This past week had that familiar late-cycle smell: optimism early, nerves by Friday. The S&P 500 pushed to fresh highs midweek, then gave some back as oil, bond yields, and valuation worries reminded traders that trees still don’t grow to the sky. By Friday, the index closed around 7,420, down 1.2% on the day, but still slightly higher on the week — not exactly a collapse, more of a tap on the shoulder.

The S&P 500 closed Friday at 7,419, a fresh record, helped by a stronger-than-expected April jobs report and a big chip-stock rally. The Nasdaq did even better, up 4.6%, which tells you exactly where the appetite still is: AI, semiconductors, and anything with a whiff of future earnings magic.

For the week ending Friday 1 May 2026, Wall Street finished with a flourish. The S&P 500 closed at 7,230.12, adding to the record rally in April, while the Nasdaq closed at 25,114.44, up 0.89% on the week, both at record closing highs. The Dow slipped to 49,499.27, so this wasn’t a clean “everything is wonderful” rally — it was still heavily tech-led.

This past week, markets gave us a proper mixed bag. The S&P 500, closed around 7195, helped by strong earnings momentum and another burst of enthusiasm for anything wearing an AI badge. Reuters noted that over 81% of S&P companies reporting so far have beaten expectations, which explains why buyers keep returning even with oil making a nuisance of itself.

This past week, markets behaved as though the worst of the Iran shock was behind us. The S&P 500 rallied hard, the Nasdaq Composite led from the front, and Wall Street closed near fresh highs.

Markets finally managed a proper exhale this past week – but let’s be clear, it wasn’t because the world suddenly got safer. It was simply because the worst-case scenario around Iran didn’t materialise… yet.

Well, if last week was about panic, this past week has been about picking through the rubble. The S&P 500 has tried to stabilise after that sharp sell-off into the end of March, hovering around the 6,600 area. We’ve seen a decent bounce, but let’s be honest – it feels more like a relief rally than a…

Over the past week, markets have been on the back foot almost across the board. The S&P 500 extended its losing streak, now firmly in a corrective phase, as the combination of war-driven energy prices and sticky inflation knocked the wind out of the soft-landing narrative.

If last week felt uneasy, that’s because it was – and the backdrop this time isn’t rates or data, it’s geopolitics with real teeth.

Here’s the thing about the past week: markets weren’t trading one story, they were trading three at once — inflation, central banks, and war. And right now, the war in Iran is the one shouting loudest.