The S&P 500 Index reached a new all-time high today, climbing 0.62%, while the Nasdaq 100 surged 1.10%. Key drivers include strong earnings reports from Apple, which rose over 4% after forecasting robust Q2 revenue, and Atlassian, whose shares jumped more than 20% following better-than-expected Q3 results. The broader market’s gains were further supported by a sharp decline in crude oil prices, alleviating some inflationary pressures.

Despite the positive momentum, a slightly disappointing April ISM manufacturing report, which showed no change at 52.7, tempered enthusiasm. The manufacturing prices paid sub-index hit a four-year high, indicating persistent inflation concerns that could influence Federal Reserve policy. Currently, the market is pricing in an 8% chance of a rate cut at the upcoming FOMC meeting in mid-June.

Investors should closely monitor earnings reports from the remaining “Magnificent Seven” tech stocks this week, as they are likely to shape market sentiment and potentially drive further volatility in stock prices.

StoxFeed tracks this as a market signal: Oil prices are responding to OPEC decisions and geopolitical tensions

Source: nasdaq.com