S&P hits 7,200... but ...

Pre-Market Brief | Friday, May 1, 2026

Where Futures Sit

S&P 500 futures are up 0.09 percent, near 7,250. Dow futures are higher by 122 points, or 0.24 percent. Nasdaq 100 futures are down 0.18 percent as Apple gains offset weakness in other megacap names. The S&P 500 closed Thursday above 7,200 for the first time, capping its best month since 2020. The Nasdaq finished April up roughly 14 percent. Intel more than doubled on the month, its best stretch in 55 years on the exchange. VIX is at 17.09.

Macro Pulse

April nonfarm payrolls drop at 8:30 AM ET. March printed 178,000, well above the 60,000 consensus, with healthcare doing most of the heavy lifting. Average hourly earnings are expected to ease to 3.7 percent year over year. ISM Manufacturing PMI follows at 10 AM ET. Brent crude is near $104.90. Trump confirmed the US naval blockade on Iran continues. The yen rallied sharply overnight on intervention reports out of Tokyo, with the dollar last at 156.54. Asian markets closed higher despite the May Day holiday in most of Europe.

Tickers To Watch

AAPL: Up 3 percent premarket. Beat on top and bottom line. iPhone revenue missed for the second time in three quarters. Q3 revenue guide came in above expectations. Cook and Ternus both spoke on the call to address the September transition.

XOM: Reported $1.16 adjusted EPS on $85.14 billion in revenue. Stock slightly higher premarket.

CVX: Adjusted EPS of $1.41 beat the $0.95 estimate. Revenue of $48.61 billion missed the $52.1 billion consensus. Shares up 1 percent.

MRNA: Up 7 percent premarket. Revenue topped estimates on stronger international COVID vaccine sales.

INTC: Watch for follow-through after a record April. Roughly half of the index gain came from a single name.

CAT, MA, LLY, MRK: Yesterday's prints will continue moving the tape this morning. Read across to industrials, payments, and pharma.

XLE: Energy bid as Brent stays above $104 with the blockade in effect.

Bottom Line

The S&P closed above 7,200 for the first time ever last night. Today the jobs number will tell us whether the rally has support beneath it. April delivered the best month in five years. May begins with one number that can change the tone.

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