S&P 500, Nasdaq Record Highs

The S&P 500 and Nasdaq Composite notched record highs on Friday, May 8, 2026, marking their sixth consecutive weekly gains. This rally was primarily fueled by strong first-quarter earnings reports from U.S. companies, especially those in the AI sector such as Nvidia, Western Digital — Sandisk, and Micron Technology, which saw significant stock price increases due to high demand for AI data centers. The Philadelphia Semiconductor Index also jumped, reflecting robust performance in the semiconductor industry. Additionally, a stronger-than-expected U.S. jobs report, showing increased employment and a steady unemployment rate of 4.3%, reinforced expectations that the United States — Federal Reserve would maintain stable interest rates. Despite these positive market movements, some companies like Cloudflare, The Trade Desk, CoreWeave, and Expedia Group experienced declines due to disappointing earnings forecasts or impacts from geopolitical events. Rising Brent Crude prices, driven by ongoing conflict between the United States and Iran in the Middle East and concerns over the Strait of Hormuz, also presented a backdrop of inflation worries, though investors largely looked past these concerns.