TLDR
- The S&P 500 and Nasdaq closed at record highs last week, driven by chip and AI stocks
- April CPI data drops Tuesday; energy prices will be closely watched after a 20%+ jump in March
- Chip stocks surged, with Micron up nearly 38% for the week and Intel jumping on an Apple foundry deal
- Key earnings this week include Cisco, Under Armour, Klarna, Alibaba, and Applied Materials
- Bitcoin traded near $81,332, staying in a tight range around the $80,000 level
U.S. markets closed last week at record highs, with the S&P 500 rising 0.84% to 7,397.09 and the Nasdaq gaining 2.35% to 29,195.16. The Dow Jones added just 0.02%, showing the rally was driven more by tech than the broader market.
The jobs report gave investors some relief. The U.S. added 115,000 jobs in April, well above the 55,000 analysts had expected. The unemployment rate held at 4.3%. The strong numbers eased labor market fears but also reduced the chance of near-term Fed rate cuts.
The 10-year Treasury yield dropped to 4.33%, while the VIX fell to 17.08. Gold rose 1.39% to $4,747. Oil slipped 1.79% to $93.38, partly on signals that the U.S. and Iran may be moving toward a diplomatic resolution.
Chip stocks were the standout performers. Micron surged nearly 38% for the week. Sandisk rose more than 31%. Intel jumped after reports it reached a basic deal to make chips for Apple. Advanced Micro Devices also moved higher.
AI Deals Drive Big Moves
Anthropic said it would use SpaceX’s Colossus supercomputer to expand capacity for its Claude AI. Akamai rose sharply on reports of a $1.8 billion cloud deal with Anthropic. Nvidia said it would invest up to $2.1 billion to build as much as 5 gigawatts of AI infrastructure.
Not every AI name benefited. SoundHound fell despite better sales. HubSpot dropped after soft guidance. Cloudflare fell after weak second-quarter guidance and job cuts.
Rocket Lab surged 34% after strong first-quarter results and its largest launch deal yet. Dell climbed after President Trump told White House guests to “go out and buy a Dell.” Spirit Airlines stopped flying after a failed rescue plan.
Bitcoin ended the week near $81,332, down 0.12%, staying close to the $80,000 level without a clear breakout in either direction.
What to Watch This Week
April CPI data lands Tuesday morning. Energy prices are the main focus after a more than 20% jump in March. High gas prices are already putting pressure on low-income consumers.
April retail sales data comes Thursday. Clothing and miscellaneous stores saw sales fall last month. Earnings from Under Armour, On Holding, Birkenstock, and Klarna may offer fresh clues on consumer spending.
#earnings for the week of May 11, 2026https://t.co/hLn2sKQhEY$HIMS $NBIS $CRCL $ASTS $ONDS $QBTS $NU $FIG $PLUG $CEG $RGTI $AMAT $B $OKLO $BN $MNDY $ENVX $MARA $CSCO $BW $BABA $KOPN $MOS $KLAR $UMAC $KRMN $ACHR $USAR $AG $MVST $CLSK $VG $GPRO $CGBD $XGN $AQST $CRON $ITRG $FSK… pic.twitter.com/cyk55JX5ML
— Earnings Whispers (@eWhispers) May 8, 2026
Cisco reports Wednesday after the bell. Alibaba reports Thursday. Applied Materials reports Thursday and could give a clear read on chip equipment demand.
The Federal Reserve remains in focus. The labor market is firm enough to support growth but not weak enough to push the Fed toward rate cuts soon. Bond yields and Fed commentary will likely remain key market drivers in the days ahead.
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