Stocks hit records on tech earnings, oil slide from prospect of Iran deal
By Lawrence Delevingne and Harry Robertson
Wed May 5, 2026
For the second day, more reports from Washington expressing recent progress with Iran for a deal to end the war shot all three indexes way up again with even more impressive 3-digit gains than yesterday. AI champion AMD coming in after yesterday’s bell with a forecast above estimates jumped the stock price a whopping 18.6%. Is this optimism justified? As today’s expert put it, “It’s difficult to say how close to a deal we might be. Market participants aren’t going to wait for confirmation of good news and are essentially now front-running a positive outcome.”
And again, “A pretty punchy move on the back of those stories, almost as if the market has shifted into a ‘buy everything’ mode.” With the hopes of an end nearing and AI-driven trades accelerating, the indexes surged to still new records and with war news again favoring AI with anticipation of oil flowing through the Strait of Hormuz, oil plunged to below $100, the lowest in two weeks. Per the CBOE, volume came in at 19.7 billion, well above the 17.7 billion 4-week average.
DJ: 49,298.25 +356.35 NAS: 25,326.13
+258.32 S&P: 7,259.22
+58.47 5/5
DJ: 49,910.59 +612.34 NAS: 25,838.94
+512.82 S&P: 7,365.12
105.90 5/6
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