US stock markets Apr 30: Dow jumps 400 on earnings cheer

Market mood: earnings support, oil volatility adds caution

Wall Street traded mixed on Thursday, April 30, 2026, as a fresh set of corporate results helped keep US equities near record levels even as crude oil prices swung sharply. The immediate push and pull for investors was clear: upbeat earnings headlines, but uncertainty around energy supply disruptions linked to the Iran war. The S&P 500 was up 0.1% and remained just below the all-time high it touched earlier in the week. The Dow Jones Industrial Average climbed 413 points, or 0.8%. The Nasdaq Composite slipped 0.3% in early trade.

A strong open was already signalled by futures

Before the opening bell, US index futures pointed to a firmer start. Dow futures were up 0.59% and Nasdaq futures were up 0.45% at last check in the pre-market update. Traders were also tracking major economic releases, including Core PCE inflation, GDP growth data, and weekly jobless claims.

Oil swings: Brent jumps, then pares gains

Crude moved sharply overnight, reflecting the market’s sensitivity to West Asia headlines. In the most actively traded Brent crude contract for July delivery, prices rose as high as $114.70 a barrel before reversing to $109.80, down 0.6%. Even after the pullback, Brent remained far above the roughly $10 level seen before the war began.

The article also noted that during the conflict, the peak for the most actively traded Brent contract was $119.50, reached last month. In the thinner June Brent contract, prices briefly crossed $126 overnight before easing back toward $114. The later easing in crude helped calm broader markets after the overnight spike.

Strait of Hormuz disruption and the supply narrative

The supply shock story remained central to how investors framed the day. Iran has shut the Strait of Hormuz to oil tankers, trapping vessels in the Persian Gulf. A US Navy blockade has prevented Iran from exporting its own oil.

These constraints helped explain the sharp overnight moves in crude, and why broader markets were sensitive to any sign of easing. Lower oil prices can reduce immediate inflation pressure expectations, while sharp spikes tend to raise concerns over input costs and consumer purchasing power.

Alphabet rallies after profit surprise; CEO highlights AI

Alphabet was among the biggest gainers, rising 5.8% after the Google and YouTube parent reported profit that nearly doubled analyst estimates. Chief Executive Sundar Pichai said investments in artificial intelligence “are lighting up every part of the business.”

A separate market note included additional figures tied to the same earnings narrative: Alphabet revenue was cited at $109.9 billion, and cloud revenue was cited at $10.0 billion. The same note listed earnings per share at $1.11. The positive reaction in Alphabet contrasted with pressure seen in other large tech names during the session.

Meta tumbles despite a profit beat as capex rises

Meta Platforms fell 9.9% even though it beat profit expectations. Investors focused instead on Meta’s higher spending plans for data centres and AI infrastructure. Meta projected capital expenditure of $125 billion to $145 billion for the year, a range that became a key driver of the stock move.

Microsoft also declined, down 4.5%, after it raised its forecast for investments and capital spending. The report noted that analysts still described trends at Azure as encouraging, but the market reaction showed that increased spending plans were being scrutinised alongside earnings beats.

Other notable earnings-linked movers

Beyond Big Tech, several companies posted strong moves tied to quarterly updates. Caterpillar, Eli Lilly, O’Reilly Automotive and Royal Caribbean each rose more than 6%. Amazon slipped 0.8% after surpassing earnings estimates.

Separately, a market recap listed notable single-stock reactions in tech and payments: Seagate Technology rose 16% after better-than-expected results and raised guidance, NXP Semiconductors rose 21% after a beat and higher guidance, and Visa gained 5.7% after adjusted results topped expectations.

Rates and macro data: yields ease as markets digest growth and inflation

US Treasury yields moved lower after oil gave up much of its overnight gains. The yield on the 10-year Treasury note eased to 4.38% from 4.42% late Wednesday.

On the data front, economic releases showed US growth accelerated by less than economists had expected in the first quarter. Inflation in March rose broadly in line with forecasts. A separate report showed fewer Americans filed for unemployment benefits last week, pointing to fewer layoffs even as some companies have announced job cuts.

Global markets: mixed Europe, cautious Asia

Overseas cues were mixed. In Europe, London’s FTSE 100 rose 1.3% after the Bank of England kept rates unchanged. Germany’s DAX gained 0.7%, while France’s CAC 40 slipped 0.2% after the European Central Bank also left rates steady.

In Asia, Hong Kong’s Hang Seng fell 1.3%. Shanghai stocks added 0.1% after data showed China’s factory activity slowed slightly in April but stayed in expansion territory for a second straight month.

Key data points at a glance

Why this matters for Indian investors tracking global cues

For Indian market participants, the session highlights two global inputs that often spill into local risk appetite. First is oil: sharp moves in Brent matter for inflation expectations and macro sentiment globally, and India remains sensitive to crude price swings. Second is the US earnings cycle, especially Big Tech, which can influence global growth positioning and fund flows.

The day also underlined a key nuance for tech: earnings beats alone may not be enough if capital spending plans reset expectations about near-term cash flows. That distinction can shape how investors interpret AI-linked spending across large platforms and related suppliers.

Conclusion: earnings strength holds the line, but oil remains the wild card

US equities stayed close to record highs on the back of stronger-than-expected earnings, even as crude oil volatility tied to the Iran war kept uncertainty elevated. Alphabet’s surge and Meta’s drop showed how investors are differentiating between results and forward spending plans. With major economic releases such as Core PCE inflation, GDP and jobless claims on the calendar, markets are likely to keep balancing growth, inflation and energy risks as the next set of numbers arrives.