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On the day:S&P 500 +0.85%Nasdaq Comp +1.7%DJIA flatRussell 2000 +0.75%Toronto TSX Comp +0.6%On the week:S&P 500 +2.3%Nasdaq Comp +4.5%DJIA +0.2%Russell 2000 +1.7%Toronto TSX Comp +0.5%The S&P 500 and Nasdaq Composite hit fresh all-time highs today. A surprisingly strong U.S. jobs report—adding 115,000 jobs in April versus the 55,000 expected—overshadowed geopolitical fears, keeping investors heavily invested in the ongoing tech boom. This was the sixth straight week of gains, the longest run since Oct 2024.AI infrastructure demand continues to fuel semiconductor stocks. Micron shares popped 10% today, while Qualcomm jumped 9%, logging its fourth consecutive day of gains. The broader semiconductor index soared as hyperscalers continue raising their capital expenditure guidance.On the downside, cloud security provider Cloudflare took a massive hit today, tumbling 22%. The sharp drop came after the company issued a much weaker-than-expected Q2 sales forecast and announced it would be cutting approximately one-fifth of its global workforce.Fluence Energy was one of the day’s biggest single-stock winners, surging nearly 40%. The energy storage company crushed its quarterly earnings report, on growing demand for grid-scale energy storage products.Intel shares surged 14% following a Q1 earnings beat driven by a 22% jump in Data Center and AI revenue. Sentiment was further boosted by a major new foundry contract for Elon Musk’s Terafab Initiative and reports of preliminary manufacturing talks with Apple.Akamai shares rocketed 28% higher after announcing a historic seven-year, $1.8 billion cloud infrastructure contract with a leading frontier AI company, reportedly Anthropic. This massive deal overshadowed the company’s solid Q1 earnings, highlighting Akamai’s growing role in powering enterprise AI workloads.
This article was written by Adam Button at investinglive.com.
đź’ˇ DMK Insight
The S&P 500 and Nasdaq hitting all-time highs signals strong bullish momentum, driven by a robust jobs report. With the U.S. adding 115,000 jobs in April, far exceeding expectations, traders should consider how this impacts interest rates and inflation. A strong labor market typically leads to tighter monetary policy, which could affect tech stocks more than traditional sectors. Watch for potential volatility in the Nasdaq as it approaches these highs, especially if profit-taking occurs. Keep an eye on the 4,500 level on the S&P 500; a break above could lead to further gains, while a pullback might test support around 4,400. The broader market context suggests that while optimism reigns, caution is warranted as geopolitical tensions loom. This could create a mixed bag for traders, particularly in sectors sensitive to interest rate changes. In the short term, monitor the upcoming Fed meetings for hints on rate adjustments, as this will likely dictate market sentiment. If the jobs report continues to fuel bullish sentiment, expect more inflows into equities, but be ready for corrections if economic data shifts.
đź“® Takeaway
Watch the S&P 500 at 4,500 for potential breakout or reversal; strong jobs data could lead to volatility in tech stocks.
