Stock market news for May 8, 2026

US equities rose on Friday following a better-than-expected April’s jobs report and as merchants eyed developments between the US and Iran.

The S&P 500 superior 0.84% ​​to finish at 7,398.93, whereas the Nasdaq Composite climbed 1.71% to 26,247.08. Both indexes hit new all-time intraday highs within the session and closed at information. The Dow Jones Industrial Average inched up 12.19 factors, or 0.02%, to settle at 49,609.16.

All three main averages posted weekly beneficial properties, propelled by robust earnings. Upbeat tech earnings lifted the Nasdaq to a 4.5% climb, whereas the S&P 500 gained 2.3%. Both posted six straight successful weeks, marking the longest win streak since 2024 for the broad market benchmark and the tech-heavy index. The Dow Industrials lagged with a week-to-date acquire of 0.2%.

Sentiment was strengthened by the Bureau of Labor Statistics reporting that nonfarm payrolls rose by 115,000 final month, greater than the 55,000 that economists polled by Dow Jones have been anticipating. The US jobless price additionally held regular at 4.3%, in keeping with expectations.

However, oil costs have been marginally increased, with West Texas Intermediate crude futures rising 0.64% to $95.42 per barrel, after the US and Iran exchanged fire within the Strait of Hormuz. Each aspect selected the opposite struck first. US Central Command stated that army forces “intercepted unprovoked Iranian attacks and responded with self-defense strikes” as a trio of US Navy destroyers transited the waterway.

In a Truth Social post Thursday evening, President donald trump stated there was “no damage done to the three Destroyers, but great damage done to the Iranian attackers.” I’ve additionally reportedly said that the ceasefire remains to be in impact, saying the strikes in opposition to Iranian targets have been “just a love tap.”

Investors have been awaiting a response from Iran on the proposal to finish the battle within the Middle East after Iranian state media reported Thursday that Tehran was reviewing messages from the US that have been obtained via Pakistani mediators however had not but reached a conclusion. Secretary of State Marco Rubio told reporters Friday that the US “should know something today.”

The S&P 500 and Nasdaq Composite had hit contemporary report highs within the earlier session earlier than retreating after a senior Iranian official stated that the nation wouldn’t permit the US to reopen the Strait of Hormuz passageway with an “unrealistic plan,” Iran’s state-owned Press TV reported. The official claimed that Iran wouldn’t let the US go away the battle with out paying reparations for the harm it has inflicted.

But Keith Buchanan, senior portfolio supervisor at Globalt Investments, is skeptical that the market’s current run can proceed, particularly given how a lot of it’s being propelled up by surrounding optimism artificial intelligence capital expenditures. That has spurred a rally in reminiscence shares, with Micron Technology and sandiskfor instance, hovering 15% and 16% on Friday alone. Micron posted a weekly acquire of almost 38%, whereas Sandisk superior greater than 31%.

“The market is trading valuations that don’t indicate the risk that we see that out there,” Buchanan stated, citing the potential for the Middle East battle to proceed longer than anticipated and the more and more antagonistic impacts of that on the buyer.

“It’s a tale of the AI ​​spend and the ripple effects – and earnings as well – that’s absolutely powering an economy that is, without that spending and optimism, probably pretty lackluster,” he continued.

—CNBC’s Kevin Breuninger and Elsa Ohlen contributed reporting.