U.S. stock markets ended mixed on May 2, with the Nasdaq Composite closing above the 25,000 mark for the first time, setting a new record high. For the week, all three major indices registered gains.
Among the top 20 stocks by trading volume, SanDisk reached a historic high after multiple institutions significantly raised their price targets. Most popular U.S.-listed Chinese stocks declined, with Silicon Motion Technology gaining 7.19% while NIO fell 7.51%.
In the commodities market, WTI crude oil prices edged lower as markets anticipated potential progress in U.S.-Iran negotiations.
On the macroeconomic front, U.S. President Donald Trump stated he had spoken with Iranian officials but expressed dissatisfaction with the negotiation progress, though he indicated a preference to avoid further military strikes. Venezuelan crude oil exports rose for the third consecutive month.
U.S. Senate Democrats shifted focus to youth-related issues, pressuring pharmaceutical companies on drug pricing and addressing social media safety. A Securities and Exchange Commission semi-annual report proposal passed White House review.
Iran's Islamic Revolutionary Guard Corps announced that the Supreme Leader would establish new rules for the Persian Gulf. The U.S. warned that payments for transit through the Strait of Hormuz could face sanctions risks. The White House notified Congress that hostile actions with Iran had "ended."
President Trump announced additional 25% tariffs on EU automobiles and hinted at attending the G7 summit in France in June. He also imposed broad sanctions on Cuban officials and businesses. UK exports to the U.S. plummeted 25%, impacted by Trump's "Liberation Day" tariffs.
A Belgian shipping analysis firm reported seven vessels transited the Strait of Hormuz in the past day. The World Trade Organization plans to cut its budget by 10%, citing factors including unpaid U.S. fees. Iran's Supreme Leader called for promoting "economic resistance" at the current stage.
The U.S. military stated its maritime blockade of Iran had caused 45 commercial vessels to alter course. A recent U.S. poll showed over 60% of respondents believed military action against Iran was a "wrong decision." When asked about Iran's latest peace proposal, Trump said he was "not satisfied" with Tehran.
Russian and Iranian foreign ministers discussed Iran's stance on ending conflicts with the U.S. and Israel via phone. Trump threatened to raise EU auto import tariffs, which the EU called unacceptable. He also suggested he would not seek congressional approval for potential continued military action against Iran. Iran's parliamentary speaker stated the country is entering a new phase of construction.
Reports indicated the U.S. plans to withdraw approximately 5,000 troops from Germany.
In corporate news, investors encountered Warren Buffett after hours ahead of the Berkshire Hathaway annual meeting. At least six institutions significantly raised price targets for SanDisk. WildFire Energy shareholders are considering a sale of its shale oil business for over $4 billion. Meta acquired a robotics AI company to accelerate development in humanoid robot technology.
ExxonMobil's CEO shifted his stance on Venezuela, having previously criticized the country as "uninvestable." Mercuria signed an offtake agreement with Heeney Capital for Venezuelan mining, with annual export value around $2.2 billion. TMC's deep-sea mining application received a U.S. compliance determination, with approval expected before Q1 2027.
David Beckham's brand sued Coty, alleging "blatant and material breaches" of a licensing agreement. A former Glencore trader participated in the acquisition of the Ambatovy nickel project. The Pentagon contracted with seven AI giants, excluding Anthropic. Intel's acquisition of Sambanova received U.S. antitrust approval.
Spirit Airlines faces potential shutdown after relief talks collapsed. The FDA approved a new breast cancer drug jointly developed by Pfizer and Arvinas. McLaren's CEO stated viewership should be the next growth engine for Formula 1 in the U.S. market. Roblox shares plunged 18% as child safety measures impacted platform booking revenue. Oracle joined a Pentagon AI project, with its stock surging to a session high.
In commentary, analysts are focusing on potential credit implications after Apple abandoned its policy of maintaining a net cash and debt balance. CEOs of several major U.S. oil companies warned that energy markets are approaching a cliff edge. The U.S. Treasury market saw mixed movements with a flattening yield curve.
A Bloomberg opinion piece described Elon Musk's compensation as being like Tesla stock—all "air." Municipal bonds recorded their best April performance since 2014, driven by a war rebound. Ares Management reaffirmed its wealth business targets despite concerns in the private credit market.
A Kalghi trader suggested that if conflicts persist, U.S. oil prices could surpass highs seen during the Iran war era, exceeding $125 per barrel. Federal Reserve Vice Chair for Supervision Michelle Bowman stated regulators must consider responses to new technologies like Mythos. The European Parliament's top trade official called Trump's auto tariff threat unacceptable. Experts noted that K-shaped economic divergence remains significant.
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