S&P 500 and Nasdaq notch records as AI chip stocks surge

S&P 500 and Nasdaq notch records as AI chip stocks surge

By Noel Randewich and Utkarsh Hathi

Tue May 5, 2026  

With the White House reporting that the ceasefire with Iran is holding, yesterday’s concerns over who controls the Strait of Hormuz evaporated and all focus went back to Q1 which continues solid. Thus, it was a straight shot up on all the indexes with handsome 3-digit gains all around. Both tech indexes once again posted record highs and the S&P is poised for 28% in earnings growth, the highest quarterly growth in five years.  

But keeping in mind that most of this optimism is AI generated. Major AI player AMD posted results after the bell and is expected to have a 33% surge in revenue. Even the bad news was good as, though job openings fell to 6.86 million, they were still higher than the forecast of 6.83 million.  Volume still remains well below the 17.7 average, closing today at 16.1 billion. 

DJ: 48,941.90  -557.37         NAS: 25,067.80  -46.64         S&P: 7,200.75  -29.37           5/4

DJ: 49,298.25  +356.35        NAS: 25,326.13  +258.32      S&P: 7,259.22  +58.47           5/5

Tue 5-5-26 4:20 pm S&P 500 and Nasdaq notch records as AI chip stocks surge | Reuters