The S&P 500 Index advanced 2.33%, while the Nasdaq rose 4.51%. The Dow Jones Industrial Average edged up 0.22%. The MSCI EAFE Index, which tracks developed overseas stock markets, added 1.24 percent.1,2
Six Straight Weeks of Gains
Stocks stumbled at the start of the week as stalled peace talks and escalating tensions in the Middle East weighed on sentiment.3
The gloom didn’t last long. Markets opened higher Tuesday morning as investors reacted positively to solid Q1 corporate earnings results and falling oil prices. The rally extended through Wednesday after better-than-expected earnings results from a couple of chipmakers lifted the entire sector and led the broader averages higher. The S&P 500 and Nasdaq hit record intraday and closing highs both days, while the S&P closed above 7,300 for the first time.4
Stocks took a breather on Thursday as investors assessed the latest developments in the Middle East. Markets then opened higher on Friday on news of better-than-expected job growth in April, fueling a relief rally from investors who were pleasantly surprised that the Middle East had not impacted hiring. A major chipmaker deal announcement extended the week’s chip-stock rally, further lifting the S&P and Nasdaq to new highs and a sixth consecutive week of gains.5,6
Jobs Report's Positive Surprise
Employers added 115,000 jobs in April, versus the 55,000 economists expected. Jobs grew the most in the healthcare, retail, and leisure & hospitality sectors. Another good sign: unemployment held steady at 4.3 percent last month.7
In other economic news, the new home sales data released last week showed sales for both February and March exceeded expectations. In March, 682,000 newly constructed homes were sold, up 7.4 percent over the prior month, while February new home sales jumped 8.9 percent over February.8
Economic Data To Watch
Monday: Existing Home Sales.
Tuesday: NFIB Small Business Optimism Index. Consumer Price Index (CPI). Chicago Fed President Austan Goolsbee speaks. Monthly Federal Budget.
Wednesday: Producer Price Index (PPI). Boston Fed President Susan Collins speaks.
Thursday: Retail Sales. Weekly Jobless Claims. Import Price Index. Business Inventories. Cleveland Fed President Beth Hammack and Fed Governor Michael Barr speak.
Friday: Industrial Production. Capacity Utilization. Home Builder Confidence Index.
Source: Investors Business Daily - Econoday economic calendar: May 8, 2026. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.
Upcoming Earnings Reports
Monday: Constellation Energy Corporation (CEG)
Wednesday: Cisco Systems, Inc. (CSCO)
Thursday: Applied Materials, Inc. (AMAT), Brookfield Corporation (BN)
Source: Zacks, May 8, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice.
Footnotes And Sources1. WSJ.com, May 8, 2026
2. Investing.com, May 8, 2026
3. CNBC.com, May 4, 2026
4. CNBC.com, May 6, 2026
5. CNBC.com, April 30, 2026
6. WSJ.com, May 7, 2026
7. WSJ.com, May 8, 2026
8. Reuters.com, May 5, 2026
Source: YCharts.com, May 9, 2026. Weekly performance is measured from Monday, May 4 to Friday, May 8. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.