S&P 500 (SPY) Live Update: Stock Market Rallying After Strong Tech Stock Numbers

By Gerelyn Terzo Updated May 1, 4:11PM EDT · Published May 1, 11:03AM EDT

Key Points

Big Tech is leading the stock market rally today, thanks to strong quarterly earnings from Meta and Microsoft in the face of tariffs.
The markets have shifted their attention from weak economic data and tariffs to earnings, but tomorrow’s employment report could change that.

Live Updates

AMZN Extends Big Tech Winning Streak

May 1, 2025 at 4:14 PM EDT | Gerelyn Terzo

Amazon’s (Nasdaq: AMZN | AMZN Price Prediction) Q1 results are out, and the tech giant continued the trend started by Meta and Microsoft, beating on both EPS and revenue. Amazon’s ads business expanded 19%, also better than expected. The stock is down 3.7% in after-hours trading.

Apple Earnings Up Next

May 1, 2025 at 12:41 PM EDT | Gerelyn Terzo

The markets are awaiting to see if Apple (Nasdaq: AAPL) can keep the AI party going when it reports its fiscal Q2 earnings results after the closing bell today. Apple has a great deal of exposure to China, which is at the heart of the trade wars with the U.S., so the markets will be closely listening to the tone of Apple CEO Tim Cook’s comments. TD Cowen analysts have warned that the tariff effect could cost Apple 6% on its annual bottom line. AAPL stock is trading flat today.

Interest Rates in Focus

May 1, 2025 at 11:03 AM EDT | Gerelyn Terzo

Treasury Secretary Scott Bessent reportedly believes that the Federal Reserve should cut interest rates sooner than later, pointing to the recent activity in the bond market. Now that the two-year rates have dipped below fed fund rates, it’s high time for policymakers to begin cutting, according to him.

In an impressive showing, the S&P 500 is on pace for its eighth straight day of gains, sending the ‘Sell in May’ adage out the window for the time being. Strong technology earnings from the likes of Meta Platforms (Nasdaq: META) and Microsoft (Nasdaq: MSFT) are the catalyst today as markets shift their attention from tariff uncertainty to tech tailwinds. The technology sector is leading the markets higher today, with a 3% gain as a group, while healthcare as a sector is down 2% on the day.

With the economic slowdown now apparent, the markets have further economic data to consider on Friday when April’s employment report is released. Economists are largely expecting the labor market stayed relatively steady, a slowdown from March levels notwithstanding. Today’s higher than expected weekly jobless claims throws a wrench into the outlook, but the markets remain in rally mode for now.

Here’s a look at the performance as of morning trading:

Dow Jones Industrial Average: Up 307.64 (+0.76%)
Nasdaq Composite: Up 394.46 (+2.26%)
S&P 500: Up 72.53 (+1.3%)

Market Movers

Meta Platforms stock is adding 6% today in response to better-than-expected Q1 earnings results, including revenue that grew 16% year-over-year and an expectation for continued strength. Tariffs remain a wildcard but so far the tech giant’s ads business is withstanding the pressure.

Microsoft stock is climbing 9% higher on its impressive Q3 earnings report, as unsatiable AI demand around cloud helps to relieve the tariff headaches. Microsoft beat estimates across the board and guided higher. With today’s rally, Microsoft has muscled Apple (Nasdaq: AAPL) out of the way as the biggest company on the planet, marked by a market cap of $3.2 trillion.

Discount retailer Kohl’s (NYSE: KSS) has experienced an executive shakeup after the board of directors fired CEO Ashley Buchanan due to what the described as a conflict of interest. With an interim chief in place, the stock is tacking on 3% today.

McDonald’s (NYSE: MCD) experienced a sharp 3.6% decline in first-quarter same-store sales, its worst performance in about five years due to harsh weather and a skittish consumer.

General Motors (NYSE: GM) lowered its full-year 2025 guidance due to billions of dollars in tariff exposure.

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About the Author Gerelyn Terzo →

Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.