Wall Street ended higher on May 8, with the benchmark S&P 500 and tech-heavy Nasdaq Composite closing at fresh record highs as investors piled into artificial intelligence (AI)-linked stocks and shrugged off escalating tensions in the Middle East.
Reuters reported that Chip giant Nvidia rose 1.8%, while memory and storage firms Micron Technology and Sandisk surged more than 15% each on optimism over booming demand tied to AI data centre expansion. The Philadelphia Semiconductor Index jumped sharply, extending its second-quarter gain to 55%.
The S&P 500 climbed 0.84% to 7,398.93, while the Nasdaq rallied 1.71% to 26,247.08. The Dow Jones Industrial Average edged up 0.02% to 49,609.16.
Investor sentiment was also lifted by stronger-than-expected April jobs data, which showed resilient labour market conditions and reinforced expectations that the Federal Reserve will likely keep interest rates unchanged through year-end.
Technology stocks led sectoral gains, with the S&P 500 technology index jumping 2.7%, while utilities slipped 0.9%.
The S&P 500 and Nasdaq both recorded their sixth straight weekly advance, the longest winning streak since October 2024, with the S&P 500 now up 8% for 2026 and the Nasdaq gaining 13%.
Markets largely looked past renewed attacks involving US and Iranian forces in the Gulf, even as Brent crude climbed above US$100 per barrel amid concerns over disruptions to oil flows through the Strait of Hormuz.
Corporate earnings continued to support equities, with 83% of the 440 S&P 500 companies reporting first-quarter results so far beating analysts’ expectations, according to LSEG.
Still, several companies posted sharp declines after disappointing updates. Cloudflare tumbled 24% after announcing job cuts and weaker revenue guidance, while Trade Desk fell 1.8% on soft revenue forecasts. CoreWeave dropped 11.4% after raising its capital expenditure outlook and Expedia Group slid 9% after warning that the Middle East conflict was hurting travel demand.
