Nasdaq 100 and S&P 500 Extend Record Highs
US stocks set new records on Tuesday (May 5), boosted by falling energy prices that eased concerns about more aggressive inflation this year. The S&P 500 and Nasdaq 100 each rose about 0.7% to all-time highs, while the Dow Jones Industrial Average gained 0.5%.
Oil and energy product prices weakened after Iran's attacks on the US and the United Arab Emirates failed to escalate into a major attack on Iran's energy infrastructure. This helped prevent a worsening of the energy shock that had previously pressured oil-importing countries and fueled speculation of a Federal Reserve interest rate hike.
On the economic data front, the JOLTS report showed a robust labor market in March. The ISM survey results were also solid, with rising prices, bolstering the case for some Fed officials who are hawkish on monetary policy.
On the corporate side, Intel jumped about 4% after reports emerged of potential production of processors for Apple devices. Amazon also gained ground thanks to expansion in the logistics and distribution sector. Conversely, Palantir fell around 3% after its performance guidance fell short of market expectations, while AMD weakened ahead of its financial results release.
Source: Newsmaker.id
