S&P 500 and Nasdaq Reach Record Highs on May 1

The S&P 500 closed at 7,230.12 on May 1, up 0.29%, marking a new all-time high. Strong big tech earnings and expectations of crude oil stabilization drove the rally. Microsoft's fiscal Q3 results, announced April 29, showed revenue of $82.9 billion (+18%), Azure cloud growth of +40%, and a future revenue pipeline of $627 billion (+99% year-over-year).