U.S. equities finished the week ending Friday, May 1, 2026 on a strong note, with the S&P 500 and Nasdaq punching out fresh record highs as mega-cap tech, AI beneficiaries, and a better‑behaved oil tape helped investors look through geopolitical and inflation worries.
Index performance and market tone
- The S&P 500 closed at a record high around 7,230.12, up a little over .29% on Friday, extending April’s powerful rally and marking the best month for the index since 2020.
- The Dow Jones Industrial Average pulled back .31% on the day to about 49,499.27, recently helped by cyclicals and strength in select industrial and energy names.
- The Nasdaq Composite added close to 0.89% to finish at 25,114.44, also at or near a record, powered by ongoing enthusiasm around AI‑linked earnings and a rebound in one of its largest components, Apple (AAPL, $280.14) and up 3.24% after beating earnings expectation on Thursday. SanDisk’s (SNDK, $1,187, +8.25% Friday) latest quarter didn’t just beat expectations; it crashed through them with enough force to make even seasoned chip analysts wonder if they’d accidentally opened a slide deck for Nvidia (NVDA) by mistake. The AI infrastructure party now has more than one headliner, and SanDisk is quickly proving it belongs on the same marquee as the GPU king itself.
- Volatility stayed contained as futures pointed higher into Friday following Thursday’s broad‑based advance, signaling growing investor comfort with both the macro backdrop and the earnings season narrative.
- The Small Caps on the Russell 200 added +.46% on Friday and added .93% over the last 5-days pushing it up +13.22% YTD.
Earnings: Apple, energy majors, and the AI complex
- Apple delivered a key psychological boost: the company reported fiscal Q2 earnings of about 2.01 per share on revenue near 111 billion, topping expectations and sending the stock up roughly 3% in after‑hours and into the next session.
- The broader “Mag 7”/AI cohort continued to frame the story; strong cloud and AI momentum at mega‑cap platforms helped push the S&P and Nasdaq to new highs as investors leaned back into high‑quality growth.
- In energy, Exxon Mobil (XOM, $152.75, +2.58% over the last 5-days) and Chevron (CVX, $190.63, +2.93% over the last 5-days) both beat headline earnings expectations despite sizable year‑on‑year profit declines (roughly 45% for Exxon and 36% for Chevron) as last year’s elevated comparison base and conflict‑related disruptions weighed on results. Nevertheless, Chevron traded higher and Exxon modestly firmer as the market looked through the drop in absolute profits and focused on capital discipline, cash returns, and resilience amid shipping delays tied to the U.S.–Iran conflict.
Macro: Fed week, data deluge, and inflation narrative
- The macro centerpiece was the Federal Open Market Committee meeting on Wednesday, where the Fed held the policy rate steady in the 3.50–3.75% range and maintained guidance for only one potential cut in 2026, even as a growing minority on the Committee is open to no cuts at all.
- Chair Powell’s messaging stayed focused on sticky but gradually cooling inflation and the need to see more data before easing, with explicit nods to geopolitical risks from the Middle East conflict.
- A heavy data slate framed that stance: the week featured Consumer Confidence and regional manufacturing gauges early on, followed Thursday by initial jobless claims, the Employment Cost Index, the first Q1 GDP print, and the PCE deflator (the Fed’s preferred inflation gauge).
- The broad takeaway for markets: growth remains positive, labor conditions are still tight but not overheating, and inflation progress is incremental rather than dramatic—enough to keep hopes alive for a later‑in‑the‑year cut but not enough to force the Fed’s hand in the near term.
Rates, dollar, oil, and geopolitics
- The 10‑year Treasury yield ended the week around 4.38%, little changed on the day, reflecting a balance between strong risk appetite in equities and a Fed that is still some distance from a full‑fledged easing cycle.
- The U.S. dollar index drifted modestly lower toward the high‑90s (around 97.9), as risk‑on flows and steady policy expectations sapped some of the safe‑haven bid.
- Oil prices cooled but reminds unnaturally elevated at $102.50/bbl after a “hot April,” with reports of Iran floating a proposal to help resolve the conflict contributing to a pullback in crude and a modest easing of energy‑driven inflation fears.
- That geopolitical backdrop—U.S.–Iran tensions that had disrupted some energy shipments and fed into oil volatility—remained on investors’ radar, but the equity market chose to emphasize the prospect of de‑escalation and resilient earnings instead.
Cross‑asset and global context
- U.S. equities’ strong April capped with the S&P 500 and Nasdaq registering their best monthly performance since 2020, even as markets absorbed an oil shock and persistent geopolitical uncertainty.
- In Europe, trading was fragmented by the May Day holiday, with the U.K.’s FTSE 100 one of the few major markets open, giving back a fraction of Thursday’s 1.6% gain but still finishing April up about 2%.
- Euro area focus stayed on the European Central Bank’s path: with inflation having bounced from about 1.9% in February to 2.6% in March, investors eyed the June meeting for potential hawkish surprises, even as the deposit rate remained at 2.0% this week.
- Across global equities, roughly a quarter to a third of S&P 500 companies had reported Q1 results by this point, with a very high share beating earnings and revenue expectations, reinforcing the “better‑than‑feared” narrative that underpins the current risk rally.
Big‑picture investor takeaway
- For now, the market is rewarding quality growth and visible cash‑flow stories, treating the combination of steady Fed policy, easing oil prices, and strong earnings as a workable “goldilocks” mix, even if inflation remains above target.
- The key near‑term risks investors are still discounting include a potential re‑flare in Middle East tensions, any upside surprise in upcoming inflation prints (especially core PCE), and the possibility that the Fed’s “one‑and‑done” 2026 cut guidance slips further toward “none‑and‑done” if the data stay firm..
- Against that backdrop, dips in cyclicals and selected rate‑sensitive growth remain attractive spots for incremental risk, but the tape continues to favor staying aligned with the leaders of this AI‑driven, earnings‑led advance rather than trying to call a top.
VP Watchlist Updates
Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.
FMC Corporation (NYSE: FMC, $14.82)
FMC Corporation (NYSE:FMC) reported (April 29) first quarter 2026 results above guidance with Adjusted EBITDA above high end of range, reaffirms full-year outlook. Their first quarter 2026 revenue of $759 million, down 4 percent versus first quarter 2025. First quarter 2026 revenue, excluding India, was $762 million, down 4 percent versus first quarter 2025, which included India. On a GAAP basis, the company reported a loss of $2.25 per diluted share in the first quarter, a decrease of $2.13 versus first quarter 2025. First quarter adjusted loss per diluted share of $0.23 was down 41 cents versus first quarter 2025. FMC Corporation also announced today that its board of directors declared a regular quarterly dividend of 8 cents per share, payable on July 16, 2026, to shareholders of record as of the close of business on June 30, 2026.
Eupraxia Pharmaceuticals (EPRX, $7.89, +10.20% over the last 5-days)
Eupraxia Pharmaceuticals Inc. (EPRX), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced on Friday, May 1, the appointment of Dr. Jeymi Tambiah as Chief Medical Officer (CMO) as well as the retirement of Dr. Mark Kowalski, Eupraxia’s current CMO. Dr. Jeymi Tambiah (MB ChB, FRCS, MS, FAPCR, FFPM), is a Board Certified Cardiothoracic Surgeon physician scientist who practiced at Guys and St Thomas’ Hospitals prior to entering the biopharmaceutical industry in 2008. Dr. Tambiah brings over 18 years of experience in clinical development, medical and regulatory strategy, and product commercialization across pharmaceutical and biotechnology organizations.
Eupraxia announced (April 21) 36-week tissue health and symptom data from patients in the highest dose cohort from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). Dr. James A. Helliwell, Chief Executive Officer of Eupraxia stated, “We are very pleased with the robust and sustained response in both tissue health and symptom data in the highest dose cohort at 36 weeks. This data is consistent with the compelling results we observed at earlier timepoints at this dose level, highlighting the potential to achieve both strong and durable responses after a single administration of EP-104GI. We are also reassured by the excellent safety outcomes across all doses in the trial as we continue to observe no indication of drug related SAEs or spikes in glucose or cortisol. We look forward to the results of the placebo-controlled Phase 2b portion of the study where the same dose is being further evaluated”.
Eupraxia recently co-hosted a Tribe Public www.TribePublic.com, CEO Presentation & Q&A Webinar event, Wednesday, April 1 titled “Turning EOE Into a Once-a-Year Appointment.” The event featured James A. Helliwell, M.D., Co‑founder and CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX), who discusses the company’s precision drug‑delivery platform, its approach to Eosinophilic Esophagitis (EoE), and broader pipeline priorities, followed by a focused 5–10 minute Q&A. You may watch it now at this Youtube link.
Modular Medical (MODD, $4.14)
- Modular Medical, Inc. (NASDAQ:MODD), a leader in innovative, patient-centric insulin delivery, today (May 1) saw CEO Jeb Besser join Tribe Public’s members to unpack a simple question with big implications: what happens when an “almost‑pumper” market finally meets an FDA‑cleared device built for the rest of us, not just the superusers? Tribe Public hosted its CEO Presentation and Q&A Webinar, “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” on Friday, May 1, 2026, at 8:00 a.m. PT / 11:00 a.m. ET. In keeping with Tribe’s reputation for efficient programming, the session ran approximately 30 minutes, pairing a focused prepared talk with a 5–10 minute live Q&A segment that allowed investors to drill into timelines, capital needs, and commercial strategy. Besser’s formal remarks were framed under the title “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” setting the tone for a discussion that sat at the intersection of regulation, innovation, and recurring‑revenue hardware. By registering, attendees also joined Tribe Public’s membership base, ensuring they will receive future invitations to CEO briefings, sector spotlights, and investor wish‑list events.
- Modular Medical announced (APRIL 19) the pricing of a registered direct offering consisting of 750,000 shares of the Company’s common stock at an offering price of $4.50 per share. The gross proceeds to the Company from the Offering are estimated to be approximately $3.4 million before deducting placement agent fees and other offering expenses. The Offering is expected to close on or about April 21, 2026, subject to the satisfaction of customary closing conditions.
- Modular Medical’s latest regulatory milestone upgrades the narrative: the company has now (April 9) secured FDA 510(k) clearance for its Pivot tubeless insulin patch pump, moving from “launch‑ready” to “launch‑approved” in the heart of the fast‑growing diabesity market. The FDA has cleared Modular Medical’s Pivot patch pump as a tubeless, removable insulin delivery system, formally validating the device’s design and performance for commercial use in U.S. adults living with diabetes. The clearance converts what had been a Q1 2026 launch “subject to FDA response” into a tangible commercial pathway, giving the company permission to sell into an insulin pump market that has been estimated at roughly 8 billion dollars globally. Pivot is engineered as a simplified, two‑part patch pump with a 3‑milliliter removable reservoir, no need for battery recharging, and the ability to bolus without a dedicated controller, aiming squarely at patients who have stayed on multiple daily injections because traditional pumps felt too complex, cumbersome, or costly. By clearing Pivot, the FDA is effectively endorsing Modular Medical’s attempt to make advanced insulin delivery feel less like adopting a gadget and more like upgrading a daily habit.
The InterGroup Corporation (INTG, $39.46, +7.87% over the last 5-days)
- InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.
Volato Group, Inc. (SOAR, +10.59%) & M2i Global, Inc. (MTWO)
- M2i Global, Inc., a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced (April 28), in connection with the the Agreement and Plan of Merger and Reorganization, dated as of July 28, 2025, by and among M2i Volato Group, Inc. (“Volato”) (NYSE American: SOAR), and Volato Merger Subsidiary, Inc., , that the sole holder of M2i’s Series A Super Voting Preferred Stock, entitled to 10,000 votes per share of voting stock, voted by written consent in favor of the Company’s merger with Volato whereby M2i will become a wholly-owned subsidiary of Volato. At the closing of the merger, the name of Volato will change to M2i Global.
- Volato Group, Inc. (April 16) announced that it will hold a special meeting of shareholders on May 7, 2026 to vote on the previously announced proposed merger with M2i Global, Inc. (“M2i Global”). Shareholders of record as of the close of business on April 17, 2026 will be entitled to vote at the special meeting. The Company expects the merger to close shortly after the meeting, subject to shareholder approval and the satisfaction of customary closing conditions. Under the terms of the merger agreement, M2i Global will merge with a wholly owned subsidiary of Volato, with M2i Global continuing as the surviving entity and a wholly owned subsidiary of Volato. Upon completion of the transaction, existing M2i Global shareholders are expected to own approximately 85% of the combined company, while Volato shareholders are expected to own approximately 15%, on a fully diluted basis (excluding warrants). The combined company is expected to leverage M2i Global’s capabilities across mining, refining, and recycling of critical minerals alongside Volato’s expertise in software, data systems, and operational execution, creating a scalable, technology-enabled platform focused on strengthening domestic supply chains.
- Volato Group, Inc. (NYSE American: SOAR) (the “Company” or “Volato”) and M2i Global, Inc. (OTCQB: MTWO) (“M2i Global”) (April 13) announced that the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form S-4 (File No. 333-292132) relating to Volato’s proposed merger with M2i Global, formally advancing the transaction into its shareholder approval and closing phases. Volato is proceeding with distribution of the definitive proxy statement/prospectus and a special meeting of shareholders is expected to be held on May 7, 2026. Shareholders of record as of April 17, 2026 will be entitled to vote on the proposed transaction.
- flyExclusive (NYSE American: FLYX), the vertically integrated private aviation company, announced (March 25) two milestones in its proprietary technology development: the filing of a utility patent application for a novel aircraft schedule optimization architecture, and the availability of Contrails, its Flight Management System, to other Part 135 operators beginning in Q2 2026. Both announcements coincide with the company’s presence at the NBAA Schedulers & Dispatchers Conference 2026 in Cleveland. “We have spent years building flyExclusive into one of the most operationally capable private aviation companies in the country. Contrails is how we make that expertise available to the broader industry—and the intellectual property behind it reflects the depth of investment we have made in solving problems that matter to every serious operator. We believe the right technology, built by people who actually run flights, changes what is possible in this industry. Today we are unable to source lift for nearly 300 trip requests per day. We believe Contrails will allow us to address that demand far more efficiently—both within our own operation and through coordination with other operators—and that represents a material revenue opportunity for flyExclusive and for all participating operators.”
- Volato Group, Inc. announced (March 10) that it has entered into an amendment to its Aircraft Management Services Agreement with flyExclusive, Inc. (“FLYX”) providing for the sale of certain legacy intellectual property assets. The agreement provides for consideration valued at approximately $1.3 million, payable in FLYX Class A common stock, subject to customary conditions. The assets relate to legacy intellectual property developed during earlier stages of the Company’s technology initiatives and are not part of Volato’s current operating platforms. Volato continues to evaluate opportunities to streamline its asset base and focus resources on strategic priorities, including the continued development of its core software platforms and the pending business combination with M2i Global, Inc.
- On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.
Nokia (NOK, $13.30, +27.15% over the last 5-days)
- Inseego’s (INSG, $20.29, +35% over the last 5-days) planned acquisition of Nokia’s fixed wireless access business is shaping up as one of those rare telecom deals where both sides can plausibly claim they got the better end of the bargain—and the market, at least for now, seems inclined to agree. Layer in Jim Cramer’s very public embrace of Nokia as a “winner” that’s “back,” and you get a story that reads less like a turnaround pitch deck and more like a quietly confident comeback chapter in global connectivity.
- Nokia just served Wall Street a quietly confident Q1, the kind of quarter that doesn’t light up the meme feeds but does make long-only portfolio managers reach for their notebooks instead of the antacids.
NVIDIA (NVDA, $198.45)
NVIDIA will host a conference call on Wednesday, May 20, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the first quarter of fiscal year 2027, which ended April 26, 2026. The call will be webcast live (in listen-only mode) on investor.nvidia.com.
McDonald’s (MCD, $286.64)
- Morgan Stanley (April 21) has adjusted its price target on McDonald’s (MCD) to $334, maintaining an Equal Weight stance on the stock . The firm’s analyst highlighted consumer strength heading into first-quarter results, noting that earnings quality will likely vary across the restaurant and food distribution landscape . While some operators may face headwinds, the underlying consumer backdrop remains robust, which could support McDonald’s performance as one of the industry’s quality players positioned to navigate the current environment .
Tesla (TSLA, $390.82, +3.86% over the last 5-days)
Reportedly, Tesla recently and unexpectedly swung to positive free cash flow in the first quarter, a neat trick for a company many on Wall Street still expected to be busily torching cash. The electric-vehicle maker has yet to fully open the spending spigots on artificial intelligence and added manufacturing capacity, suggesting the real splurge is still to come.
Reportedly, Ross Gerber of Gerber Kawasaki believes that combining Tesla and SpaceX could create a Berkshire Hathaway–style powerhouse focused on artificial intelligence.
Serina Therapeutics (NYSE: SER, $1.817)
Serina Therapeutics (NYSE: SER) (www.serinatx.com) seems to have have just traded itself into Wall Street’s good graces, pairing fresh capital with a late-session pop that suggests investors are finally starting to connect the dots between polymer chemistry and portfolio returns. In Huntsville, Alabama, Serina Therapeutics announced definitive agreements for a private placement of common stock and pre-funded warrants that could bring in up to 30 million dollars in gross proceeds. The first 15 million dollar tranche is expected to close on March 20, 2026, with a second tranche of up to 15 million dollars anticipated by April 30, 2026, subject to customary closing conditions.
What makes the deal stand out in a biotech tape crowded with discounts is the pricing: the securities are being sold at about 2.25 dollars per share, a roughly 68 percent premium to Serina’s March 17 closing price, signaling that insiders are willing to pay up for exposure to the company’s clinical agenda. The financing also adds board-level heft, with director Greg Bailey, M.D., stepping into a Co-Chairman role as he leads the investment, a move that effectively puts the capital and the governance on the same optimistic page. Learn more here.
Intel (INTC, $99.62, +20.69% over the last 5-days)
FPT and Intel, a global leader in semiconductor and AI technologies, recently announced a strategic relationship to deliver an end-to-end AI-driven factory optimization solution. Powered by AI, simulation, and digital manufacturing technologies, the collaboration aims to reduce bottlenecks, accelerate decision-making and improve downtime recovery, facilitating the sector’s transition towards AI-driven, autonomous operations.
Walmart (WMT, $131.60, +1.29% over the last 5-days)
Walmart’s (WMT) latest move into digital health reads less like a retail side-hustle and more like an opening bell in the next leg of the GLP‑1 trade, with syringes, smartphones, and stock tickers all lining up on aisle 7.
The Sources
- Yahoo Finance – “S&P 500, Nasdaq jump to fresh records as AI trade fuels rally, oil cools” (Stock Market Today, Friday May 1)
https://finance.yahoo.com/markets/stocks/live/stock-market-today-friday-may-1-records-apple-iran-231056146.htmlfinance.yahoo - CNBC – “S&P 500 closes at a new record to usher in May as oil cools” (Stock Market Today, April 30, 2026)
https://www.cnbc.com/2026/04/30/stock-market-today-live-updates.htmlcnbc - The Wall Street Journal – “Stock Market Today: S&P 500, Nasdaq Rise to New Highs” (Live coverage, May 1, 2026)
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-05-01-2026wsj - Reuters – “Wall Street ends higher, S&P 500, Nasdaq notch biggest monthly gains since 2020”
https://www.reuters.com/business/wall-street-futures-mixed-oil-spike-overshadows-tech-earnings-strength-2026-04-30/reuters - Yahoo Finance – “S&P 500 Inches to New Record on Further AI Optimism” (April 27, 2026) – context for AI/mega‑cap strength
https://finance.yahoo.com/markets/stocks/articles/stock-market-today-april-27-211608019.htmlfinance.yahoo - CNBC – “Stock market news for April 28, 2026” – intra‑week context and global markets color
https://www.cnbc.com/2026/04/27/stock-market-today-live-updates.htmlcnbc - CNBC – “Stock market news for April 29, 2026” – mid‑week pullback and rate‑sensitive action
https://www.cnbc.com/2026/04/28/stock-market-today-live-updates.htmlcnbc - Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq climb as ‘Magnificent Seven’ earnings buoy hopes for AI boom” (April 30 color)
https://finance.yahoo.com/markets/stocks/live/stock-market-today-thursday-april-30-dow-nasdaq-sp-mixed-earnings-fed-233115208.htmlfinance.yahoo - Yahoo Finance – Live Markets / U.S. stocks hub (for intraday quotes and background)
https://finance.yahoo.comfinance.yahoo - WSJ – Live Coverage Archive (for supplemental intraday updates around May 1, 2026)
https://www.wsj.com/livecoveragewsj
