Market Recap of the Week of May 3, 2026 - May 10, 2026

Overall Market Trends:

The majority of the stock market continued to push to new all-time highs, with three of the four major indices seeing significant gains. The S&P 500 surged 168 points (+2.33%), the NASDAQ Composite soared 1,130 points (+4.50%), and the Dow Jones Industrial Average posted a weekly gain of 104 points (+0.21%).

Stocks slipped Monday after the UAE intercepted Iranian missiles for the first time since the ceasefire began, sending oil surging. WTI jumped 4.39% to $106.42 and Brent climbed 5.8% to $114.44. Unconfirmed reports of Iranian attacks on a U.S. warship near Jask island rattled markets early before U.S. Central Command clarified that no ships had been struck. Logistics stocks got hit hard on a separate front, with GXO Logistics (NYSE: GXO) cratering nearly 18% and UPS (NYSE: UPS) and FedEx (NYSE: FDX) dropping 10% and 9%, respectively, after Amazon announced it was opening its own freight and shipping network to outside businesses.

The market bounced back Tuesday and hit fresh records as oil pulled back and earnings continued to impress. WTI dropped 3.9% to $102.27 and Brent shed nearly 4% to $109.87 after Defense Secretary Hegseth said the ceasefire "certainly holds" and that two U.S. commercial ships had already safely transited the strait. DuPont (NYSE: DD) and Anheuser-Busch InBev (NYSE: BUD) each popped around 8% on strong quarterly results. Palantir (NASDAQ: PLTR) was the odd one out, sliding nearly 7% despite posting its fastest revenue growth since going public and raising its full-year guidance.

Stocks soared on Wednesday after Axios reported the U.S. and Iran were closing in on a one-page, 14-point memorandum of understanding to end the war and establish a framework for nuclear talks. Oil cratered on the news, with WTI plunging 7% to $95.08 and Brent dropping nearly 8% to $101.27. Trump paused "Project Freedom," his plan to escort stranded ships through the Strait, citing progress in negotiations, though he later tempered expectations, saying a deal was "a big assumption." AMD (NASDAQ: AMD) stole the show, soaring 18.6% on a blowout quarter and rosy second-quarter outlook, lifting the broader chip sector with it. The VanEck Semiconductor ETF (NASDAQ: SMH) jumped 5% and Intel (NASDAQ: INTC) added 4.5%.

Stocks gave back some of Wednesday's gains Thursday after hitting fresh intraday records before pulling back. Iran said it had not yet responded to the U.S. proposal, and a senior Iranian official said Tehran would not allow the U.S. to reopen the Strait with an "unrealistic plan" and would demand reparations before any deal. Oil clawed back from session lows but still settled just below $95. Fortinet (NASDAQ: FTNT) was a standout, popping 20% after raising its full-year billings guidance, and Peloton (NASDAQ: PTON) jumped nearly 9% on better-than-expected quarterly revenue.

Stocks closed the week at fresh records Friday after April's jobs report came in well ahead of expectations, with nonfarm payrolls rising 115,000 against a forecast of just 55,000. The unemployment rate held steady at 4.3%. Memory stocks were the big story, with Micron (NASDAQ: MU) and Sandisk (NASDAQ: SNDK) surging 15% and 16% on the day, with Micron finishing the week up nearly 38% and Sandisk advancing more than 31% on AI-driven demand optimism. The Iran situation stayed tense, with U.S. and Iranian forces exchanging fire in the Strait of Hormuz overnight Thursday, though Trump called it "just a love tap" and said the ceasefire remained in effect. Secretary of State Rubio said the U.S. expected an Iranian response on the peace proposal by the end of the day.

Source: CNBC (Consumer News and Business Channel)

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