The Markets (as of market close May 8, 2026)
U.S. stocks moved higher last week, with the S&P 500 and NASDAQ reaching new record highs. Markets were supported by a stronger-than-expected jobs report, easing oil prices, and solid earnings from major technology companies. Stock traders continued to favor risk assets despite ongoing issues in the Middle East.
Technology stocks led the market, while energy and utilities lagged. Oil prices declined following comments that the ceasefire with Iran would remain in place, while bond yields changed little amid continued geopolitical uncertainty.
Last Week’s Economic News
- Employment growth exceeded expectations in April, while the unemployment rate held steady at 4.3%.
- Job openings remained relatively stable, while hiring activity increased in March.
- Sales of new single-family homes rose in March, though home prices moderated compared to a year ago.
- The U.S. trade deficit widened slightly in March as both imports and exports increased.
- Service sector activity improved modestly in April, though businesses continue to face higher fuel, labor, and operating costs.
- Weekly jobless claims increased slightly but remain historically low overall.
- Gas prices moved higher nationwide amid continued global energy market volatility.
Eye on the Week Ahead
This week’s focus will be on inflation data, with both the Consumer Price Index (CPI) and Producer Price Index (PPI) reports set for release. Stock market watchers will be monitoring closely for signs that price pressures may be stabilizing after March showed another increase in inflation.
Have a nice week!
Sincerely,
Robert G. Carpenter