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Weekly NarrativeAll three haydock races major indices posted gains for the sixth consecutive week — the longest winning streak for the S&P 500 and Nasdaq since 2024. The S&P 500 closed at 7,398.93, a new all-time record, while the Nasdaq Composite surged 4.5% to 26,247.08, also a record close. The Dow lagged at +0.2% for the week, closing near 49,911.Two dominant forces shaped the week: AI-fueled earnings strength and Iran-war volatility. On the earnings side, AMD crushed estimates ($1.37 EPS vs. $1.29 expected, revenue $10.25B vs. $9.89B), sending the VanEck Semiconductor ETF (SMH) to a new 52-week high. Micron gained 13%, Qualcomm 9%, and AMD 8%. AI infrastructure and software names led the rally all week, with management teams citing accelerating demand undeterred by macro headwinds.On the geopolitical front, oil prices swung violently. Brent crude traded above $101 and WTI around $95-96 after the U.S. and Iran exchanged fire in the Strait of Hormuz 14-May on Thursday and Iran launched missiles at the UAE on Friday. Despite these flare-ups, oil posted a weekly loss exceeding 6% as markets priced in a peace deal. The April jobs report (+115K vs. +65K expected, unemployment steady at 4.3%) also bolstered risk appetite on Friday, overshadowing the military escalation. Consumer sentiment (UMich preliminary: 48.2) hit a new low on surging mark zuckerberg gas prices — a divergence worth watching.
