finance
S&P 500 and Nasdaq Hit Record Highs Despite Softening Jobs Projections
The S&P 500 and Nasdaq closed at new record highs on May 1, 2026, amid strong weekly gains and a surge in semiconductor stocks. Investors anticipate key labor market data, including the April jobs report expected to show 60,000 jobs added, and earnings from companies like Advanced Micro Devices and Arm Holdings.
May 3, 7:06 AM·2m read1 source
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The S&P 500 and Nasdaq closed at new record highs on Friday, May 1, 2026. 3% that day and gained just under 1% for the week ending May 1, 2026. 1% over the five-day stretch ending May 1, 2026.
5% for the week ending May 1, 2026. Microsoft, Amazon, Meta Platforms, and Alphabet raised their AI spending plans from $670 billion to nearly $725 billion. Earnings reports from five of the seven Magnificent 7 companies were released last week ending May 1, 2026.
The PHLX Semiconductor Index rose over 40% in April 2026, its strongest monthly gain since February 2000, amid upcoming earnings. Advanced Micro Devices stock is up 70% over the past month heading into earnings as of May 3, 2026. Lattice Semiconductor stock is up 25% over the past month as of May 3, 2026, and Arm Holdings stock is up 40% over the past month as of May 3, 2026.
Initial jobless claims hit a 1969 low on April 30, 2026, though April jobs growth is projected at just +60,000 after March's +178,000. The job market showed alternating adds and losses over the past 10 months ending April 2026.
Change in nonfarm payrolls for April 2026 is expected at +60,000, previously +178,000.
3%. 2%.
5%. 9 million. 9 million.
7 million. Challenger job cuts year-on-year for April 2026 were previously -78%. Initial jobless claims for the week ended May 2, 2026, were previously 189,000.
78 million. 42%. U. Mich. 8.
