a more modest advance, its sharp move above its flat line in the early afternoon helped the major averages finish near session highs. Amazon (AMZN 265.06, +2.02, +0.77%) faced some choppy action as investors weighed a strong EPS beat and upside revenue growth against elevated capital spending and a recent run-up to earnings, but finished with a nice gain.

Meanwhile, the top-weighted information technology sector (-0.6%) was the only S&P 500 sector to miss out on today's advance.

Similar to Meta Platforms, Microsoft (MSFT 407.78, -16.68, -3.93%) topped earnings expectations, but moved sharply lower as investors reacted to elevated capital expenditure plans.

NVIDIA's (NVDA 199.53, -9.72, -4.64%) loss also weighed heavily on the sector, with some analysts attributing the retreat to rising competition from other hyperscalers such as Alphabet and Amazon. Still, the PHLX Semiconductor Index (+2.3%) moved higher throughout the session, led by an impressive post-earnings gain from Qualcomm (QCOM 179.58, +23.58, +15.12%) and a rebound in Teradyne (TER 343.47, +37.14, +12.12%) following yesterday's slide.

Western Digital (WDC 434.52, +21.76, +5.27%) and Apple (AAPL 271.35, +1.13, +0.42%) both traded higher ahead of their earnings after the close. 

Outside of the S&P 500, the Russell 2000 (+2.2%) and S&P Mid Cap 400 (+1.7%) outperformed.

Overall, today's session capped a historic month for equities that saw the market reclaim losses attributed to the U.S.-Iran conflict and make a renewed push into record territory. To that end, the U.S. and Iran seemingly remain at an impasse on negotiations, but a modest retreat in oil prices today added to the constructive backdrop.

The S&P 500 (+10.4% month-to-date), Nasdaq Composite (+15.3% month-to-date), and DJIA (+7.1% month-to-date) each logged strong monthly advances, highlighting a powerful rebound that carried the market back to record highs alongside a notable acceleration in earnings growth.

U.S. Treasuries ended April on a higher note, reclaiming a portion of their losses from this month. The 2-year note yield settled down five basis points to 3.88% (+8 basis points in April), and the 10-year note yield settled down three basis points to 4.39% (+8 basis points in April).

• Russell 2000: +12.8% YTD
• S&P Mid Cap 400: +10.1% YTD
• Nasdaq Composite: +7.1% YTD
• S&P 500: +5.3% YTD
• DJIA: +3.3% YTD

Reviewing today's data:

• Q1 GDP-Adv. 2.0% (Briefing.com consensus 2.1%); Prior 0.5%, Q1 Chain Deflator-Adv. 3.6% (Briefing.com consensus 3.3%); Prior 3.7%
  • The key takeaway from the report is that the growth was driven by gross private domestic investment, which contributed 1.48 percentage points, and personal consumption expenditures, which contributed 1.08 percentage points to the GDP increase. Not to be overlooked, though, is that the PCE price index was up 4.5%, while the core PCE price index was up 4.3%.
• March Personal Income 0.6% (Briefing.com consensus 0.4%); Prior was revised to 0.0% from -0.1%, March Personal Spending 0.9% (Briefing.com consensus 0.4%); Prior was revised to 0.6% from 0.5%, March PCE Prices 0.7% (Briefing.com consensus 0.6%); Prior 0.4%, March PCE Prices - Core 0.3% (Briefing.com consensus 0.3%); Prior 0.4%
  • The key takeaway from the report is that spending has remained solid in the face of stubbornly high inflation-a dynamic that is going to leave the Fed disinclined to cut rates.
• Q1 Employment Cost Index 0.9% (Briefing.com consensus 0.8%); Prior 0.7%
  • The key takeaway from the report is that the increase in wages and salaries for civilian workers over the last 12 months (3.4%) is barely running ahead of inflation.
• Weekly Initial Claims 189K (Briefing.com consensus 217K); Prior was revised to 215K from 214K, Weekly Continuing Claims 1.785 mln; Prior was revised to 1.808 mln from 1.821 mln
  • The key takeaway from the report is the strikingly low number of initial claims. That just isn't consistent with a labor market that is falling apart-far (very far) from it.
• April Chicago PMI 49.2 (Briefing.com consensus 52.4); Prior 52.8