Stock Market Today, May 6: Markets Break New Ground on Hopes for U.S.-Iran Peace Deal
The S&P 500 (SNPINDEX:^GSPC) rose 1.46% to 7,365.12, the Nasdaq Composite (NASDAQINDEX:^IXIC) jumped 2.02% to 25,838.94, and the Dow Jones Industrial Average (DJINDICES:^DJI) gained 1.24% to 49,910.59 as tumbling oil and AI strength lifted major indexes.
Market movers
Advanced Micro Devices (NASDAQ:AMD) surged more than 18% after a blowout AI-driven quarter and outlook, while Micron Technology (NASDAQ:MU) extended its gains, taking its market cap to over $750 billion. Corning (NYSE:GLW) jumped on a $500 million AI-infrastructure deal with Nvidia (NASDAQ:NVDA). Disney (NYSE:DIS) advanced on better-than-expected streaming- and parks-led results.
What this means for investors
Artificial intelligence (AI) demand and oil prices again drove markets today, Wednesday. Major indexes reached record highs on easing U.S.-Iran concerns and chip-driven optimism. WTI crude fell about 7% to close at $95 a barrel as hopes that the two sides might agree on a plan to reopen the Strait of Hormuz eased energy pressures.
The increased risk appetite buoyed semiconductor stocks, helped by AMD’s strong forecast and results. AMD isn’t alone: Some analysts predict this S&P 500 quarterly earnings season will be the strongest since 2021, despite conflict concerns. The S&P 500 has gained almost 8% so far this year, and the Nasdaq is up over 11%.
However, there are also correction fears, with commentators drawing parallels with the dot-com bubble and looking for confirmation that the soft-landing narrative remains intact. For investors, cautious optimism continues to reign.
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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Corning, Micron Technology, Nvidia, and Walt Disney. The Motley Fool has a disclosure policy.
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