Stock Market Today, May 8: Nasdaq Gains 1.7% on AI Demand and Strong Jobs Data
The S&P 500 (SNPINDEX:^GSPC) rose 0.76% to 7,392.56, the Nasdaq Composite (NASDAQINDEX:^IXIC) jumped 1.71% to a record 26,247.08, and the Dow Jones Industrial Average (DJINDICES:^DJI) inched up 0.02% to 49,609.16 as strong jobs data and AI leaders drove gains.
Market movers
Micron Technology extended its surge, rising 16% as memory stocks continued to gain. Intel rallied on reports of a preliminary chip-manufacturing deal with Apple.
On the downside, Cloudflare sank 24% after unveiling sizable layoffs tied to an AI-focused restructuring. HubSpot plunged 19% on soft second-quarter guidance.
What this means for investors
Strong labor data and broad tech strength propelled the S&P 500 and Nasdaq to new highs. It is the sixth week in a row that the S&P 500 has finished in the green. Tensions in the Middle East have not abated, but signs of economic resilience offer investors reassurance. In particular, better-than-expected jobs data suggests the labor market may be stabilizing. Nonfarm payroll jobs grew by 115,000 in April, and unemployment held at 4.3%.
Risk appetite is high, as shown by Micron’s double-digit gains today — it is up almost 215% in the past six months. Rocket Lab soared almost 35% today and is now up over 350% in the past year. However, some commentators have flagged concerns about over-concentration and questioned the sustainability of growth that’s largely driven by megacaps.In that light, investors have high expectations for Nvidia’s May 20 earnings. Its ability to meet them will impact wider markets as well as data-center sentiment.
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Emma Newbery has positions in Apple, Cloudflare, HubSpot, and Nvidia. The Motley Fool has positions in and recommends Apple, Cloudflare, HubSpot, Intel, Micron Technology, Nvidia, and Rocket Lab. The Motley Fool has a disclosure policy.
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