Apple shares hit a record high yesterday, lifting US stocks and a gauge of key world equity indexes, while data on US drilling and output kept downward pressure on oil prices.

Global trading was light, with some markets in Europe and Latin America closed for the May Day holiday, while Japan was open overnight during a shortened trading week.

Data showed US manufacturing activity slowed in April while consumer spending was unchanged in March and a key inflation measure recorded its first monthly drop since 2001. Despite the soft data, traders continued to see a 7-in-10 chance that the Federal Reserve will hike interest rates in June.

On Wall Street, Apple and other large technology companies led the way, sending the Nasdaq Composite to a record high. Apple is due to report its earnings today, while Facebook will report tomorrow.

Stocks were supported also as US Congress negotiators agreed on a federal funding deal late on Sunday, removing a hurdle for investor confidence.

The Dow Jones Industrial Average rose 20.07 points, or 0.1 per cent, to 20,960.58, the S&P 500 gained 5.84 points, or 0.24 per cent, to 2,390.04 and the Nasdaq Composite added 30.82 points, or 0.51 per cent, to 6,078.43.

MSCI’s gauge of stocks across the globe gained 0.25 per cent.

Emerging market stocks rose 0.19 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.33 per cent higher, while Japan’s Nikkei rose 0.59 per cent.

US drillers added nine oil rigs in the week to April 28, bringing the count to the most since April 2015, energy services company Baker Hughes said on Friday. Crude output in the United States has hit its highest since August 2015, government data shows.

US crude fell 1.28 per cent to $48.70 per barrel and Brent was last at $51.37, down 1.31 per cent on the day.

Crude prices were also pressured by data showing that growth in Chinese manufacturing slowed faster than expected in April.