May 4–8, 2026
Tech leads as markets hit new all-time highs for a sixth straight week
🏆 6-week win streakRecord closes: Both the S&P 500 and Nasdaq hit new all-time intraday highs Friday; the Nasdaq crossed 26,000 for the first time in history.
Blowout jobs report: April nonfarm payrolls came in at 115,000 — nearly double consensus of ~60,000. Healthcare, transportation, and retail led the gains.
Earnings season record: 83% of S&P 500 reporters beat Q1 estimates. Net profit margins hit a record 13.4%. Full-year 2026 EPS growth projected at +24%.
U.S.–Iran tensions: Peace deal hopes briefly lifted sentiment mid-week, but fresh military skirmishes in the Persian Gulf tempered the mood. Brent stabilized near $100.
Tech layoffs signal: Cloudflare dropped ~14% after announcing 1,100 job cuts, citing AI automation. Nearly 100K tech workers laid off YTD across the sector.
Energy sold off: Down 5.4% as oil retreated on Iran peace deal optimism, before partially recovering.
- May 11: April existing home sales · Earnings: Constellation Energy (CEG), Circle Internet Group (CRCL)
- May 12: April CPI & core CPI — key test for Fed rate-cut expectations · Earnings: JD.com (JD)
- May 13: April PPI & core PPI · Earnings: Alibaba (BABA) and Cisco (CSCO)
- Big picture: S&P 500 forward P/E at 20.9× embeds high expectations. Any H2 2026 earnings deceleration will be less forgiving at this valuation.
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