Stock Market Today, May 11: Chipmakers Drive Midday Gains Despite Oil Concerns
As of midday, the S&P 500 (SNPINDEX:^GSPC) rose 0.34% to 7,424.04, the Nasdaq Composite (NASDAQINDEX:^IXIC) added 0.38% to 26,346.51. The Dow Jones Industrial Average (DJINDICES:^DJI) was barely changed, falling 0.01% to 49,604.50 as oil’s latest spike tempered AI‑driven optimism.
Market movers
Chip leaders, including Nvidia and Intel, extended their AI‑driven rally. Qualcomm surged on an analyst upgrade, and Micron Technology continued to rise. Demand for AI memory has analysts talking about a sector supercycle.
Biotech name Moderna jumped in early trading as investors look to its early hantavirus research. The stock has gained more than 15% in the past five days. Circle Internet Group soared on optimism about stablecoins.
What this means for investors
Chipmakers continued to push upwards this morning, supporting gains for the S&P 500 and Nasdaq despite growing concerns about global oil supply disruption and stalled U.S.-Iran negotiations. Analysts at top investment banks, including Morgan Stanley, emphasized the importance of reopening the Strait of Hormuz before June. Oil prices jumped almost 3%, and WTI crude was trading at $98 a barrel at midday.
Some view the incredible rally in artificial intelligence (AI) and chipmaker stocks as a sign of resilience, while others see it as a red flag. Commentators warn that growth driven by ultra‑concentrated equity leadership could mean major indexes are vulnerable if AI spending slows. Diversification and long-term focus remain key as investors navigate both geopolitical and bubble warnings.
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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Intel, Micron Technology, Moderna, Nvidia, and Qualcomm. The Motley Fool has a disclosure policy.
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