S&P 500, Nasdaq Finish Best Month Since 2020 With Records

The Dow snapped its five-day losing streak on Thursday with a 790-point gain, marking its best session in three weeks and best month since November 2024. The S&P 500 and Nasdaq settled at fresh record highs and nabbed their best monthly performances since November and April 2020, respectively. Strong earnings from Caterpillar (CAT) as well as Alphabet (GOOGL) contributed to today's optimism, with cooling oil prices adding to the upbeat sentiment. Elsewhere, the Cboe Volatility Index (VIX) snapped its three-month win streak with its worst monthly loss since November 2024.

• Cruise stock flagged for a May drop, signal shows.
• Here's why expectations are key during earnings season.
• Plus, CAT's record peak; more on AMZN's results; and two Big Tech names sliding.

5 Things to Know Today

1. Elon Musk is battling OpenAI in court, alleging it prioritized profit over AI safety. (Reuters)
2. The U.S. is proposing a global coalition to enable shifts to travel through the Strait of Hormuz again. (The Wall Street Journal)
3. Caterpillar stock popped on AI and strong sales.
4. Why AMZN ultimately pared today's record highs.
5. 'Magnificent Seven' names struggling after earnings.

Oil Hits Four-Year High, Nabs Monthly Gain

Oil prices tumbled on Thursday after Brent crud briefly touched a four-year high, amid reports that U.S. military officials were set to brief President Trump on possible action against Iran. June-dated West Texas Intermediate (WTI) shed over 1% to settle at $105.07 per barrel. For April, the commodity added 4.9%.

Gold prices rose Thursday on a weaker dollar and softer oil prices, though it still saw a second-straight monthly drop. June-dated gold futures added 2% to settle at $4,652.30 an ounce. The yellow shed 3.3% in April.