MARKET SNAPSHOT
Stronger-than-expected sales from Apple capped a week of solid tech results lifting the Nasdaq and S&P 500 to fresh records. Treasury yields edged higher in a week marked by robust U.S. indicators. Oil prices settled lower after Tehran softened its demands for reopening the Strait of Hormuz. Gold futures rose alongside the dollar.
MARKET WRAPS
EQUITIES
The S&P 500 and Nasdaq closed at fresh records Friday after Iran handed Washington a new proposal for ending the war, offering hints of compromise. The two sides remain far apart, The Wall Street Journal reported, but investors nonetheless took it as an encouraging sign, sending Brent crude oil futures down 2% to $108.17 a barrel.
The S&P 500 closed higher for a fifth consecutive week, the longest streak since 2024, and is now up 14% over the past month. Cease-fire hopes helped kick the rally off, and artificial-intelligence speculation, soaring tech stocks and some positive economic data points have extended it.
The S&P 500 gained 0.3% and the Nasdaq composite added 0.9%, both reaching new record highs. The Dow Jones Industrial Average, however, slipped 0.3%.
"Bears have largely capitulated," said Mark Hackett, chief markets strategist at Nationwide.
Tech led the way again. A strong earnings report lifted Apple 3.2% higher. The iPhone maker's sales surged, beating Wall Street's expectations, and might have been even better if not for the constrained supply of advanced chips that power its devices, executives said on a call with analysts.
Earlier Friday, Japan's Nikkei 225 rose 0.4% with gains led by Toto Ltd. and Sumitomo Corp., which surged 18% and 17%, respectively.
Australia's S&P/ASX 200 rose 0.7% while New Zealand's S&P/NZX 50 added 1.1%.
Markets in China and South Korea were closed for Labor Day.
COMMODITIES
Crude futures declined, but remained above $100 a barrel, as the Hormuz closure dragged on.
Tehran softened its requirements to reopen the strait, but President Trump said he is "not satisfied" with the proposal.
Front Month Nymex Crude for June delivery fell nearly 3% Friday to $101.94. Front Month ICE Brent Crude for July gave back 2% to settle at $108.17.
Gold and silver futures rose, but still didn't manage to reverse the week's trend.
For the day, front-month gold futures rose 0.3% to $4,629.90/oz, while silver advanced 3.3% to $75.951/oz. Both metals finished lower for the second straight week, with gold down 2% and silver off 0.6%.
Gold and silver caught an updraft later in the week after Fed's decision to keep rates steady and comments from Jerome Powell that he would stay on as a Fed governor after his chairmanship ends.
TODAY'S TOP HEADLINES
Trump Says He Will Raise Tariffs on EU Cars and Trucks
The U.S. will raise tariffs on automobiles from the European Union to 25% from 15%, President Trump said Friday, as he accused the 27-nation bloc of not complying with a trade agreement it signed last year.
"I am pleased to announce that, 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," Trump wrote on his Truth Social platform. "The Tariff will be increased to 25%."
U.S. tariffs on EU automobiles were set at 15% last year as part of a trade agreement Trump signed with the EU in Scotland, which also reduced European tariffs and trade barriers on U.S. goods. European lawmakers are in the process of passing legislation to implement the bloc's side of the deal.
Risks From Iran War Sway Minneapolis Fed President's Dissent
Minneapolis Fed President Neel Kashkari wrote Friday that heightened inflation risks from the Iran war led him to object to the Federal Reserve policy statement that followed this week's meeting, because the statement implied that the Fed's next move is likely to be a rate cut.
Before the Iran war began, Kashkari wrote in essay, he was confident that inflation was on track to cool gradually. But now, an oil-market shock that shows no signs of easing is threatening to fuel more price increases, he wrote.
"If the Strait of Hormuz remains closed, it is hard to see how oil, gas and other important commodities produced in the Middle East could find alternative routes to market," Kashkari wrote.
Spirit Airlines Prepares to Shut Down as Rescue Deal Falls Apart
Spirit Airlines is preparing to shut down.
The ailing budget airline had been hoping to finalize a $500 million lifeline from the government before running out of cash. The discount carrier hasn't been able to get sufficient support between certain bondholders and the government to secure the funding to keep it in business, people familiar with the matter said.
Spirit is currently expected to cease operations around 3 a.m. ET Saturday.
Meta Platforms Acquires Humanoid Robot Startup Assured Robot Intelligence
Meta Platforms acquired Assured Robot Intelligence, a startup trying to build humanoid robots.
The company declined to disclose the terms of the deal. The acquisition was reported earlier by Bloomberg.
"We acquired Assured Robot Intelligence, a company at the frontier of robotic intelligence designed to enable robots to understand, predict, and adapt to human behaviors in complex and dynamic environments," a Meta spokesperson said in a Friday statement.
Top AI Companies Agree to Pentagon Deals for Classified Work
The Defense Department has completed agreements with eight technology companies, including many of the industry's biggest, to use their artificial-intelligence capabilities in classified settings, boosting the Pentagon's efforts to gain access to cutting-edge AI tools.
The department said Friday it was now capable of using in classified settings the technology and models from the ChatGPT maker, OpenAI; Alphabet's Google; Elon Musk's SpaceX; Microsoft; Amazon.com; Oracle; Nvidia; and a startup, Reflection AI. SpaceX owns Musk's AI company, xAI.
While some of the companies, including OpenAI and SpaceX, had initial deals with the Pentagon agreeing to have their AI tools used by the military in all lawful scenarios, completing the contracts is an important step toward embedding them in day-to-day operations. The deals show how much of Silicon Valley is agreeing to the Defense Department's terms in a way that Anthropic didn't when it rejected the Pentagon's contract earlier this year in what spiraled into a monthslong feud. The deals also highlight how the Pentagon is racing to incorporate AI into its systems.
Expected Major Events for Monday
00:30/TAI: Apr Taiwan Manufacturing PMI
00:30/SKA: Apr South Korea Manufacturing PMI
00:30/PHI: Apr Philippines Manufacturing PMI
00:30/INA: Apr Indonesia Manufacturing PMI
00:30/MAL: Apr Malaysia Manufacturing PMI
01:30/AUS: Apr ANZ-Indeed Job Ads
01:30/AUS: Mar Building Approvals
04:00/INA: Mar Trade Balance
04:00/INA: Apr CPI
06:00/JPN: Mar Revised Machine Tool Orders
08:00/TAI: Apr CIER PMI
23:00/AUS: Apr Australia Services PMI
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(END) Dow Jones Newswires
May 03, 2026 16:30 ET (20:30 GMT)
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