Markets News, April 30, 2026: S&P 500, Nasdaq Hit New Highs, Post Biggest Monthly Gains Since 2020; Dow Jumps 800 Points

Major stock indexes jumped on the final trading day of April, with the S&P 500 and Nasdaq hitting record highs, as investors digested a flurry of earnings reports and economic indicators.

The blue-chip Dow Jones Industrial Average, benchmark S&P 500, and tech-heavy Nasdaq Composite finished Thursday up 1.6%, 1.0%, and 0.9%, respectively. The Dow rose 790 points, aided by a nearly 10% rise in Caterpillar (CAT) shares.

The Nasdaq, S&P 500, and Dow Jones Industrial Average closed with strong April gains. The Nasdaq rose more than 15% for the month, while the S&P 500 was up more than 10% and the Dow added more than 7%. The indexes logged their largest monthly percentage gains since April 2020, November 2020, and November 2024, respectively.

Four trillion-dollar tech giants—Alphabet (GOOG, GOOGL), Amazon (AMZN), Meta Platforms (META), and Microsoft (MSFT)—reported earnings after Thursday's close, giving investors plenty to think about today. Shares of Google parent Alphabet surged 10%, while those of Meta and Microsoft declined a respective 8.7% and 3.9%. Amazon ticked higher after spending much of the session in negative territory. AI chipmaker Nvidia (NVDA), the world's most valuable company, fell 4.6%; it reports in mid-May.

Fellow Magnificent Seven member Apple (AAPL) was slated to report results after markets close today. Its shares rose 0.4%. Those of another large tech firm, semiconductor maker Qualcomm (QCOM), soared 15% to pace the S&P 500 and Nasdaq a day after it reported strong results and said it was providing custom silicon for a leading hyperscaler.

Shares of Royal Caribbean Cruises (RCL) and Eli Lilly (LLY) jumped a respective 3.8% and 10.6% after they reported earnings before the bell. "Big Three" automaker Stellantis (STLA) fell 5.4%.

First-quarter GDP came in at 2.0%, below economists' expectations of 2.2% growth but well above 0.5% in the fourth quarter of last year. The March Personal Consumption Expenditures (PCE) price index, the Fed's preferred inflation gauge, matched expectations with a 0.7% month-over-month increase and a 3.5% year-over-year rise. The 10-year Treasury yield, which influences interest rates on mortgages and other consumer loans, was below 4.41% at 4 p.m. ET, down from 4.43% at Wednesday's close.

Oil futures hit a four-year high early Thursday following an Axios report that President Donald Trump was set to be briefed by commanders on new Iran military options today, then reversed course. West Texas Intermediate futures, the U.S. crude oil benchmark, were 2% lower at $104.80 a barrel in recent trading, while expiring June front-month contracts of Brent crude, the global benchmark, settled down 3.4% to $114.01 after surging above $126 earlier.

"As long as the economy continues to grow and companies are able to grow earnings, we can see higher stock prices even in the face of higher energy prices and inflation," Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management, said in written commentary. "However, the longer the war drags on, the more investors will grow nervous and we could see some pullbacks as fears ebb and flow."

Gold futures rose 1.6% to $4,635 an ounce. Bitcoin was at $76,400, up from overnight lows around $75,300. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, was 0.9% lower at 98.05.

Iran War's Impact Is Everywhere in the Economy—Except the Job Market

The effects of the conflict in the Middle East have spread beyond gas prices, according to economic data released Thursday, but there was no sign the strain was yet leading to layoffs.

A slew of data Thursday about consumer spending, prices, wages, economic growth, and jobless claims painted a mixed picture of the health of the economy, with the fingerprints of the Iran war all over it.

David Swanson / Bloomberg / Getty Images

The most obvious impact of the fighting showed up in the cost of living as measured by the Personal Consumption Expenditures price index, which rose 3.5% over the year in March, up from a 2.8% annual increase in February, according to the Bureau of Economic Analysis. That was the highest since May 2023, and was largely because of the surge in gasoline prices due to the war's disruption of oil supplies from the Middle East. However, even setting aside gas, "core" PCE prices, which exclude the volatile prices for food and energy, rose 3.2% over the year, the most since January 2024.

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-Diccon Hyatt

Nasdaq, S&P 500, Dow All End Sharply Higher for April

April was quite the month for the three major U.S. stock indexes.

The Nasdaq, S&P 500, and Dow Jones Industrial Average closed up more than 15%, 10%, and 7%, respectively, for the month. It was their largest monthly percentage gains since April 2020, November 2020, and November 2024, respectively.

The Dow returned to its winning ways after snapping a 10-month streak of ending in the green in March. The Nasdaq had declined the past three months and the S&P 500 had slipped the past two.

Why This Expert Says Gold's Comeback, and Silver's Struggles, Aren't a Good Sign for Precious Metals

The bear case for gold? Just take a look at silver.

Silver prices gained over 140% in 2025, easily outpacing gold's roughly 65% rise. This year, though, it's lagged the yellow metal: Gold futures are up about 7% so far this year, compared to silver's 5%. The reason? Because, according to David Russell, global head of market strategy at TradeStation, silver is a "high beta" counterpart to gold, meaning it tends to move more dramatically than related assets. And since the Iran war has fired up inflation concerns, weighing on gold, that's been even harder on silver. (Gold recently traded around $4,630 per ounce, while silver was $74.)

"When you're in a bullish market, the high beta asset will typically outperform," Russell said in an interview with Investopedia. "That relationship has reversed since about February. As gold struggled, silver has struggled more."

Shammi Mehra / AFP via Getty Images

With crude oil prices remaining aloft, and no sign of a near-term truce with Iran, Federal Reserve officials have been more vocal about their inflation concerns. Analysts have viewed those comments as slightly hawkish, damaging hopes of rate cuts that markets were pricing in last year. Higher rates can make yield-bearing assets like short-term Treasurys look more appealing than precious metals and other assets that don't pay yields. The "lingering optimism from last year is slowly fading," Russell said.

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-Crystal Kim

Meta Is Growing Faster Than It Has in Years. Why Is Its Stock Plummeting?

Meta is upping its AI investments. Wall Street's not sure how that will pay off.

Social media giant Meta (META) on Wednesday raised its 2026 capital expenditures forecast to between $125 billion and $145 billion, a $10 billion increase from the forecast given just three months ago. Meta attributed the step-up in spending to “higher component pricing this year and, to a lesser extent, additional data center costs to support future year capacity.” It also reported quarterly results that beat the Street's revenue and profit expectations.

But investors blanched—even as they rewarded other big companies for similar moves. Meta stock was down more than 9% in recent trading, putting shares about 8% below where they started the year. Alphabet (GOOG) also upped its AI budget on Wednesday, and its shares jumped more than 7% Thursday. So what gives?

Tom Williams / CQ-Roll Call, Inc via Getty Images

Unlike fellow hyperscalers like Alphabet, Amazon, and Microsoft, Meta doesn’t have a booming cloud computing business to showcase the pay-off of its AI investments. Bank of America analysts in a note on Thursday said the returns on Meta’s AI investments “are less clear vs Cloud providers.” Mizuho analysts said Meta’s path to monetizing its frontier AI models “remains unclear.”

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-Colin Laidley

Diners Have Been Coming Back to Chipotle. Will Investors Keep Coming Back to Its Stock?

Wall Street seems to think Brian Niccol's new company, Starbucks, is "back." It might need more time to come around on the one he left—but there are encouraging signs there, too.

Shares of Chipotle Mexican Grill (CMG) were up 3% in afternoon trading Thursday, lifted by an 0.5% rise in first-quarter comparable-restaurant sales. While not a huge number, it's an improvement when compared to last year's decrease, and better, according to Visible Alpha data, than Wall Street expected. The stock's move has it pointing back toward a climb off lows that started in late March, though they're still down for the year. Over the past 12 months, they've lost roughly a third of their value.

Should investors be more upbeat about what's coming down the burrito production line? If they're not, it may be because the company sounds cautious, too. Chipotle maintained full-year guidance for comparable-store sales, which it sees coming in flat.

Smith Collection / Gado / Getty Images

The company, CFO Adam Rymer said on a conference call, is "trending higher" than its forecast. "Guidance reflects a conservative outlook given the dynamic consumer environment," he added.

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-David Marino-Nachison

Buffett Won't Be Center Stage at Berkshire's Annual Meeting—But His Latest Stock Moves Still Will Be

For the first time in six decades, Warren Buffett won't be center stage for Berkshire Hathaway's (BRK.A, BRK.B) annual meeting. His recent stock moves could still dominate investor discussions this Saturday.

The 95-year-old stepped down as CEO at the start of this year, handing the role to Greg Abel. But Buffett surprised many last month by revealing in a CNBC interview that he's still steering many of the company's investment decisions.

Buffett also said he's made "one tiny purchase" that he declined to name.

At Saturday's meeting, Buffett wi