Wall Street opened May with a show of strength on Friday, pushing the S&P 500 and Nasdaq Composite to fresh all-time highs even as the U.S.-Iran conflict reached a critical legal and political inflection point, oil prices stayed elevated above $100 a barrel, and the global economic picture remained clouded by war and uncertainty.
The S&P 500 gained 0.29% to close at 7,230.12, while the Nasdaq Composite surged 0.89% to 25,114.44, both setting closing records. The Dow Jones Industrial Average was the only major index to finish in the red, slipping 152.87 points, or 0.31%, to settle at 49,499.27.  The Russell 2000 small-cap index rose 0.46%, closing at 2,812.82, just short of a 52-week high. 
The day’s standout mover was Apple, which gave the broader market its footing. Shares jumped more than 3% after the iPhone maker posted better-than-expected quarterly results, reinforcing investor confidence in the AI demand boom that has driven much of this year’s rally.  The strong print capped a week of mixed but broadly positive Magnificent Seven earnings, with Alphabet and Tesla joining Apple as outperformers, while Nvidia and Meta ended the week lower.
One theme that sharpened this week: markets are rewarding AI spending that shows near-term returns — as seen with Alphabet — and punishing spending without clear payoff, a dynamic that weighed on Meta Platforms after the company raised its capital expenditure guidance without convincing investors the dollars would translate quickly into growth. 
On the energy side, Brent crude settled at $108.17 a barrel, down about 2% on the day, after reports emerged that Iran sent a new peace proposal through Pakistani mediators. But President Donald Trump rejected the offer, saying he was “not satisfied,” signaling the conflict and its pressure on global oil supplies is far from over. 
Exxon Mobil and Chevron both beat earnings estimates but missed on revenue, as stymied oil production and deliveries held up behind the closed Strait of Hormuz weighed on energy sales.  Exxon CEO Darren Woods told investors to expect oil prices to climb further as the market absorbs the full impact of the Iran war. 
The Iran conflict added a new layer of political drama to Friday’s session. President Trump told Congress that hostilities with Iran “have terminated” — a claim that came exactly 60 days after the conflict began on February 28, the deadline set by the War Powers Resolution of 1973 for the president to seek congressional authorization for military force. Trump argued that a ceasefire in place since April 7 effectively ended the fighting, and said he considered the law itself unconstitutional.  Senator Susan Collins of Maine broke with fellow Republicans to vote for a war powers resolution to end U.S. hostilities, citing the 60-day deadline as a legal requirement, not a suggestion. 
For everyday Americans, the war’s economic toll is most visible at the gas pump. California drivers are paying an average of $6.01 per gallon — the highest in the nation and a 30% increase since the U.S. and Israel launched the war against Iran in late February. 
Roblox was among Friday’s notable losers, cratering 17% after the company slashed its full-year guidance, blaming friction from new age verification and safety protocols that have slowed user growth and social engagement on the platform. 
On the macro front, the VIX volatility index settled below 17, a nearly two-week low, suggesting investors continue to look past geopolitical tension and high energy costs. The S&P 500 and Nasdaq posted their best monthly performances since 2020 for April, with the broader market gaining roughly 10% for the month. 
Looking ahead, next week brings April nonfarm payrolls and a fresh round of major earnings, headlined by Palantir, Advanced Micro Devices, and Arm Holdings.
JBizNews Desk.
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