Nasdaq hits record as AI and chip stocks surge
The Nasdaq just hit a fresh record, climbing 1.10% to 25,342.82 on Tuesday, May 5, 2026, thanks mostly to a big boost from AI and chip stocks.
Intel jumped 14% after Bloomberg-reported exploratory discussions about chipmaking services for Apple's devices, and AMD was up too as investors waited for its earnings.
The rally got an extra push from easing global tensions after the U.S.-Iran cease-fire.
S&P 500 profit forecasts up 28%
Strong company earnings are keeping the good vibes alive: S&P 500 profits are now expected to grow 28% in the first quarter, double earlier forecasts.
Job openings in March stayed solid at nearly 6.9 million, showing the labor market's still kicking.
DuPont and Pinterest were standout winners on Tuesday, May 5, 2026, with DuPont's shares jumping on a higher annual profit forecast and Pinterest's on second-quarter revenue.