Nasdaq Tops 25,000 as Oil Retreats Before Jobs Week

New York - The Nasdaq finished above 25,000 in the latest close as oil pulled back from the late-April shock, leaving traders focused on whether this week's labor data confirms the Federal Reserve's hold-and-wait stance.

This is a Sunday setup, not a live cash-market tape. US stock, futures, commodity, yield, Asia, and Europe readings reflect the latest available marks in the 7:22 a.m. ET market data pull. Crypto remained active through the weekend.

Friday's Close

The S&P 500 closed at 7,230.12, up 0.29%. The Nasdaq Composite rose 0.89% to 25,114.44. The Dow Jones Industrial Average fell 0.31% to 49,499.27, while the Russell 2000 gained 0.46% to 2,812.82.

The index split came from technology. Apple reported quarterly revenue of $111.2 billion, up 17% from a year earlier, and diluted earnings per share of $2.01, up 22%. Amazon reported first-quarter net sales of $181.5 billion, up 17%, and said AWS segment sales rose 28% year over year to $37.6 billion.

"The Company posted quarterly revenue of $111.2 billion, up 17 percent year over year. Diluted earnings per share was $2.01, up 22 percent year over year." - Apple second-quarter 2026 results release

The Dow lagged because the move was not broad enough to lift every major benchmark. The narrower mechanism is that large-cap technology earnings held up the Nasdaq while energy and old-economy exposure absorbed pressure from crude volatility and the rates backdrop.

Overnight

Asia diverged in the latest available closes. Japan's Nikkei 225 rose 0.38% and Shanghai's Composite gained 0.11%. Hong Kong's Hang Seng fell 1.28%, while South Korea's KOSPI lost 1.38%.

Europe was mixed but Germany led. The DAX rose 1.41%, France's CAC 40 gained 0.53%, and the Stoxx 600 edged up 0.04%. The FTSE 100 slipped 0.14%.

FX was quiet except for the yen. DXY rose 0.13% to 98.21 and EUR/USD gained 0.33% to 1.1723. USD/JPY fell 1.97% to 157.03.

Pre-Market US

S&P 500 futures last printed at 7,258, up 0.20%. Nasdaq 100 futures rose 0.87% to 27,835.75. Dow futures fell 0.38% to 49,646, and Russell futures gained 0.41% to 2,819.30.

Because the data came from Sunday morning, the futures snapshot should be treated as thin and possibly stale. The direction still matches the broader setup: Nasdaq strength, Dow weakness, and a market waiting for scheduled labor data.

The Federal Reserve held the target range for the federal funds rate at 3.50% to 3.75% on April 29. The statement made energy part of the inflation story, which keeps oil tied to rate expectations even after a pullback.

"Inflation is elevated, in part reflecting the recent increase in global energy prices." - Federal Open Market Committee statement, April 29, 2026

By the Numbers

WTI crude traded at $101.94, down 2.98%. Brent traded at $108.17, down 5.12%. Gold rose 0.65% to $4,644.50, while silver gained 3.94% to $76.43 and copper added 0.99% to $5.9845.

The 10-year Treasury yield stood at 4.378%, down 0.12 basis point. The VIX rose 0.59% to 16.99.

Bitcoin traded near $78,489 in the CoinGecko top-five pull, up 0.36% over 24 hours. Ethereum traded near $2,313, up 0.42%.

Oil remains the household-impact asset. Brent is still above $100 even after the latest decline, and the Energy Information Administration's Weekly Petroleum Status Report remains the key primary source for whether crude and gasoline inventories are cushioning or amplifying the price move.

Today's Calendar

Monday has no major Bureau of Labor Statistics release listed on the May calendar. The first major labor report of the week is March JOLTS, scheduled for Tuesday at 10 a.m. ET.

The BLS preliminary productivity and costs report for the first quarter is scheduled for Thursday at 8:30 a.m. ET. The April Employment Situation report is scheduled for Friday at 8:30 a.m. ET.

Next week brings inflation data. CPI and real earnings for April are scheduled for Tuesday, May 12 at 8:30 a.m. ET.

Photo by AgnosticPreachersKid, via Wikimedia Commons (CC BY-SA 3.0)

Why It Moved

Technology earnings explain the Nasdaq's relative strength. Apple and Amazon both reported double-digit revenue growth, giving the largest growth-stock benchmarks company-level support into the week.

Oil explains the inflation channel. WTI and Brent retreated from the late-April shock, but Brent remained above $100 and the Fed had just named global energy prices as one reason inflation stayed elevated. That keeps crude tied to the path for rates and household gasoline costs.

Rates explain the calendar focus. The 10-year yield was nearly unchanged near 4.38%, so traders now have a clean sequence of scheduled data: JOLTS on Tuesday, productivity on Thursday, and the April jobs report on Friday.

"The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent." - Federal Open Market Committee statement, April 29, 2026

The setup is simple but tight. If labor data stays firm while oil holds above $100, the Fed has less room to ease. If oil continues to retreat and hiring cools, rate expectations can move without needing another earnings surprise from technology.