US equities close at new record high, post weekly rise

US stocks closed the first session of May in the green at record levels, posting weekly gains, supported by lower oil prices and a strong performance in the technology sector. However, markets faced pressure after President Donald Trump raised tariffs on European cars.

The Dow Jones Industrial Average fell 0.31%, or 152 points, to 49,499, but still posted a weekly gain of 0.54%.

The broader S&P 500 rose 0.29%, or 21 points, to 7,230, ending at a fresh record high and registering a weekly gain of 0.90%.

The Nasdaq Composite climbed 0.89%, or 222 points, to 25,114, also closing at a record level and posting a weekly increase of 1.12%, supported by a 3.28% rise in Apple shares to $280.25.

In Europe, most markets were closed for the Labor Day holiday. The UK’s FTSE 100 edged down 0.14% to 10,363, ending the week with a slight loss.

In Japan, the Nikkei 225 rose 0.38% to 59,513 but declined about 0.30% over the week, while the broader Topix index was little changed at 3,728.

In commodities, Brent crude futures for July delivery fell 2%, or $2.23, to $108.17 per barrel, though they posted weekly gains of 2.70%.

US WTI crude futures for June delivery dropped 2.98%, or $3.13, to $101.94 per barrel, but surged about 8% over the week.

Gold futures for June delivery rose 0.32%, or $14.90, to $4,644.50 per ounce, trimming weekly losses to around 2%.

Market drivers: Investor sentiment improved as oil prices declined following reports that Iran had submitted a new negotiation proposal to the United States, despite President Trump expressing reservations. Markets were also supported by the strong performance of Apple shares.