Finance

Shares of Apple advanced more than 3% after the company reported quarterly results that exceeded analyst expectations and provided a positive forward outlook. The iPhone maker also announced a new $100 billion share buyback program, reinforcing investor confidence in the broader technology sector. This robust performance helped mitigate concerns regarding macroeconomic risks and contributed to the tech sector's significant influence on market growth for the quarter.

Crude oil prices cooled at the start of May, with benchmark Brent crude settling near $116 per barrel after recent surges driven by Middle East conflict. Despite the daily decline, energy costs remain historically high, and major U.S. oil companies like Exxon Mobil and Chevron reported mixed quarterly results due to stymied production in key transit routes. Investors are closely monitoring potential diplomatic responses to ongoing regional conflicts that have previously restricted global energy supplies.

Treasury yields trended lower as market participants analyzed preliminary data showing the U.S. economy grew at a 2% annualized rate in the first quarter, which fell short of some expectations. The yield on the 10-year note finished at approximately 4.39%, while shorter-term 2-year notes ended at 3.88%. The pullback in yields was also supported by the temporary easing of energy prices, which softened the immediate pro-inflationary outlook for the Federal Reserve.