S&P 500 and Nasdaq notch records, boosted by AI and earnings optimism
Fri May 8, 2026
Another day of boffo earnings from AI companies sent the tech indexes way up again for the S&P and Nasdaq to notch yet another day of new records and for both indexes to have now six straight weekly gains. And again, with the Q1 optimism, money flowed out of the safety of industrials to finance the continuing tech rally. Even so, even the Dow has now logged two straight weeks of gains. With nearly 90% of the S&P now reporting, Q1 earnings growth is coming in at 29% annualized with 83% beating forecasts.
There was also a big boost coming from the strong employment report with the number of new jobs also beating forecasts. The S&P is now up 8% so far this year, the Nasdaq 13%. It’s all more than enough for investors to overlook the war news which has now been written off as a long-haul issue. The market is even ignoring the soaring cost of oil, for the moment anyway, as it once again surpasses $100 with fresh new tensions in the Strait of Hormuz. At 17.2 billion shares traded, volume was just a hair below the 17.6 average.
DJ: 49,596.97 -313.62 NAS: 25,806.20
-32.75 S&P: 7,337.11
-28.01 5/7
DJ: 49,609.16 +12.19 NAS: 26,247.08
+440.88 S&P: 7,398.93
+61.82 5/8
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