S&P 500 closes at a new record to usher in May as oil prices cool and Apple rises: Live updates - CNBC
SkimNews Take
Investors are increasingly treating Bitcoin as a safe-haven asset, mirroring its role in past periods of geopolitical instability.
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- S&P 500 closed at a record high above 7,100 points on May 1, 2026, buoyed by a 0.8% gain in Apple shares.
- Apple surged 2.5% after beating earnings expectations, lifting the tech sector.
- Iran shut the Strait of Hormuz, halting Indian shipping and prompting Bitcoin to jump 4%.
- NASDAQ extended its longest winning streak since 1992, adding 1.2% on the day.
- Bitcoin rallied 4% amid geopolitical tension, reflecting crypto's hedge role.
Why it matters: Institutional investors gain from the S&P 500's 0.8% rise to 7,100, boosting fund performance, while Indian exporters lose revenue as Iran's Hormuz shutdown curtails shipping, raising freight costs by 15% and pressuring global supply chains.
