Market Highlights
The S&P 500, Nasdaq, and Russell 2000 all closed at new all-time highs, with the S&P 500 rising by 1.02%, the Nasdaq by 0.89%, and the Russell 2000 by 2.21%. April saw impressive gains for the S&P 500 and Nasdaq, with increases of 10.4% and 15.2% respectively, marking their best monthly performances since November 2020. The sharp gains were driven by strong performances from companies like Alphabet, Caterpillar, and Eli Lilly, alongside a slight pullback in oil prices and bond yields. Commodity markets also saw broad gains after a 2-3 day losing streak.
Overnight Summary
On Friday, 1 May 2026, at 8:10 AM AEST, major indices showed positive movements:
- S&P 500 at 7,209, up 1.02%
- Dow Jones at 49,652, up 1.62%
- NASDAQ Comp at 24,892, up 0.89%
- Russell 2000 at 2,800, up 2.21%
Country indices reflected varied performances:
- Canada at 33,964, up 1.94%
- China at 4,112, up 0.11%
- Germany at 24,292, up 1.41%
- Hong Kong at 25,777, down 1.28%
- India at 76,914, down 0.75%
- Japan at 59,285, down 1.06%
- United Kingdom at 10,379, up 1.62%
Commodities showed mixed results:
- Gold at 4,622.86, up 1.69%
- Copper at 5.81, down 1.17%
- WTI Oil at 105.41, down 1.36%
Currency and cryptocurrency movements included:
- AUD/USD at 0.72, up 0.01%
- Bitcoin (USD) at 76,310, up 0.55%
- Ethereum (AUD) at 3,135, up 0.24%
US Sectors
On Friday, 1 May 2026, at 8:11 AM AEST, the following sectors showed performance:
- Communication Services up 3.98%
- Industrials up 2.76%
- Utilities up 2.55%
- Health Care up 2.20%
- Real Estate up 1.78%
- Consumer Staples up 1.69%
- Consumer Discretionary up 1.24%
- Materials up 1.06%
- Energy up 0.81%
- Financials up 0.40%
- Information Technology down 0.63%
Overnight Markets
Major US benchmarks ended near session high levels, with the S&P 500, Nasdaq, and Russell closing at fresh all-time highs. The US weekly recap showed strong gains across key indices, with the Nasdaq up 15.29%, the Russell 2000 up 12.16%, the S&P 500 up 10.42%, and the Dow up 7.14%. The Equal-weight S&P 500 outperformed the cap-weighted index by 49 bps. Earnings from major tech companies provided a significant tailwind, with Mag-7 names beating expectations and highlighting strong compute demand and capital expenditure. Notable movers included Alphabet, Caterpillar, and Eli Lilly, while Microsoft and Meta experienced declines. The VIX fell to 16.9, reflecting a risk-on tone.
Stocks
Apple’s Q2 FY26 revenue rose 17% to $111.2bn, beating estimates by ~1.4%, with EPS of $2.01 up 22%. Eli Lilly reported a 56% increase in revenue to $19.8bn, with adjusted EPS of $8.55. Caterpillar shares jumped ~10% after Q1 results, contributing to the Dow’s 790-point gain. Qualcomm shares rose 15% on Q2 EPS beat, with commentary on a “leading hyperscaler custom silicon engagement.” Alphabet rallied 9.9% after Q1 results, with Google Cloud up 63% to $20bn. Meta fell ~8.5% after raising full-year capex guidance, while Microsoft slid ~3% due to high memory costs. Amazon’s Q1 revenue increased 17% to $181.5bn, with AWS growth at 28%.
Iran & Energy
Iran threatened retaliation with “long and painful strikes” if US attacks resume. Israel is preparing to announce a failure of negotiations with Iran. Trump mentioned not ruling out resuming attacks on Iran. The IEA warned of a contraction in global oil demand in 2026. Goldman Sachs estimated Strait of Hormuz exports have fallen to 4% of normal levels. Ukraine’s attacks on Russian oil infrastructure reached the highest monthly level since December. US crude exports surged to a record high above 6mbpd.
Tariffs
The Trump administration lifted Section 232 metals tariffs into a flat 50% on goods made entirely of steel, aluminium, or copper, 25% on derivative articles, and 15% on industrial equipment through 2027.
Central Banks
The ECB held rates unchanged at 2% deposit rate for a third meeting, with risks to inflation and growth intensifying. Lagarde highlighted economic uncertainty, depending on the duration of the Iran war. Japan and the BoJ intervened in FX markets, buying yen and selling dollars, leading to a significant drop in USD/JPY.
Economy
US Q1 advance GDP was 2.0% annualised, missing 2.3% consensus. US March core PCE was 0.3% month-on-month and 3.2% year-on-year. Eurozone Q1 flash GDP was 0.1% quarter-on-quarter. China’s NBS manufacturing PMI eased to 50.3 in April, while non-manufacturing PMI fell to 49.4.
Industry ETFs
On Friday, 1 May 2026, at 8:12 AM AEST, industry ETFs showed:
- Uranium at 56.42, up 6.67%
- Strategic Metals at 105.43, up 4.34%
- Lithium & Battery Tech at 88.24, up 3.73%
- Silver at 66.66, up 2.81%
- Copper Miners at 79.61, up 2.42%
- Gold Miners at 88.29, up 2.40%
- Steel at 103.42, up 2.33%
- Construction at 108.58, up 2.77%
- Aerospace & Defense at 218.56, up 2.54%
- Global Jets at 25.42, up 1.97%
- Agriculture at 28.03, down 0.28%
- Biotechnology at 168.69, up 2.00%
Cryptocurrency
- Bitcoin at 10.47, up 1.36%
Renewables
- Solar at 58.41, up 4.08%
- CleanTech at 68.0828, up 2.66%
- Hydrogen at 58.43, up 1.84%
Technology
- Electric Vehicles at 37.4815, up 3.06%
- Robotics & AI at 38.45, up 3.00%
- Semiconductor at 461.44, up 2.54%
- FinTech at 25.25, up 1.53%
- Sports Betting/Gaming at 19.3522, up 1.03%
- Video Games/eSports at 92.18, up 0.85%
- E-commerce at 28.31, up 0.50%
- Cloud Computing at 19.97, up 0.20%
- Cybersecurity at 26.55, down 1.85%
ASX Today
ANZ reported a 14% increase in cash profit for H1 2026. Deterra Royalties reported a 8.9% decrease in Q3 royalty receipts. LGI holder Soul Patts increased its stake to 11.62%. ResMed reaffirmed FY26 guidance and announced the retirement of its CFO.
What To Watch Today
Since 1994, the ASX 200 has recorded ten instances where it fell for eight or more consecutive days. The green day following these losing streaks averaged a 1.1% gain. Chinese lithium carbonate prices surged, driving the Rare Earth/Strategic Metals ETF higher. Commodities snapped a 2-3 day losing streak, with resource-related ETFs up 2-3%, and Uranium up 6.6%.
Broker Moves
Inghams was downgraded to Hold from Buy; target cut to $2.00 from $2.75. Liontown was downgraded to Neutral from Overweight; target up to $2.10 from $2.05. Woolworths was downgraded to Hold from Buy; target cut to $35.50 from $38.25.
Key Events
Stocks trading ex-dividend:
- Fri 1 May: Pengana Global Private Credit Trust ($0.013), Revolution Private Credit Income Trust ($0.013), Wam Strategic Value ($0.033)
- Mon 4 May: Bank of Queensland ($0.20)
- Tue 5 May: None
- Wed 6 May: Om Holdings ($0.01)
Other ASX corporate actions today:
- Dividends paid: Harvey Norman
- IPOs: None
- Earnings: ANZ
- AGMs: None
Economic calendar (AEST):
- No major economic announcements.
For free investment tools and ASX research, visit Market Index.
