S&P 500 and Nasdaq Close at Record Highs on Strong Jobs Data

Market momentum accelerated after the release of robust employment data that eased concerns about an economic slowdown. Tech shares led the gains, helping push major indices higher even as geopolitical tensions weighed on other parts of the market. The strong performance capped a volatile week across asset classes.

Closing imbalances pointed to continued buying pressure. The MOC imbalance showed net buying of 1,502 million shares for the S&P 500, 893 million for the Nasdaq 100, 380 million for the Dow 30 and 560 million for the Mag 7 stocks. These figures reflected strong demand heading into the close.

Lumentum's stock performance ranked sixth among S&P 500 constituents for the year so far. The optical components company is set to join the Nasdaq-100 index, underscoring the strength in technology-related names.

Oil prices experienced extreme volatility during the week of May 3 to May 7 as traders reacted to the U.S.-Iran conflict and disruptions in the Strait of Hormuz. June West Texas Intermediate crude futures swung between a high of $107.46 and a low of $88.66 before closing near $97 a barrel.

The moves highlighted the market's sensitivity to supply risks and shifting diplomatic signals. Bitcoin slipped to $79,000 after reaching $81,500 earlier in the week. The pullback came as U.S. forces fired on Iranian targets. Cryptocurrency futures markets posted their 67th consecutive day of negative funding rates, the longest streak in a decade according to K33 Research.

DOGE led losses among major tokens.

Japanese stocks remained near historic highs despite mixed sentiment from technology sector developments and the Middle East conflict. The Nikkei 225 retreated from a record set on Thursday but recovered some ground late in the session as companies began releasing earnings reports.

The combination of strong domestic economic data and sector-specific momentum helped U.S. indices overcome external pressures. Trading volume and closing imbalances suggested broad participation in the rally beyond just a handful of large technology names.

" — CoinDesk report (May 2026) The record closes come amid ongoing uncertainty over how geopolitical events will affect broader economic conditions in the coming weeks.