Wall Street Indices Hit New Record Highs
The S&P 500 and Nasdaq closed at new record highs on May 5, 2026, after renewed hopes for peace and heavy AI stock buying. Global oil prices tumbled more than 6 percent while European and Australian markets also advanced. ABC business reporter Stephen Letts is covering the day's developments as Australia's March trade balance and Orica's first-half results are due.
Jashuah / Wikimedia (CC BY-SA 3.0)Renewed hopes for peace and another spending spree in AI stocks drove Wall Street's S&P 500 and Nasdaq indices to new record highs on 2026-05-05. 1 percent. 2 percent in the same session.
Global oil prices tumbled on the peace hopes. 34 per barrel as of approximately 7:00am AEST on 2026-05-06. 25 per barrel at the same time.
European markets followed Wall Street higher. 1 percent on 2026-05-05. 7 percent. 2 percent to 8,900 points as of approximately 7:00am AEST on 2026-05-06.
3 percent at 8,793 points on Wednesday 2026-05-05. 35 US cents. Australia's March trade balance reading is scheduled for release on 2026-05-06.
5 billion. 7 billion. Global explosives maker Orica is scheduled to release its first-half results before the market opens on 2026-05-06.
Orica guided first-half pre-tax earnings to be slightly higher than the previous corresponding period. Orica's first-half pre-tax earnings are expected to come in around $490 million.
60 per tonne on Thursday 2026-05-01.
Stephen Letts from the ABC business team is providing coverage of the day's financial events on 2026-05-06. The blog post was published at approximately 7:00am AEST on 2026-05-06. Abc reported that most interest in Orica's results will centre on future guidance, the impact of the Gulf war and how it views demand in the mining sector worldwide.
Key Facts
Story Timeline
5 events- 2026-05-06 07:00 AEST
ABC business blog published with market snapshot including all overnight moves and upcoming Australian data releases
1 sourceAbc - 2026-05-06
Australia's March trade balance scheduled for release; Orica first-half results due before market open
1 sourceAbc - 2026-05-05
S&P 500 rose 1.5 percent, Nasdaq rose 2.1 percent and closed at new record highs; European indices advanced between 2.1 and 2.7 percent
1 sourceAbc - 2026-05-05
ASX 200 closed up 1.3 percent at 8,793 points
1 sourceAbc - 2026-05-01
Iron ore rose 1.9 percent to $US110.60 per tonne
1 sourceAbc
Potential Impact
- 01
March trade balance expected to show smaller surplus than February's $5.7 billion
- 02
Lower oil prices may reduce input costs for transport and manufacturing industries globally
- 03
Higher equity markets support investor confidence in AI and broader technology sectors
- 04
Australian dollar appreciation to 72.35 US cents could pressure export competitiveness
- 05
Orica results and guidance will influence mining sector sentiment worldwide
Transparency Panel
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