New York, April 30, 2026, 17:08 EDT
- Record closes for both the S&P 500 and Nasdaq sealed their best monthly performance in years.
- Apple dipped roughly 1% in after-hours trading, even though it came in ahead of expectations on both revenue and profit.
- Traders still see oil prices and AI spending as the key threats stalking the rally.
U.S. stocks wrapped up April at all-time highs Thursday, though the spotlight quickly turned to Apple in after-hours trading. Shares in the iPhone giant dipped roughly 1%, even as fiscal second-quarter revenue and profit topped forecasts. Another hurdle for investors, who spent the month shrugging off elevated oil prices and questions about rate cuts as corporate earnings rolled in.
Timing’s crucial here. According to Reuters, the S&P 500 just turned in its biggest monthly percentage jump since November 2020. The Nasdaq saw its strongest run since April 2020. As for the Dow, this was its best monthly climb since November 2024.
This surge wasn’t boxed into tech. The Dow jumped 790.33 points, or 1.62%, landing at 49,652.14. The S&P 500 closed up 73.05 points, or 1.02%, settling at 7,209.00, and the Nasdaq Composite tacked on another 219.07 points, or 0.89%, finishing at 24,892.31. Of note, the S&P 500 technology sector slipped, but communication services and industrials carried the day.
Apple’s revenue hit $111.18 billion for the quarter ending March 28, topping analyst expectations of $109.66 billion, according to LSEG. Earnings per share landed at $2.01—beating the consensus. But iPhone sales missed: $56.99 billion, shy of the $57.21 billion analysts predicted.
Tim Cook, Apple’s CEO, described iPhone demand to Reuters as “off the charts.” Chip constraints, however, limited how many orders Apple could fill. The board signed off on another $100 billion in share buybacks, matching last year’s plan. Reuters
The Apple report arrived on the heels of a busy stretch for megacap earnings that left markets divided. Alphabet surged 10.0% as robust cloud numbers impressed investors. Meta slid 8.7%, and Microsoft dropped 3.9%—both hit by worries over capital spending, the kind that gets poured into long-term projects like data centers and AI infrastructure.
Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest, told Reuters investor nerves eased after economic data, and a stretch of solid earnings sent the rally wider. “The momentum is on the bullish side,” he said. Reuters
Even so, after-hours sentiment remained messy. Apple delivered a services revenue beat, outperformed on Mac sales, and managed to top Visible Alpha projections in China. Investors, though, still wanted clarity around what’s next for Siri and how Apple plans to tap third-party AI. Jacob Bourne at eMarketer flagged the company’s Google Gemini tie-in as a notable move toward embracing external AI partners.
Oil is still the tough one to call. Brent crude whipped up and down Thursday, stirred by fresh jitters over war and supply. According to Reuters, those heavy energy prices are weighing on expectations for quick Fed rate cuts. Should oil rally again—or if AI spending continues to outpace forecasts—the gains in April could quickly unravel next month.
Right now, the U.S. stock market after hours sees two forces in play: earnings continue to top forecasts, but investors are zeroed in on the cost of sustaining that growth. Which one matters most could hinge on Apple’s call—traders may make up their minds fast.
