Wall Street kicked off May on a strong note Friday, with all three major indexes rising in early trading as a blockbuster Apple earnings report, a record-setting close the night before, and fresh signs of progress in U.S.-Iran peace negotiations sent oil prices sharply lower and stocks higher.
The Numbers At The Open
The S&P 500 gained 0.5%, the Nasdaq Composite added 0.7%, and the Dow Jones Industrial Average advanced roughly 112 points, or 0.2%, in early trading.  The gains build on a historic session Thursday. The S&P 500 closed above the 7,200 threshold for the first time ever, helping both the S&P 500 and Nasdaq secure their strongest monthly performances since 2020. The Dow posted its strongest monthly performance since November 2024. 
Top Mover: Apple
The clear standout at the open is Apple. Apple reported fiscal second-quarter earnings of $2.01 per share on revenue of $111.18 billion, beating analyst estimates of $1.95 per share and $109.66 billion in revenue.  iPhone revenue reached $56.99 billion, up 21.7% year over year, beating expectations across every product category.  Services revenue surged 16.3% to a new all-time record of $30.98 billion.  Apple’s board authorized an additional $100 billion in share repurchases and raised its quarterly dividend 4% to $0.27 per share.  Shares jumped more than 4% at the open. CEO Tim Cook called the results exceptionally strong, saying “the first half of this year was very strong.” 
Analyst Calls
Venu Krishna, head of U.S. equity strategy at Barclays, pointed to a strong economic growth outlook and an intact tech story as catalysts to keep the rally going, saying “the story is good, so we remain optimistic.” 
Pakistan’s Role In Moving Oil Markets
One of the biggest market drivers this morning is not a stock — it is diplomacy. Oil prices fell after Iran reportedly sent its response through Pakistani mediators to the latest U.S. amendments to a draft peace agreement. U.S. West Texas Intermediate crude fell roughly 3% to around $102 a barrel, while international benchmark Brent edged lower to $110.23. 
Pakistan‘s role as mediator in the U.S.-Iran conflict has been one of the most consequential diplomatic developments of 2026. On March 23, Pakistan formally offered to host talks between Washington and Tehran , stepping in as a neutral bridge between two sides with no direct communication. The formal Islamabad Talks were held on April 11 and 12, led on the U.S. side by Vice President JD Vance, alongside special envoys Steve Witkoff and Jared Kushner, and on the Iranian side by parliamentary speaker Mohammad Bagher Ghalibaf and foreign minister Abbas Araghchi. The talks lasted 21 hours but ended without a deal.  A two-week ceasefire mediated by Pakistan had taken hold on April 8, and President Trump subsequently extended it to allow more time for negotiations.  Today’s oil drop reflects market optimism that Iran’s latest response through Pakistani channels could move the process forward — keeping the Strait of Hormuz from becoming a full-blown energy crisis again.
Other Movers
Roblox tumbled 24% in premarket after slashing its full-year 2026 bookings guidance, warning of “continued short-term friction” from new product changes including age verification that have slowed new user acquisition. 
Caterpillar saw several analysts raise price targets after the industrial giant beat earnings expectations, citing booming demand for power generation equipment from AI data centers and a record backlog. 
Exxon Mobil and Chevron both beat quarterly earnings expectations but reported steep profit declines as the Middle East conflict weighed on energy operations. Exxon’s net income declined 45% while Chevron’s fell 36%. 
Occidental Petroleum announced that CEO Vicki Hollub — the first woman to lead a major U.S. oil company — is retiring after a decade at the helm. COO Richard Jackson will take over June 1. 
JBizNews Desk
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