S&P 500, Nasdaq Hit Records as Dow Rallies Broadly on Apple, AI Tech Surge

U.S. markets rallied on May 2, 2026, with S&P 500 and Nasdaq Composite reaching fresh record highs and Dow advancing broadly, led by Apple (+3.3% to $280.25) and AI-driven megacap tech amid a 'power trend.' This capped a strong week (+0.9% S&P, +1.1% Nasdaq) following April 29 records—Dow +750 points (+1.7%), S&P above 7,200—and a rebound from April 30 futures dip (Dow -275 points) after Fed rate hold (3.50%-3.75%, four dissents). Surge fueled by AI capex boom ($130.65B Q1, +71% YoY), Meta's $20B capex hike, and Apple's earnings beat, despite oil volatility and 10-year yield at 4.38%.