S&P, Nasdaq notch sixth straight week

U.S. stocks just did something that matters more than the daily green number. The S&P 500 and Nasdaq both closed at record highs on Friday, May 8, and each stretched their winning streak to six straight weeks. That tells you this is not just a one-day squeeze or a headline pop. It’s a broader market move that has kept going even with war risk, higher oil, and a Federal Reserve that still isn’t rushing to cut rates. ### What actually happened Friday? The move was pretty clean. The S&P 500 rose 0.84% to 7,398.93. The Nasdaq Composite climbed 1.71% to 26,247.08. Both hit fresh intraday highs and then closed at records, which is usually a stronger signal than a brief spike that fades by the bell. The Dow barely moved, up 12.19 points, so this was not a full-everything rally. It was still led by growth and tech. (cnbc.com) ### Why are six straight weeks a big deal? Because streaks like this tell you buyers have kept showing up through multiple kinds of stress. Both indexes just logged their longest weekly winning run since October 2024. That matters because the market had every excuse to wobble — oil jumped, the Gulf stayed tense, and bond investors had to rethink how quickly the Fed might ease. But stocks kept grinding higher anyway. (cnbc.com) ### Why is tech still doing the heavy lifting? Basically, the AI trade came back in force. Chip stocks were a big part of it. Bloomberg’s market wrap said a semiconductor gauge jumped 11% in the week, and CNBC tied the latest push higher to strong earnings as investors kept rewarding companies exposed to AI infrastructure. That helps explain why the Nasdaq outperformed so sharply — it’s more concentrated in the exact names investors want when the market is in a growth mood. (money.usnews.com) ### Didn’t oil and the Middle East scare people? They did — just not enough to break the rally. Earlier in the week Brent had pushed above $100 as traders worried about the Iran war and the risk around energy flows. But by Friday, oil had slid for the week as signs of possible talks and de-escalation eased some of the panic. Turns out the market’s working assumption is that the energy shock may be real, but not yet big enough to crush earnings or derail U.S. growth. (bloomberg.com) ### What role did the jobs report play? A big one. Friday’s labor data came in stronger than expected, and investors treated that as proof the economy is still holding up. In a normal rate-cut panic, strong jobs can hurt stocks because it pushes the Fed toward staying tight. But this market read the number differently — more like, companies can still grow even with rates where they are. That “growth is resilient” story gave traders another reason to keep buying. (bloomberg.com) ### Is this rally broad or narrow? It’s broader than a pure mega-cap melt-up, but tech is still doing most of the visible work. The S&P technology sector jumped 2.7% on Friday, while utilities fell. The Dow’s relative lag is another clue. So yes, the headline indexes look strong, but the leadership is still concentrated in the companies tied to AI demand, chips, and earnings momentum. (investopedia.com) ### What’s the catch? The catch is that markets are acting as if the worst geopolitical outcomes won’t happen. That can work for a while — until it doesn’t. If oil stays elevated, inflation pressure can come back fast, and then the “strong economy” story starts to collide with the “higher for longer” rate story. For now, stocks are choosing the optimistic version. (money.usnews.com) ### Bottom line? This week’s message was simple: investors still want growth, still trust big tech earnings, and still think the economy can absorb a lot. Six straight winning weeks for the S&P 500 and Nasdaq is the market saying risk appetite remains alive — even with $100 oil and a war in the background. (cnbc.com) (bloomberg.com)