Stock Market Update

[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 (+1.4%) 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.