Last week, stocks pushed to fresh highs as strong jobs data and gains in chip stocks helped lift the market. The S&P 500 (SPX) rose 0.84% to 7,397.09, while the Nasdaq (NDX) gained 2.35% to 29,195.16. The Dow Jones (DJIA) added just 0.02% to 49,600.78, indicating the rally was still led by growth and tech rather than the broader market.
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New trading tool for CEG bullsAt the same time, the U.S. 10-year yield moved down to 4.33%, which helped ease some rate fears. The VIX fell to 17.08, gold (CM:XAUUSD) rose 1.39% to $4,747, and oil (CM:CL) slipped 1.79% to $93.38. Bitcoin traded near $81,332, down 0.12%, as it stayed in a tight range near the $80,000 level.
The key macro point came from the April jobs report. The U.S. added 115,000 jobs, well above the 55,000 that analysts had expected, while the jobless rate held at 4.3%. As a result, the data helped ease fears about the labor market, but it also kept the view that the Federal Reserve may hold rates steady for now.
Chips and AI Keep Leading the Market
Last week’s major news came from the tech sector, which once again drove the rally. Chip stocks led the gains, helped by strong demand tied to AI spend and data center build-outs. Micron Technology (MU) surged 15% on Friday and gained nearly 38% for the week, while Sandisk Corporation (SNDK) rose 16% on Friday and more than 31% for the week.
Intel Corporation (INTC) also jumped after reports said it reached a basic pact to make some chips for Apple Inc. (AAPL). This would mark a key vote of trust in Intel’s foundry push, which has been one of the core parts of its turnaround plan. Advanced Micro Devices Inc. (AMD) also moved higher as the chip trade stayed firm.
Meanwhile, AI demand continued to appear in new deals. Anthropic said it will use SpaceX’s Colossus supercomputer to add more power for Claude. That move also points to the deep need for Nvidia Corporation (NVDA) GPUs, which remain central to large AI workloads.
Elsewhere, Akamai Technologies (AKAM) rose sharply on reports of a $1.8 billion cloud deal with Anthropic. IREN Limited (IREN) also gained after Nvidia said it would invest up to $2.1 billion in a plan to build as much as 5 gigawatts of AI sites. In the same theme, Fluence Energy Inc. (FLNC) kept rising after new supply deals with large cloud buyers.
Still, not every AI-linked name rose. SoundHound AI Inc. (SOUN) fell even after better sales, as the results did not clear the high bar set by the market. HubSpot Inc. (HUBS) dropped after soft guidance raised fresh AI fears. Cloudflare Inc. (NET) also fell after weak second-quarter guidance and job cuts took focus away from a solid first quarter.
As Keith Buchanan of Globalt Investments put it, “The market is trading valuations that don’t indicate the risk that we see out there.” He also said the rally is being powered by “the AI spend and the ripple effects,” while the rest of the economy may look more muted without that boost.
Oil, Space, and Single Stock Moves Add to the Story
Beyond tech, oil stayed in focus after the U.S. and Iran traded fire near the Strait of Hormuz. West Texas oil moved near $95, while Brent hovered near $101. Exxon Mobil Corporation (XOM) and Chevron Corporation (CVX) remained in focus as traders weighed supply risk.
At the same time, Rocket Lab Corporation (RKLB) surged after better first-quarter sales, strong second-quarter guidance, and its largest launch deal yet. The deal spans Neutron and Electron missions through 2029, which helped fuel a sharp move in the stock.
In autos, Tesla Inc. (TSLA) recalled 173 Cybertruck RWD Long Range units from the 2024 to 2026 model years due to a brake rotor issue that could pose a risk of wheel separation. No linked harm was reported. Tesla also came up in the OpenAI trial, where Shivon Zilis said Elon Musk had offered Sam Altman a seat on Tesla’s board during talks in 2017 and 2018.
In travel, Spirit Airlines Inc. (FLYYQ) stopped flying after a failed rescue plan. The firm began an orderly wind-down and said buyers would get refunds. Rivals also moved to cap fares on some routes, which may help ease the hit to stranded fliers.
Other large moves stood out as well. Dell Technologies Inc. (DELL) climbed after President Donald Trump told guests at a White House Mother’s Day event to “go out and buy a Dell.” Innodata Inc. (INOD) soared after raising its 2026 sales growth view to at least 40%. On the weak side, CoreWeave Inc. (CRWV) fell after soft second-quarter sales guidance, while Nintendo Co. Ltd. (NTDOY) dropped after saying it would raise Switch 2 prices due to a memory crunch.
The Week Ahead
Looking ahead, the Federal Reserve will stay in focus after the strong jobs report. The labor market still looks firm enough to support growth, but not weak enough to push the Fed toward fast rate cuts. As a result, bond yields and Fed talk may remain key drivers.
At the same time, AI spend will remain the main market theme. Investors will watch whether chip stocks can keep rising after a sharp run, and whether the gains can spread beyond names tied to memory, GPUs, and cloud deals.
In addition, oil and the Middle East will be key risks. Any fresh move near the Strait of Hormuz could lift crude prices and bring back fears about fuel costs and inflation.
Finally, earnings and guidance will matter even more after a strong six-week run for the S&P 500 and Nasdaq. Strong tech results have helped push stocks to record highs, but high valuations mean the market may need more than just good news to keep moving higher.
Upcoming Earnings and Ex-Dividend Announcements
The second week of May brings a busy earnings slate across chips, energy, banks, real estate, and global tech. At the same time, several large firms will trade ex-dividend, giving income buyers a fresh list of names to track. Investors will watch AI demand, cost trends, energy prices, and global consumer strength, while dividend-focused traders will look at yield, payout size, and payment dates.
Earnings Preview
On Monday, May 11, AST SpaceMobile Inc. (ASTS) will report a loss of $0.24 per share on revenue of about $39.01 million. Petroleo Brasileiro S.A. (PBR) is set to post $0.99 per share on revenue near $26.40 billion, giving investors a read on oil and gas demand. Constellation Energy Corporation (CEG) will report $2.54 per share on revenue of about $8.46 billion, while Simon Property Group Inc. (SPG) is set to report $1.46 per share on revenue of $1.54 billion. In addition, Circle Internet Group Inc. (CRCL) will post $0.19 per share on revenue near $714.71 million, which may offer a fresh look at stablecoin-linked demand.
On Tuesday, May 12, Bayer AG (BAYRY) will report $0.68 per share on revenue of about $15.77 billion. Zebra Technologies Corporation (ZBRA) is set to post $4.25 per share on revenue of nearly $1.48 billion, which may signal demand trends in supply chain tech. Ecopetrol S.A. (EC) will report $0.53 per share on revenue of about $7.92 billion, while Tencent Music Entertainment Group (TME) is expected to post $0.20 per share on revenue near $1.16 billion. At the same time, QXO Inc. (QXO) will report a loss of $0.10 per share on revenue of about $1.73 billion.
On Wednesday, May 13, Alibaba Group Holding Ltd. (BABA) will take the spotlight and is set to report $0.90 per share on revenue of about $36.28 billion. Nebius Group N.V. (NBIS) is also due to report a loss of $0.77 per share on revenue near $375.13 million, giving investors another AI-linked name to watch. Manulife Financial Corporation (MFC) will report $0.81 per share, while Honda Motor Co. Ltd. (HMC) is expected to post a loss of $5.74 per share on revenue of about $32.99 billion. In addition, SoftBank Group Corp. (SFTBY) will report $0.16 per share on revenue of nearly $12.54 billion, which may provide more clues on the value of tech and AI assets.
On Thursday, May 14, Applied Materials Inc. (AMAT) will be one of the key reports, with Wall Street looking for $2.68 per share on revenue of about $7.68 billion. The result may give a clean read on the chip tool demand. Nu Holdings Ltd. (NU) is set to post $0.20 per share on revenue near $5.06 billion, while Ross Stores Inc. (ROST) will report $1.70 per share on revenue of about $5.59 billion. National Grid plc (NGG) is expected to post $3.24 per share on revenue near $16.36 billion, and Brookfield Corporation (BN) will report $0.62 per share on revenue of about $1.66 billion.
On Friday, May 15, Mitsubishi UFJ Financial Group Inc. (MUFG) will report $0.24 per share on revenue of about $8.07 billion. Mizuho Financial Group Inc. (MFG) is set to post $0.09 per share on revenue near $5.43 billion. RBC Bearings Incorporated (RBC) will report $3.33 per share on revenue of about $505.90 million, while Subaru Corporation (FUJHY) is expected to post $0.22 per share on revenue near $7.68 billion. Since the Friday list is lighter, investors may use it to focus on banks, auto demand, and late week guidance.
Ex-Dividend Dates This Week
Several large firms across tech, energy, health care, banks, and consumer names will trade ex dividend during the week, with a mix of low-yield growth names and higher-yield income plays.
On Monday, May 11, Apple Inc. (AAPL) will trade ex-dividend with a $0.27 payout due in about 4 days. ConocoPhillips (COP) will offer $0.84 in about 22 days, while Cheniere Energy Inc. (LNG) will pay $0.56 in about 9 days. Adidas AG (ADDYY) will offer $1.62 in about 9 days. In addition, PPG Industries Inc. (PPG) will pay $0.71 next month, while HF Sinclair Corporation (DINO) will offer $0.50 in about 23 days.
On Tuesday, May 12, Visa Inc. (V) will trade ex-dividend with a $0.67 payout due in about 22 days. Ford Motor Company (F) will offer $0.15 in about 22 days, while MetLife Inc. (MET) will pay $0.59 next month. American Water Works Company Inc. (AWK) will offer $0.90 in about 23 days, while Essential Utilities Inc. (WTRG) will pay $0.34 in about 22 days. In addition, DBS Group Holdings Ltd. (DBSDY) will offer $2.53 in about 22 days.
On Wednesday, May 13, Target Corporation (TGT) will trade ex-dividend with a $1.14 payout due in about 22 days. Welltower Inc. (WELL) will offer $0.74 in about 11 days, while Consolidated Edison Inc. (ED) will pay $0.89 next month. FTAI Aviation Ltd. (FTAI) will offer $0.45 in about 16 days, and United Rentals Inc. (URI) will pay $1.97 in about 17 days. In the same way, Paychex Inc. (PAYX) will offer $1.19 in about 19 days.
On Thursday, May 14, Delta Air Lines Inc. (DAL) will trade ex-dividend with a $0.19 payout due in about 25 days. Diamondback Energy Inc. (FANG) will offer $1.10 in about 11 days, while TJX Companies Inc. (TJX) will pay $0.48 in about 25 days. Viper Energy Inc. (VNOM) will offer $0.68 in about 11 days, and Expand Energy Corporation (EXE) will pay $0.57 in about 25 days. In addition, ResMed Inc. (RMD) will offer $0.60 next month.
On Friday, May 15, Exxon Mobil Corporation (XOM) will trade ex-dividend with a $1.03 payout due next month. Eli Lilly and Company (LLY) will offer $1.73 next month, while Starbucks Corporation (SBUX) will pay $0.62 in about 19 days. BP p.l.c. (BP) will offer $0.50 in about 2 months, and Enbridge Inc. (ENB) will pay $0.71 in about 22 days. In addition, Amgen Inc. (AMGN) will offer $2.52 in about 26 days, while Honeywell International Inc. (HON) will pay $1.19 in about 26 days.