Alex Eule

Broken Record. We're running out of superlatives for this market. The S&P 500 and Nasdaq Composite closed Friday at new highs once again. It's their 15 and 11th record closes of the year, respectively.

Tech stocks -- backed by AI demand -- continue to push the market higher. Today, the top four stocks in the S&P 500 were Akamai Technologies (+26.6%), Sandisk (+16.6%), Micron Technology, (+15.5%) and Intel (+14%).

As tech stocks go, so goes the market -- thank the overwhelming weight of the tech sector relative to everything else. The S&P 500 gained 0.8% on the day, even though far more individual stocks fell (295) than rose (208). The tech-heavy Nasdaq Composite rose 1.7%, while the Dow Jones Industrial Average was essentially flat.

The weaker "breadth" of winners today might be surprising given the positive macro data released this morning. The U.S. economy added 115,000 jobs in April, while unemployment remained stable at 4.3%. On the positive side, that's well ahead of the 65,000 expected. On the not-so-positive side (for stocks), the solid numbers did nothing to help the chances of an interest-rate cut. The market still sees a very low probability of the Fed cutting any time this year. In fact, if there's any move at all, it's just as likely to be a hike.

For stocks, the rate won't matter much if corporate America continues to knock it out of the park. Some 84% of S&P 500 companies have now exceeded earnings estimates for the first quarter, according to FactSet, with nearly 90% of companies in the index having reported their results. Even more impressive, overall earnings growth stands at 27.7%. That's the best rate since the fourth quarter of 2021.

Watch our TV show on Fox Business Saturday or Sunday at 10:30 a.m. ET. This week, Citi Wealth's Kate Moore on building a resilient portfolio. Plus, what to do with airline stocks now and the K-shaped workout.

The Hot Stock: Akamai Technologies +26.6% The Biggest Loser: Mettler-Toledo International -14.8%

Best Sector: Technology +2.7% Worst Sector: Utilities -0.9%

This Weekend's Magazine

The Calendar

Nine S&P 500 companies report results next week, including Constellation Energy on Monday, Cisco Systems on Wednesday, and Applied Materials on Thursday.

The highlight of the economic calendar will be the consumer price index, released by the Bureau of Labor Statistics on Tuesday. The BLS will also release the producer price index on Wednesday, while the Census Bureau releases retail sales data on Thursday.

Also on Thursday President Donald Trump is scheduled to meet with President Xi Jinping in China. The leaders of the world's two largest economies are expected to discuss trade deals as well as the war with Iran.

-- Dan Lam

What We're Reading Today

   -- In Rush to Buy CPUs, Intel Won't Be the Only Winner 
 
   -- This Mini Berkshire Hathaway Is a Buy. An Activist Investor Is Pushing to 
      Break It Up. 
 
   -- Why the Gap Between Chip and Software Stocks Keeps Getting Wider 
 
   -- The Trump Administration's Picks Are Beating The Market. One Stock 
      Accounts for Most of the Gain. 
 
   -- And this weekend's cover story: Farewell, Ultra-Cheap Flights. What 
      Spirit's Demise Means for You -- and Airline Stocks. 

Join Barron's Live on Monday at noon. Nela Richardson, chief economist at ADP, discusses the current state of the labor market, including a look at demographic changes and small business momentum, with Barron's Megan Leonhardt. Richardson, who is also head of ADP Research, will talk about what's driving employment conditions, as well as share thoughts on how artificial intelligence could shape U.S. employment in the coming years.

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May 08, 2026 19:55 ET (23:55 GMT)

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