S&P 500 heads for its best month since 2020 — plus, Apple earnings on deck
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- S&P 500 crossed 7,200, an all‑time intraday high and a 10% monthly rise — its best month since 2020.
- NASDAQ rose just under Monday’s record high, up over 15% in April, extending its longest winning streak since 1992.
- Alphabet raised its 2024 capex guide to $180‑190 billion, contributing to a combined AI spend of $695 billion, a 14% increase.
- Meta stock fell about 8% after boosting its capex target to $125‑145 billion, contrasting with Alphabet’s 10% surge.
- Apple will report earnings after the bell, its first under the upcoming CEO transition from Tim Cook to John Ternus in September.
Why it matters: Investors in AI‑heavy tech gain from the $695 billion capex surge, while Meta shareholders lose as the stock drops ~8%; Apple’s CEO transition will reshape its AI‑hardware roadmap, influencing supplier contracts.
