Futures Waver After Stocks Notch Best Month Since 2020; Apple Earnings | Bloomberg Brief 5/1/2026

Watch on YouTube ↗  |  May 01, 2026 at 11:14  |  42:59  |  Bloomberg Markets
Speakers
Jason Gabelman — Co-founder, Blockworks

Summary

US equity futures waver after stocks notched their best month since 2020. Apple shares rise on a strong revenue forecast despite memory cost warnings. Oil holds gains amid the Iran blockade. Seema Shah notes US resilience but warns of vulnerabilities in Europe and Asia. Jason Gabelman sees near-term upside for Exxon and Chevron because oil prices have not been fully reflected in stock prices.

  • Stocks finish April with best month since 2020.
  • Apple posts strong revenue forecast, shares up pre-market.
  • Oil prices remain elevated due to Middle East tensions.
  • Seema Shah says US economy well-positioned but warns of international risks.
  • Jason Gabelman maintains buy on Exxon, hold on Chevron.
  • Gabelman sees near-term upside for oil majors as stocks haven't rallied with oil.
  • Chevron and Exxon report earnings today.
  • Manufacturing PMI and Berkshire Hathaway earnings are on tap.
Trade Ideas
Jason Gabelman Co-founder, Blockworks 38:12
Oil stocks near-term upside from unchanged pricing.
Exxon and Chevron have not yet priced in the recent oil price increases driven by the Middle East conflict, creating near-term upside as the market catches up. Despite elevated equities and medium-term normalization expectations, the stocks offer a buying opportunity given sustained high oil prices and company-specific catalysts like Exxon's production management and Chevron's potential buybacks.
XOM CVX MED
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This Bloomberg Markets video, published May 01, 2026, features Jason Gabelman discussing XOM, CVX. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Jason Gabelman  · Tickers: XOM, CVX