Stock Market Live May 4, 2026: S&P 500 (SPY) Sinks on Iran Uncertainty Again

Markets are mixed this morning.

At the moment, the S&P 500 is down about 10 points, or by 0.13%. The SPDR S&P 500 ETF (SPY) is down about 30 cents. The Dow is down 181 points, or by 0.36%. The Nasdaq is up about 20 points, or by 0.07%. Oil is up by $1.48 at $103.42. Gold is down by $51.40 at $4,578.

All thanks to more uncertainty over what happens next with Iran.

Here’s where things stand today.

Iran just proposed a one-month deadline to end the war with the U.S. and reopen the Strait of Hormuz. However, Iran’s nuclear capabilities would remain unresolved until other issues were addressed first. As of now, the new plan would require both sides to lift their blockades in the Strait of Hormuz, end the war in Lebanon, and release Iran’s frozen assets.

However, the U.S. isn’t likely to approve of that. As President Trump said on Truth Social, “I will soon be reviewing the plan that Iran has just sent to us, but can’t imagine that it would be acceptable in that they have not yet paid a big enough price for what they have done to Humanity and the World, over the last 47 years.”

Market Movers: AMD to post earnings after the closing bell 

Since the start of April, shares of Advanced Micro Devices (NASDAQ: AMD | AMD Price Prediction) rocketed from a low of about $200 to a high of $360.54. That’s thanks to upgrades from Susquehanna and higher capex spending, which is a solid catalyst for companies like AMD.

Now, heading into earnings, analysts are looking to $9.88 billion and adjusted EPS of $1.27 a share, each up about 33% year over year.

Deutsche Bank added that, “Overall, the combination of secular/cyclical revenue tailwinds and [operating margin] leverage supports rev/EPS upside potential [Deutsche Bank estimate slightly above] Street. While we applaud this fundamental upside potential, we also believe it to be largely reflected in AMD’s share price following the recent significant appreciation. Consequently, maintain Hold rating,” as also quoted by CNBC. 

Palantir (NASDAQ: PLTR) will also post earnings on Tuesday after the closing bell.

In its last quarter, the company beat on earnings thanks to AI and defense demand. In fact, last quarter’s EPS of 25 cents beat by two cents. Revenue of $1.4 billion, up 69.2% year over year, beat by $60 million. For the current quarter, the company is looking to revenue of between $1.532 billion and $1.536 billion, which is above estimates of $1.33 billion.

Wall Street is looking for EPS of 28 cents on revenue of $1.54 billion. Helping, the company, a major software provider for the U.S. Department of Defense, has been a significant beneficiary of explosive defense spending. We should also note that Palantir beat revenue and EPS estimates 100% of the time over the last two years.

Loop Capital sees a strong report ahead. “Our recent work — including upbeat management meetings in March, positive field checks, and our expert call — points to continued AI momentum and another strong beat and raise versus our estimates,” as quoted by CNBC.

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