S&P 500 Slips into Red on Tech Divergence, Oil Spike Before Jobs Report

The S&P 500 slipped into negative territory on May 4, 2026, from its April 30 record close of 7,209, as Micron surged 6% on AI demand while Apple and Broadcom dropped 1-2%; oil climbed 3% amid Strait of Hormuz tensions and Berkshire reported record $408B cash pile. This followed a 1.02% rally to the peak on April 30, fueled by Alphabet's ~10% gain on 62% Google Cloud growth and Caterpillar's ~10% surge after the Fed's 8-4 vote to hold rates at 3.50%-3.75% on April 29 despite 0.7% m/m PCE inflation. Markets eye Friday's April jobs report (exp. 50k-100k payrolls) and earnings from Disney, McDonald's, AMD.